The answer is that you need to add "liquidity preference", the supply and demand for money.

答案就是，你要把“流动性偏好”，也就是对现金的需求和供给加入考虑。

youdao

And new bank loans continue to provide extra fuel for rocket-powered money supply that sure doesn't need any help.

而新贷更是继续在给火箭速度增长、并不需要外援的货币供应提供燃料。

youdao

Inflation is the product of the demand for money as well as of the supply.

通货膨胀是货币需求和供给的产物。

youdao

At Jordan Catholic School in Rock Island,Illinois, students set up a money supply for Haiti.

VOA: special.2010.02.05

But they spent a lot of time, energy, and money on being sure that they would have a supply of water to hold them for a long siege.

他们花费了大量的时间,精力,和金钱来确保,在长期的围城中他们可以获得足够的水源

耶鲁公开课 - 古希腊历史简介课程节选

So from a strictly empirical basis, since the money supply has actually been decreasing for the last year, the money supply change cannot be causing inflation.

FORBES: The Core Inflation Fudge

Contrary to conventional wisdom, net Fed assets have not increased for about 18 months and money-supply growth has not been excessive for the circumstances.

FORBES: Hello, QE3: More Help For Economy At A Benign Cost

The relationship between money supply and financial assets is nonlinear and changes over time, but when tallying up pros and cons for the current environment, the recent increase of more than 8 percent in money supply growth provides a tailwind for commodities and stocks.

FORBES: From The Abyss Come Great Opportunities In Gold, Stocks