The ratio of commercial and industrial loans to deposits of all commercial banks, as compared to the percentage change in real GDP, Ratio of commercial and industrial loans relative to deposits of all commercial banks (minus 0.25 for comparison); real GDP percentage expressed as a fraction; 1980-2021. investment rate in terms of the ratio of private bank loans to their deposited funds

a. Was procyclic from 1980 to 2001;

b. Moved opposite of real GDP from 2001-2021;

c. Has trended down since the policy of hoarding excess reserves at the Fed began;

d. All of the above.