Over 5-year and 10-year rolling periods, money supply growth and aggregate price growth tend to be rather correlated.
Sometimes there are 5-10 year productivity booms in regions, where money supply goes up a lot but CPI doesn't go up much.
eg a rapid acceleration of globalization, a foundational new technology, etc
eg a rapid acceleration of globalization, a foundational new technology, etc
These were some examples of productivity booms, where rapid money supply growth was offset by major increase in economic production and/or rapid cost savings:
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