> which is NOT caused by monetary reasons You simply cannot say that with any certainty. A rise in price level is always precipitated by too much money chasin

> which is NOT caused by monetary reasons You simply cannot say that with any certainty. A rise in price level is always precipitated by too much money chasing too few goods. No one would argue that global energy and wheat prices are a supply side shock, but to say that a stimulus package of unprecedented size injected into a largely healthy economy has no effect on prices is ludicrous.