AFAIK yes, it includes all demand deposits regardless of who the depositor is.
As far as how that affects the calculation I made, from what I can find online, total cash on hand for US businesses is about $1T, so that would have to be subtracted from the difference between M1 and M0 to find average cash deposits per person for individual accounts.
As far as how that affects the calculation I made, from what I can find online, total cash on hand for US businesses is about $1T, so that would have to be subtracted from the difference between M1 and M0 to find average cash deposits per person for individual accounts.