It's a factor, but there are many other factors involved.
In the first QE rounds by the US after the 2008 recession hit, money was being printed to basically end up in bank's coffers, but lending didn't go up correspondingly, so the actual amount of money in circulation didn't really change.
I think the big reason for the link being weaker than expected is that it's the money actually in circulation ( in the "being used" sense) that matters, not the amount of money in existence. It's all just numbers, after all, and if you're not doing anything with them, it's the same as if it doesn't exist.
In the first QE rounds by the US after the 2008 recession hit, money was being printed to basically end up in bank's coffers, but lending didn't go up correspondingly, so the actual amount of money in circulation didn't really change.
I think the big reason for the link being weaker than expected is that it's the money actually in circulation ( in the "being used" sense) that matters, not the amount of money in existence. It's all just numbers, after all, and if you're not doing anything with them, it's the same as if it doesn't exist.