Macroeconomics 12th Edition by Michael Parkin

Exercise 2

In June 2013, currency held by individuals and businesses was $1,124 billion; traveler's checks were $4 billion; checkable deposits owned by individuals and businesses were $1,402 billion; savings deposits were $6,884 billion; time depos­its were $583 billion; and money market funds and other deposits were $647 billion. Calculate M1 and M2 in June 2013.