In March 2004, traveler\'s checks in circulation were $8 billion; checkable depo

Question

In March 2004, traveler's checks in circulation were $8 billion; checkable deposits owned by individuals and business were $651 billion; M1 was $1,326 billion; external time deposits were $803 billion, money market funds and other deposits were $761; and M2 was $6,169 billion. Calculate currency held by individuals and businesses in March 2004. Calculate savings deposits in March 2004. In March 2004 currency held by individuals and businesses was $ billion. Savings deposits in March 2004 were $ billion.

Explanation / Answer

currency held by public = $1326 - $8 - $651 = $ 667billion

saving deposit = M2-M1 = (6169 -803 - 761) - 1326 = $3279billion

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