Among others, Borio, Hofmann and Zakrajšek (2023) find that the strength of the link between money growth and inflation depends on the inflation regime and, namely, it is one‑to-one when inflation is high, while virtually non-existent when it is low. In a similar vein, in Cadamuro and Papadia (2021) monetary aggregates are only relevant for inflation in unsettled monetary and inflationary conditions.
7  With respect to the second issue, let us remember that the debate on the flattening of the Phillips curve is in full swing.