For illustration, I will emphasize the U.S. “Great Inflation,” the experience of the late 1960s through the early 1980s. The primary cause of the Great Inflation, most economists would agree, was over-expansionary monetary and fiscal policies, beginning in the mid-1960s and continuing, in fits and starts, well into the 1970s.
The fiscal expansion of this period had a variety of elements, including heavy expenditures for the Vietnam War and President Johnson’s Great Society initiatives. Monetary policy first accommodated the fiscal expansion, and then - for reasons I will note - began to power the inflationary surge on its own.