High and Variable Inflation: Further Evidence on the Friedman Hypothesis
This study, employing a GARCH model, finds a positive and significant relationship between the level and variability of inflation. This provides evidence in support of Friedman's (Friedman, 1977) view that high inflation leads to more variable inflation.
Caporale, Tony and McKiernan, Barbara, "High and Variable Inflation: Further Evidence on the Friedman Hypothesis" (1997). Economics and Finance Faculty Publications. 26.