Can we explain the decoupling between the money supply and prices?

One of the biggest conundrums in macroeconomics is that the very rapid growth in the money supply has not brought about very rapid growth in prices. In theory, prices rise in the long term with the ratio between the money supply and real GDP. But t hey have risen much slower than this ratio. Can this be explained?  With regard to the central bank money supply (the monetary base), the explanation probably stems from the fact that the increase in the monetary base is primarily the counterpart of an increase in banks’ cash reserves , and banks have not use d this additional liquidity to buy goods and services; With regard to the money supply held by non-bank economic agents (M2), it is likely that the sharp decline in bond yields has led these economic agents to want to hold more money. E quilibrium between supply and demand for money has therefore been reached thanks to an increase in the quantity of money demand ed relative to income and not because of an increase in prices.