Go to the St. Louis Fed website and complete the following assignment. Scroll down and select Money Stock (M1NS). I want you to report the Monthly "Not Seasonally Adjusted" data for the most recent month and for January, 1965 (click on View Data on the left side of the page) for each of the following: Ml Money Stock, the Currency Component of M1, Demand Deposits at Commercial Banks, Other Checkable Deposits, and Traveler's Checks Outstanding.
How has the relative composition of M1 changed since 1965? Do your best to explain why this change has occurred.