The study looked at how budget deficits affect money growth, inflation, investment, and real output growth in 32 countries. The main findings are: deficits usually don't cause inflation through increasing the money supply; deficits don't necessarily lead to inflation through boosting demand; deficits are linked to slower real output growth, but this might be due to their counter-cyclical nature; and higher deficits tend to slow down investment after a year or two.