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Lecture 4 - Economics 310 Money Banking Lecture4 Fall2010...

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Economics 310 Money & Banking University of Michigan Fall 2010 Lecture 4
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2 Lecture 1 General Information Chad’s Office Hours (Lorch M109): Tuesday: 12:00 – 2:00 Wednesday: 2:00 – 6:00 Thursday: 12:00 – 2:00 or by appointment Nathaniel’s Office Hours (Lorch 102): Monday: 3:00 – 4:00 Friday: 12:00 – 1:00
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3 Lecture 1 Measuring money Recall our definition of money: Anything that is widely acceptable as payment for  goods and services and as repayment of debt: E.g., currency, checking deposits, e- payment accounts etc. Vague definition allows different assessments Consider sets of assets that satisfy the definition, but have different degrees of liquidity
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4 Lecture 1 M1 Currency in circulation Traveler’s checks Demand deposits Other checkable deposits
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5 Lecture 1 M2 M1 Small denomination time deposits Savings deposits and money market deposit accounts Money market mutual fund shares (not held by institutions) i.e. M2 = M1 + other account balances that permit check writing, or that are extremely liquid
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6 Lecture 1 Comparing money measures
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