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The table below shows the components of M1 and M2 in billions of dollars for the month of December in the years 1998 to 2007 as published in the 2008 Economic Report of the President Complete the

The table below shows the components of M1 and M2 in billions of dollars for the month of December in the years 1998 to 2007 as published in the 2008 Economic Report of the President. Complete the table by calculating M1, M2, currency in circulation as a percentage of M1, and currency in circulation as a percentage of M2. What trends or patterns about M1, M2, currency in circulation as a percentage of M1, and currency in circulation as a percentage of M2 do you see? What might account for these trends? Currency Currency Time in in deposits circulation circulation Currency Money smaller as a as a in Traveler’s Checkable market than Savings percentage percentage Year circulation checks deposits funds $100,000 deposits M1 M2 of M1 of M2 (billions of dollars) 1998 $460.5 $8.5 $626.5 $728.9 $952.4 $1,605.0 ? ? ? ? 1999 517.8 8.6 596.2 819.7 956.8 1,740.3 ? ? ? ? 2000 531.2 8.3 548.0 908.0 1,047.6 1,878.8 ? ? ? ? 2001 581.2 8.0 592.6 962.3 976.5 2,312.8 ? ? ? ? 2002 626.3 7.8 585.6 885.3 896.0 2,778.2 ? ? ? ? 2003 662.5 7.7 635.9 777.4 818.7 3,169.1 ? ? ? ? 2004 697.6 7.5 671.2 697.1 829.9 3,518.3 ? ? ? ? 2005 723.9 7.2 643.4 699.9 995.8 3,621.4 ? ? ? ? 2006 748.9 6.7 611.4 799.4 1,170.4 3,698.6 ? ? ? ? 2007 759.0 6.3 599.2 976.1 1,216.8 3,889.8 ? ? ? ? Source: 2008 Economic Report of the Presiden

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