What all counts in the money supply? I know we discussed this in class, but what exactly is what counts and what doesn't? Also, considering how difficult it is to track nowadays, how do we even have accurate counts of M1 in America?
Checkable deposits are easy since we could do an audit of all the accounts at the banks, and then an audit of all banks deposits with the Fed. Currency does get a bit harder, and I imagine it is a fuzzy number.