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.

The reason that an increasing money supply will cause inflation is as follows:
IS-LM model is the one for closed economy, equilibrium at money market and goods market
AS-AD model incorporates the labour market.
Mundell-Fleming model is just  a similar model as IS-LM, but in the open economy
AA-DD model is another model handy for open economy, which is established on the basis of asset market equilibrium (domestic money market and foreign exchange market) and goods market equilibrium.
No matter which model you use, a expansionary monetary policy can lead to a lower interest rate, thereby increasing output in the short run. Suppose initially the economy is at long run equilibrium, due to this loosen monetary policy, the economy is at the state of overemployment, and workers therefore ask for higher wage and firms adjust the price to higher level accordingly. As the price ajusts in the long run, output will decline and eventually return to the natrual level (full employment).
By this process, price will rise proportionally in line with money supply in the long run.

对此感兴趣，同问。

呵呵，用货金来说说
        1、货币数量论的本质是认为货币数量和物价正相关，这个道理证明就是费雪方程式，马歇尔现金余额学说和剑桥方程式，注意两者的区别。通过货币数量论，可以认为央行可以通过控制货币数量来控制物价，即控制通胀。

    2、费雪方程式就是从一个套套逻辑出发，即总支出=总收入，MV=PT ,M是货币需求，V是货币流通次数，P是一般物价水平，T是待销售商品劳务总额，其中V由支付制度及习惯决定，视为稳定，T在充分就业条件下变动不大，也视为常数，所以得到P=MV/T,商品价格与货币数量同比变化。将PT视为收入时，看到货币需求仅为收入的函数。

    3、剑桥方程式为M=KPy，其中M为货币需求，K是人们以货币形式持有的收入占财富的比例，P为物价，Y为国民收入，说明货币需求量就是人们所需要的货币形式的财富量，与物价成正比。