The argument that is peculiar to the Austrian school is that monetary policy is the _only_ thing that causes inflation. Not that it can’t contribute to it.

And personally I think the last 15 years have done a pretty good job as a counterpoint to that school. The whole QE regime was chugging along without generating a large amount of inflation and then we had both the supply and demand numbers go bonkers. Then inflation.

I think this period will be studied for years (though because it’s economics I doubt there will be much decided).