Consider Figure 14.9 below, which shows bank excess reserves and the M1 multiplier. What information does this data show about the aftermath of the financial crisis?Figure 14.9: Excess Reserves and M1 Multiplier: 2006-2015 
Definitions:
Effective Annual Rate
The interest rate on a loan or investment, adjusted for the effect of compounding over a given period.
Compounded Annual
The process of calculating interest on both the initial principal and the accumulated interest from previous periods on a deposit or loan.
Nominal Rates
The stated interest rate on a loan or investment, not accounting for inflation or compounding effects.
Real Rates
Real rates refer to the interest rates adjusted for inflation, representing the true cost of borrowing or the real yield on an investment.
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