Between 1929 and 1933 in the U. S., the M1 money supply fell 25% as the public lost confidence in the banking system and began to withdraw their deposits and hold them as currency. In addition, the Federal Reserve did increase the monetary base (currency in the hands of the non-bank public - bank reserves), and let's assume that from 1929 to 1933, that monetary base increased 20%. Using the information above, complte the table below by providing numerical answers to each letter in the table.
1929:
Currency in non-bank public's hands 4
Bank deposits (checking deposits) 20
Bank reserves : 6
Ml Money Supply A
1933:
Currency in non-bank public's hands 6
Bank deposits (checking deposits) : D
Bank reserves : C
Ml Money Supply B
(Note: Numbers are in billions and have been rounded for simplicity.)
The value of A is:
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Between 1929 and 1933 in the U. S., the M1 money supply fell 25% as the public lost confidence in th...
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