Assume that the following asset values (in millions of dollars) exist in Ironman

Question

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

Explanation / Answer

M1= 700+40+1500= $2240

M2= M1+140+100+400=$2880

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