M1
M1 is a narrow definition of the money supply that includes currency, traveler's checks, and checking accounts in banks.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- M1. A narrow definition of the money supply that includes currency, traveler's checks, and checking accounts in banks.
According to Macroeconomics by Mankiw (7th edition),
- M1. Various measures of the stock of money, where larger numbers signify a broader definition of money.