The relationship between money and prices in Argentina from 1970 to 2005 depends on the level of inflation. When inflation is high, there is a strong connection between money growth and prices, but this link weakens when inflation is low. Money velocity, which measures how quickly money is circulating in the economy, is volatile but still has a positive relationship with inflation in the long term. Under low inflation, money velocity tends to decrease when money growth increases. Additionally, nominal shocks like changes in interest rates and exchange rates affect inflation differently depending on the inflation level. Overall, money still plays a role in explaining inflation, but its impact varies under different inflation conditions.