Once the global hashrate stabilises, there might be a limited short-term stabilising effect. A temporary drop in price would cause marginal miners to switch off, temporarily slowing down bitcoin production. This would of course lead to an adjustment, but adjustments deal with current production, they do not try to force cumulative production to a pre-set time schedule. Similarly, a temporary rise would cause new hardware to be switched on. This limited stabilisation shouldn't affect long term trends, but it might reduce intraday volatility.