Inflation happens when you increase money supply and have velocity of money. With the global lockdown, you're not taking into account the demand and supply cur

Inflation happens when you increase money supply and have velocity of money. With the global lockdown, you're not taking into account the demand and supply curve will shift down to a new lower price equilibrium. In other words, in the short term I think there will either be deflation, or no change to inflation (due to all the money printing). The question will be what will happen once the global lockdown is lifted, and how quickly the velocity of money picks up. There might very well be high inflation or hyperinflation in certain things, but not in others (due to how quickly global supply chains are repaired and how substitutable certain products are. In 2008 the money was given to the banks (to recapitalise them) and then transmitted to financial assets due to the search for yield. This meant that the velocity of the new money was very low, which is why there wasn't high levels of inflation. If there is MMT or helicopter money, we could very well see high levels of velocity and inflation.