>If the money supply hadn't increased, those secondary effects would not have happened I can't tell if this is supposed to be sarcasm, humor, or merely a hilar

>If the money supply hadn't increased, those secondary effects would not have happened I can't tell if this is supposed to be sarcasm, humor, or merely a hilariously misinformed view of the effect of the pandemic on spending and lending behavior (which apparently you think happened instead due to the change in money supply). >Sorry, but "all else equal" doesn't, and can never, exist. Which is my point! As your paper explains, these secondary effects from pandemic and other causes help explain the expression of inflation beyond the money supply effects.