Why does monetary expansion not drive up inflation?

The experience of the past 20 years in OECD countries shows that monetary expansion does not drive up inflation. Why not? Because the increase in the money supply does not drive up demand for goods and services (the usual model’s transaction money approach does not apply ); Because the increase in wealth thanks to the rise in asset prices on the back of the monetary expansion (within an investment money approach ) does not lead to a larger increase in demand for goods and services than that in the supply of goods and services which results from the monetary expansion’s stimulus of investment.