2. Refer to Figure 3: Determinants of the Money Supply, 19802002. Go to www.federalreserve.gov/Releases /h3/Current/ where the

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2. Refer to Figure 3: Determinants of the Money Supply, 1980–2002. Go to www.federalreserve.gov/Releases

/h3/Current/ where the monetary base (MB) and borrowings

(DL) are reported. Compute the growth rate in MB  DL since the end of 2002. How does this compare to previous periods reported on the graph?

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