Consider the following: a) $20 billion in Canada Savings bonds are included in M2++ only b) $15 billion in savings accounts are included in M2, M2+ and M2++ c) A $1,000 balance in a checking deposit at a chartered bank is included in M1, M2, M2+ and M2++ c d) A $10,000 savings account deposit an elderly widow holds at her credit union is included in M2+ and M2++ in M2+ and M2+ + M2, M2+ and M2+ + M1, M2 and M2+ M2+ and M2+ + M1 only M1, M2, M2+ and M2+ + M2+ + only M2 only M2+ onlyM2+ + = M2+ + Canada Savings bonds and mutual funds Canada 3534 2296 + 1238 Savings 1238 (65%) bonds + (35%) Mutual funds M2+ = M2 + deposits at near-banks M2++ 2296 1816 + 480 Deposits at (21%) Near-banks 480 (79%) Notice M2 = M1 + notice deposits and personal term deposits deposits+ M2+ 1816 = 997 + 819 Personal term 819 deposits (55%) (45%) Demand M2 M1 = currency + demand deposits deposits 907 997 90 + 907 M1 (9%) (91%) Currency 90