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Chapter 25
Money and Federal Reserve
4
Economics
Undergraduate 3
05/03/2010
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Term
M1
 Definition
sum of currency in circulation + checking account deposits in banks + holdings of traveler’s checks. (this is the most liquid)
Term
M2
 Definition
M1 + savings accounts + balances in money market deposits accounts in banks + noninstitutional money market funds shares 2
Term
M3
 Definition
M2 + large denominational time deposits + institutional money market mutual funds
Term
Which classification do we use for our Model
 Definition
M1 - travelers checks
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