Excess Liquidity Is Defined as

Excess liquidity is defined as

A) The year-to year percentage change in the M2 money supply less the year-to-year percentage change in the nominal GNP.
B) The growth rate in M2 money supply less the growth rate in M1 money supply.
C) The year-to-year percentage change in the M1 money supply less the year-to-year percentage.
D) The year-to-year percentage change in the "real" GNP less the year-to-year percentage change in the nominal GNP.
E) None of the above