1. Go to the website of the Federal Reserve Bank of St. Louis (FRED) (https://fred.stlouisfed.org/) and find the most recent monthly values for the M1 Money Stock (M1SL) and the Total Monetary Base (BOGMBASE).Note: suffix SL refers to the seasonally adjusted values

a. Using these data, calculate the value of the money multiplier.Caution: BOGMBASE is reported in millions, so you will want to divide this number by 1000 to convert it to billions and make it compatible with M1SL.

b. Assuming the multiplier is equal to the value computed in part (a), if the monetary base increases by $400 million, by how much will the M1 money supply increase?