Which term refers to the total money in circulation across households, firms and government, categorized by liquidity levels?

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Monetary aggregates measure the total money supply in the economy, organized by how liquid the assets are. They include currency in circulation plus various types of deposits and near-money assets, and are defined at different liquidity levels (from highly liquid to less liquid). This directly matches the idea of total money circulating across households, firms, and government, grouped by liquidity. Other terms describe different concepts: nominal GDP is the total value of goods and services produced, the output gap is the difference between actual and potential output, and the overnight rate is the central bank’s short-term policy interest rate.