In those models, appropriate monetary policy responds to these inflation movements; it doesn’t ignore them, even though they are transitory. Finally, the choice to take a policy action depends on how large the shocks are and how long they are expected to persist. To make this point clearer, consider a snowfall, which we know will eventually melt. Snow is a transitory shock.
The result is that deposits remain in the banking system. In the first weeks of the quarantine, the outflow of funds was insignificant – much smaller than in the first days of the 2008 and 2014 crises. However, household deposits rebounded very quickly. In the last two weeks of April, hryvnia household deposits were actually at their highest since early March.