In 2008 and 2009, the Quantity Theory of Money Did

In 2008 and 2009, the quantity theory of money did a ________ job of predicting year-to-year changes in the inflation rate because ________.

A) poor; velocity of circulation plunged
B) poor; the Fed changed the growth rate of the quantity of money too quickly
C) good; real GDP remained stable
D) good; interest rates behaved predictably
E) poor; the price level and the velocity of circulation did not change