Basically speaking, there can be two different ways of increasing money supply.
In the circumstance of one-time expanding money supply (imagine current money supply is twice as much as before), then, in the long run price will also rise to the doulbe level, so does exchange rate. However, in light of neuturality of money, output, interest rate and relative price are unchanged. Notice, in the short run, exchange rate will overshoot and then fall to the long run level.
Nontheless, in reality, Central Bank always keeps money supply growing gradually, say at the rate of A. Now, if the Central Bank adopts more expantionary monetary policy, setting the growth rate at A+B, based on Fisher effect, interest rate will change accordingly, (from R to R+B), and both price and exchange rate will jump to higher levels. Remember, the inflation rate, depreciation rate and the growth rate of money supply are the same at the level of A+B thereafter.
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