I think Lyn Alden does a good job separating velocity from inflation in this article: https://www.lynalden.com/inflation/ https://www.lynalden.com/inflation/

I think Lyn Alden does a good job separating velocity from inflation in this article: https://www.lynalden.com/inflation/ https://www.lynalden.com/inflation/ There is a common idea that high monetary velocity (GDP divided by broad money supply) is needed for inflation. However, the data show that this is not the case.