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The Direct Effects Model of Immediacy argues that
M3
A measure of the money supply that includes M2 (cash, checking deposits, savings deposits, money market securities) plus large time deposits, institutional money market funds, and other large liquid assets.
Small Denomination
Currency or securities that are issued in relatively small monetary amounts, making them more accessible to individual investors or consumers.
Large Denomination
Large denomination refers to currency notes or financial instruments that represent a high value, typically making transactions and storage of large sums more convenient.
M3
A broad measure of a country's money supply that includes M2 plus large time deposits, institutional money market funds, and short-term repurchase agreements.
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