ECON-2000 Lecture Notes - Lecture 28: Market Liquidity, Fractional-Reserve Banking, Aggregate Demand
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Assume that the following asset values (in millions of dollars) exist in Ironmania:
Category | Value |
Federal Reserve Notes in circulation | $700 |
Money market mutual funds (MMMFs) held by individuals | 400 |
Corporate bonds | 300 |
Iron ore deposits | 50 |
Currency in commercial banks | 100 |
Savings deposits, including money market deposit accounts (MMDAs) | 140 |
Checkable deposits | 1,500 |
Small-denominated (less than $100,000) time deposits | 100 |
Coins in circulation | 40 |
a. What is M1 in Ironmania? $ million
b. What is M2 in Ironmania? $ million