During the early years of the Great Depression, the monetary base and M2:

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During the early years of the Great Depression, the monetary base increased as the Federal Reserve tried to inject liquidity into the banking system. However, M2, which includes savings and checking deposits among other components, decreased because people were withdrawing their money from banks in fear of bank failures, leading to a contraction in the broader money supply despite the increase in the monetary base.

During the Early Years of the Great Depression, the Monetary