The study looks at how Nixon's Wage and Price Controls affected the economy. They used a big-picture model to see how prices, wages, demand, output, and interest rates all interacted. The results show that the controls briefly lowered inflation but by the end of 1973, any gains were lost. Even before 1973 ended, the controls were hurting prices, output, and interest rates. The study also found that mixing controls with more money in circulation can create worse economic problems than before the controls were put in place.