1. To examine trends in M1, please go to the following website:

https://fred.stlouisfed.org/series/WM1NS

Then answer the following question:

a. From Table 1, what happened to M1 after March 2020? Why?

To find the current table of aggregate reserves, go to

www.federalreserve.gov/releases/h6/Current

Examine Tables 1 and 2 (seasonally adjusted).

b. From Table 1, for April 2022, verify that

R = RN + BR

where R_N = non-borrowed reserves (or NBR in Mishkin 12^th)

and BR = borrowed reserves, not just discount loans. (Total borrowings)

(Borrowed Reserves are measured in millions.)

c. From Table 1, for April 2022, verify that MB = C + R.

d. From Table 2, what assets are included in Other Liquid Deposits?