MV=PQ is popular in some circles, but it doesn't describe casual links.
You can't reason about how those quantities behave from the equation, which is a mere accounting tautology.
Both recently and in QE post-global financial crisis, V went down because M increased without any reason for why the right-hand side of the equation should change.
> V went down because M increased without any reason
Wait, if we are talking about 2017-2019, that's a different story. But right now, V got to the floor (everywhere, not just the US) because of the pandemic.
You can't reason about how those quantities behave from the equation, which is a mere accounting tautology.
Both recently and in QE post-global financial crisis, V went down because M increased without any reason for why the right-hand side of the equation should change.