Some people have argued that the high commodity prices resulting from monetary stimulus are a sort of supply shock, which might negate the impact of quantitative easing on aggregate demand.

有些人主张，货币刺激造成的高商品价格是一种供应冲击，这可能会抵消量化宽松政策对总需求的影响。

youdao

Aggregate prices rise only with reduced supply or increased (monetary) demand.

总体价格只会因商品供应减少或者货币需求增大而上升。

youdao

This is because the increase in inflation has been mostly driven by food, as a result of supply shocks, rather than caused by excess aggregate demand.

因为，主要由食品价格驱动的通胀的上升是由于供应上的意外，而非更多的需求引起的。

youdao

They consider inflation's principal determinants to be the gap between aggregate supply and demand and the public's expectations.

ECONOMIST: Ignore the hawkish rhetoric. The Fed isn��t about to tighten

Aggregate supply has not increased, whilst aggregate demand has.

FORBES: Money Creation and Limited Government

They assign less importance to the gap between aggregate demand and supply in determining inflation, and more importance to the stance of monetary policy.

ECONOMIST: Ignore the hawkish rhetoric. The Fed isn��t about to tighten