• Describe what happened to the money supply (M2 Seasonally adjusted) during the span Nov 2019 to Mar 2021 from data presented in table. (5 pts)
• Using the aggregate demand and supply model, explain how monetary policy effected the economy during this period.

Money Stock Measures. Billions of dollars unless otherwise noted. Make Full Screen Seasonally adjusted Not seasonally adjusted Monetary base Memorandum: Reserves Currency in Reserve Monetary Total Total ($M) Nonborrowed Date circulation 3 balances 4 base 5 M1 1 reserves borrowings Z reserves M2 2 M2 2 M1 1 18,969.8 2,058.3 3,034.7 5,093.0 17,642.4 18,980.6 3,034.7 66,597.5 2,968.1 Nov. 2020 17,626.7 Dec. 2020 17,834.5 19, 124.8 2,071.6 3, 135.0 5,206.5 17,949.4 19,247.9 3,135.0 58,684.6 3,076.3 19,372.6 2,094.2 3, 153.8 5,248.0 18,085.2 19,372.0 3,153.8 52,590.8 3, 101.2 Jan. 2021 18, 107.1 3,292.5 Feb. 2021 18,367.7 19,615.5 2, 100.9 3,345.9 5,446.8 18,263.6 19,524.0 3,345.9 53,475.8 Mar. 2021 18,641.4 19,853.7 2, 117.8 3,721.3 5,839.0 18,721.3 19,946.2 3,721.3 67,950.3 3,663.3 Apr. 2021 18,927.7 20, 110.5 2, 154.8 3,887.3 6,042.1 19,085.7 20,269.8 3,887.3 66,805.2 3,820.5 May 2021 19,259.0 20,417.7 2, 169.5 3,872.4 6,041.9 19, 169.1 20,318.5 3,872.4 80,781.7 3,791.6 June 2021 19,318.8 20,458.9 2, 179.0 3,848.1 6,027.0 19,309.6 20,439.4 3,848.1 87,746.0 3,760.3 July 2021 19,497.2 20,620.0 2, 186.3 3,943.9 6,130.2 19,459.1 20,571.0 3,943.9 87,621.1 3,856.3 Aug. 2021 19,745.9 20,852.3 2, 188.6 4,140.1 6,328.7 19,683.1 20,777.0 4,140.1 80,766.7 4,059.3 Sept. 2021 19,898.3 20,991.3 2, 195.6 4, 193.2 6,388.8 19,873.6 20,956.8 4,193.2 68,567.7 4, 124.6 Oct. 2021 20,061.9 21,142.0 2,202.8 4, 128.1 6,330.9 20,019.4 21,096.1 4,128.1 54,558.8 4,073.5 Nov. 2021 20,274.0 21,343.3 2,214.1 4, 180.6 6,394.7 20,261.6 21,328.5 4, 180.6 45,317.6 4,135.3 Dec. 2021 20,423.6 21,483.3 2,225.2 4, 187.9 6,413.1 20,584.1 21,653.5 4, 187.9 38,082.2 4, 149.9 Jan. 2022 20,582.3 21,659.2 2,232.8 3,871.1 6, 103.9 20,546.1 21,646.4 3,871.1 32,055.1 3,839.1 Feb. 2022 20,667.3 21,750.3 2,235.5 3,804.5 6,040.0 20,534.3 21,632.5 3,804.5 28,714.6 3,775.8 Mar. 2022 20,710.1 21,809.7 2,259.8 3,874.7 6,134.5 20,811.7 21,926.1 3,874.7 26,205.8 3,848.5 MacBook Air