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:

a. What is M1 in Ironmania? $ million

b. What is M2 in Ironmania? $ million

Category Value Federal Reserve Notes in circulation $850 Money market mutual funds (MMMFs) held by individuals 400 Corporate bonds 300 Iron ore deposits 50 Currency in commercial banks 120 Savings deposits, including money market deposit accounts (MMDAs) 140 Checkable deposits 1700 Small-denominated (less than $100,000) time deposits 100 Coins in circulation 40

Explanation / Answer

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