Well, it clearly has over the last year. It doesn't always, but in the last year there's no question.... The Bank of Canada has been purchasing government bonds. It has been monetizing that debt. It has been doing that to keep interest rates low and allow the government to continue to run large deficits, but there's no question that the quantitative easing conducted by the Bank of Canada has been reflected in a substantial increase in the money supply.
By the way, there is a big difference between what we're seeing now, in the ongoing monetary stimulus and low interest rates, and after 2008, when we never saw the money supply and credit explode during that period as we have over the last year. Something is clearly different about stimulus since the pandemic began and, not surprisingly, inflation has taken off.