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(a) Suppose you are given the following data: Currency outside banks $2000 Personal deposits at chartered banks $26000 Non-personal demand and notice deposits at chartered

(a) Suppose you are given the following data:

Currency outside banks $2000

Personal deposits at chartered banks $26000

Non-personal demand and notice deposits at chartered banks $24000

Deposits at other financial institutions (TMLs, CUCPs, government-owned saving institutions, money market mutual funds and life insurance company individual annuities) $12000

Non-personal term and foreign currency deposits $18000

What are M2, M3 and M2+? Assume adjustments to the various aggregates are zero.

(b) Should a $100 bill stuffed in your mattress be counted as M2? Why?

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