Introduction – monetary developments before and after the GFC and Covid
Reports on the death of the Quantity Theory of Money now (February 2022) appear highly exaggerated. The extraordinary burst of additional money issued by the Fed intended to ameliorate the damage to incomes and economic activity caused by the Covid inspired lockdowns of March 2020 have been followed by a surge in inflation. The increase in the prices facing consumers in the US was running at over 7% p.a. by the end of 2021 The inflation of 2021 appears to have surprised all observers other than the near extinct tribe of monetarists.
Full article here: Recent monetary policy: A monetarist perspective