> Normalizing against the M1 is an not very meaningful because ignores the fact that the price of a dollar is subject to demand as well. I was thinking exactly

> Normalizing against the M1 is an not very meaningful because ignores the fact that the price of a dollar is subject to demand as well. I was thinking exactly this. Is there any reasonable measure economists use for the demand for dollars? Other than I suppose inferring it from CPI and M1...