this chart shows actual numbers for the US economy since 1984.

M1 Money Supply and Excess Reserves ($Billions) $5,500 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 So 012 ETO 2014 2015 2016 LIOZ 2018 2019 oZOZ 2021 -Mi Money Supply -Excess Reserves Source: StLouisFed.org Since 2008, the money supply has almost quadrupled, going from $1. 4t to $5. 3t. At the same time, the Real GDP (the actual amount of goods and services produced by the economy has increased by a modest 238, equivalent to an average growth of just under 28 per year. We expect that a large increase in the money supply without a corresponding increase in the Real GDP would cause a very large increase in inflation. In fact, since 2008 inflation has been quite low, averaging under 2$ a year. Our Monetary Exchange equation isn't wrong. How do you explain this apparent contradiction? What happened to keep inflation so low while the money supply went way up? I am not looking for precise numerical calculations, but rather a thorough explanation of what happened to keep inflation so low. Type your answer here