Liquid aerosol formulations for generating aerosols include at least one high volatility carrier and a second component. In some embodiments, the liquid aerosol formulation is propellant free. An aerosol generating device generates an aerosol by passing liquid aerosol formulation through a flow passage heated to convert the liquid into a vapor, which is mixed with air to form an aerosol. In some embodiments, particles of the aerosol consist essentially of the second component. The aerosol generator can be incorporated in a hand held inhaler. The aerosol can be delivered to a targeted portion of the lung using the inhaler.