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See page 973 04 Question (3 points) The two figures below show a long-run (left-hand chart) and short-run (right-hand chart) view of the money supply and its components. From 1980 to 2019, M2 and M1 each grew at an annual rate of a little less than 6% per year, on average. During the Great Recession, M2 and M1 grew at an annual rate of 9.7% and 12.5%, respectively. In 2020, M2 and M1 grew at an annual rate of 23.4% and 45.8%, respectively. Note the dramatic increase in M1 and M2 (in the left-hand chart) during the first part of the COVID-19 recession. The chart on the right shows the different components of the money supply for 2020. We will use the data in this figure to see what occurred during the COVID-19 recession. FRED My FRED any con lamp De 1 T (The grey and yellow shaded areas indicate a recession or contraction; the white area indicates an expansion.) Live data: https://fred.stlouisted.org/graph/?g-zIEP Live data: https://fred.stlouisfed.org/graph/?g-ziG2
Part 1 (1 point) The table below breaks down M1 and M2 into its components for March 2020, the first month of the COVID-19 recession, and November 2020 (all values are in billions of dollars). March 2020 November 2020 Checkable Deposits $2,466.40 $4,018.92 Part 2 (1 point) Savings Deposits $10,201.90 $11,650.70 From March 2020 to November 2020, M1 increased by $ From March 2020 to November 2020, M2 increased by $ Small Time: Deposits $511.72 $284.40 Money Market Funds $1,015.22 $1,105.48 Currency $1,741.38 $1,956.72 billion (round your answer to two decimal places). billion (round your answer to two decimal places). See Hint See Hint