The study looked at how changes in monetary policy affect industrial output in BRICS countries from 1994 to 2013. They found that exchange rate fluctuations have the biggest impact on industrial output. Inflation rates also have a significant effect, peaking around eleven months after changes. It's important for policymakers to be careful when trying to lower inflation rates because it can affect industrial output. Interest rates have a small impact on exchange rates, while money supply has a bigger influence. Adjusting interest rates, not money supply, is how authorities in BRICS countries respond to inflation expectations.