Monetary Variability and Real Output
Utilizing Engel's (Econometrica, 1982, 50, 987–1008) autoregressive conditional heteroskedasticity (ARCH) model to consistently parameterize the conditional variance of money growth, I find an inverse relationship between monetary variability and real output. This provides some additional evidence in favor of Friedman's (Journal of Political Economy, 1977, 85, 451–472) famous conjecture.
Caporale, Tony, "Monetary Variability and Real Output" (1993). Economics and Finance Faculty Publications. 23.