mark the correct option

The figure shows that central banks reduced interest rates more sharply and kept them lower after the 2008 crisis than they did in the 1930s. But the figure shows nominal interest rates. Bearing in mind that inflation was negative in the early 1930s and approximately zero from 2009, which of the following statements could be true about monetary policy after 1929 and after 2008? Jan Jan Jan From June Central bank policy interest rates, " (7 country average) Jan Jan Jan 10 15 20 Months Into crisis ( a) When we account for inflation, there is little difference in the stance of monetary policy in the two periods. ( b) It is real (not nominal) rates that matter, so the figure tells us nothing useful. O c) When we consider real interest rates, monetary policy was even tighter in the 1930s compared with 2008 onwards. (d) Since inflation is roughly zero, the nominal and real rates are the same in both periods