Friedman's empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level.
Friedmanova empirijska istraživanja, i neke teorije podržavaju zaključak da je kratkoročni učinak promjene ponude novca bio prvenstveno na izlaz, ali da je dugoročni učinak je bio prije svega na razini cijena.