Economists who view money primarily as a store of value use M1 as the definition of the money supply.

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Economists who view money primarily as a store of value typically use M2 or M3 as the definition of the money supply, as they include broader measures of financial assets such as savings deposits, money market mutual funds, and other types of time deposits. M1 only includes the most liquid forms of money such as physical currency, checking account deposits, and traveler's checks.

Economists Who View Money Primarily as a Store of Value