Inflation is everywhere and always a monetary phenomenon.
Cool website though!
Cool website though!
grabs macroeconomics book from shelf
Yeah it's definitely more than just monetary phenomena. I'd argue that bad fiscal policy makes it happen and jiggering the money supply is what we do to fix mistakes by terrible leadership, but that's certainly also an oversimplification.
The aggregate price level is equal to the money supply, times the velocity of money, divided by the volume of transactions. The duty of monetary policy is to size the money supply accordingly. When the central bank fails in that task, or is overwhelmed by fiscal recklessness, you get inflation. Everywhere and always. By "phenomenon", he's not talking about the proximal cause; he's talking about the policy point of failure.
And it sure as heck has zero to do with excessive javascript and Google search trends.