Shown below are figures for four monetary aggregates. With the exception of the last period, all of the figures are for December of the particular year. The last three columns list the year-to-terminal date growth rates for three of the aggregates. The indexes use 1970 as a base year. From our initial class discussion, consider the growth characteristics of the four monetary aggregates.
| YEAR | M1 (Billions) | M2 (Billions) | M3 (Billions) | L (Billions) | INDEX M1 | INDEX M2 | INDEX M3 | GROWTH M1 (Percent) | GROWTH M2 (Percent) | GROWTH M3 (Percent) |
|---|---|---|---|---|---|---|---|---|---|---|
| 1970 | 214.40 | 628.10 | 677.40 | 816.20 | 100.00 | 100.00 | 100.00 | |||
| 1971 | 228.30 | 712.70 | 776.10 | 902.90 | 106.48 | 113.47 | 114.57 | 6.5 | 13.5 | 14.6 |
| 1972 | 249.20 | 805.20 | 886.00 | 1,022.90 | 116.23 | 128.20 | 130.79 | 9.2 | 13.0 | 14.2 |
| 1973 | 262.80 | 861.00 | 984.90 | 1,142.40 | 122.57 | 137.08 | 145.39 | 5.5 | 6.9 | 11.2 |
| 1974 | 274.30 | 908.50 | 1,070.30 | 1,250.20 | 127.94 | 144.64 | 158.00 | 4.4 | 5.5 | 8.7 |
| 1975 | 287.50 | 1,023.20 | 1,172.20 | 1,366.90 | 134.10 | 162.90 | 173.04 | 4.8 | 12.6 | 9.5 |
| 1976 | 306.30 | 1,163.60 | 1,311.70 | 1,516.50 | 142.86 | 185.26 | 193.64 | 6.5 | 13.7 | 11.9 |
| 1977 | 331.10 | 1,286.50 | 1,472.50 | 1,705.30 | 154.43 | 204.82 | 217.38 | 8.1 | 10.6 | 12.3 |
| 1978 | 358.20 | 1,388.60 | 1,646.40 | 1,910.70 | 167.07 | 221.08 | 243.05 | 8.2 | 7.9 | 11.8 |
| 1979 | 382.50 | 1,497.00 | 1,803.90 | 2,117.10 | 178.40 | 238.34 | 266.30 | 6.8 | 7.8 | 9.6 |
| 1980 | 408.50 | 1,629.30 | 1,988.80 | 2,325.80 | 190.53 | 259.40 | 293.59 | 6.8 | 8.8 | 10.3 |
| 1981 | 436.30 | 1,793.30 | 2,235.90 | 2,598.70 | 203.50 | 285.51 | 330.07 | 6.8 | 10.1 | 12.4 |
| 1982 | 474.30 | 1,953.20 | 2,443.20 | 2,853.10 | 221.22 | 310.97 | 360.67 | 8.7 | 8.9 | 9.3 |
| 1983 | 521.00 | 2,187.60 | 2,696.20 | 3,157.60 | 243.00 | 348.29 | 398.02 | 9.8 | 12.0 | 10.4 |
| 1984 | 552.10 | 2,377.80 | 2,994.60 | 3,536.00 | 257.51 | 378.57 | 442.07 | 6.0 | 8.7 | 11.1 |
| 1985 | 619.90 | 2,575.00 | 3,211.60 | 3,838.90 | 289.13 | 409.97 | 474.11 | 12.3 | 8.3 | 7.2 |
| 1986 | 724.50 | 2,818.20 | 3,497.30 | 4,137.50 | 337.92 | 448.69 | 516.28 | 16.9 | 9.4 | 8.9 |
| 1987 | 750.10 | 2,920.10 | 3,681.30 | 4,340.20 | 349.86 | 464.91 | 543.45 | 3.5 | 3.6 | 5.3 |
| 1988 | 787.40 | 3,081.40 | 3,920.40 | 4,674.60 | 367.26 | 490.59 | 578.74 | 5.0 | 5.5 | 6.5 |
| 1989 | 794.70 | 3,239.80 | 4,067.30 | 4,897.30 | 370.66 | 515.81 | 600.43 | 0.9 | 5.1 | 3.7 |
| 1990 | 826.40 | 3,353.00 | 4,125.70 | 4,974.80 | 385.45 | 533.83 | 609.05 | 4.0 | 3.5 | 1.4 |
| 1991 | 897.70 | 3,455.30 | 4,180.40 | 4,992.90 | 418.70 | 550.12 | 617.12 | 8.6 | 3.1 | 1.3 |
| 1992 | 1,024.80 | 3,509.00 | 4,183.00 | 5,057.10 | 477.99 | 558.67 | 617.51 | 14.2 | 1.6 | 0.1 |
| 1993 | 1,128.40 | 3,563.10 | 4,224.90 | 5,123.70 | 526.31 | 567.28 | 623.69 | 10.1 | 1.5 | 1.0 |
| 1994 | 1,148.70 | 3,509.20 | 4,319.10 | 5,303.10 | 535.77 | 558.70 | 637.60 | 1.8 | -1.5 | 2.2 |
| 1995 | 1,124.90 | 3,657.40 | 4,570.50 | 5,680.00 | 524.67 | 582.30 | 674.71 | -2.1 | 4.2 | 5.8 |
| 1996 | 1,099.40 | 3,757.20 | 4,744.80 | 5,835.20 | 512.78 | 598.19 | 700.44 | -2.3 | 2.7 | 3.8 |