M-3 is the following; M2, plus large time deposits, repos of maturity greater than one day at commercial banks, and institutional money market accounts.
M1, is restricted to the most liquid forms of money; it consists of currency in the hands of the public; travelers checks; demand deposits, and other deposits against which checks can be written. M2 includes M1, plus savings accounts, time deposits of under $100,000, and balances in retail money market mutual funds.
In short, the M3 money supply is a broad measure of money and is an estimate of the entire supply of money within an economy. Regards,
