Who says this exactly?
Monetary injections do not automatically and necessarily yield inter-temporal disequilibrium and discoordination (i.e., an accumulation of malinvestment). Thus, it logically follows that there is no 1-1 direct relationship between changes in the “TMS” and business cycle volatility. This is due to the fact that monetary injections become inflationary (and therefore arbitrarily reduce the market rate of interest below the natural rate) only when expansions in the supply of money > the demand for money.