The study looked at how deflation affects economic output in different sectors of the Czech Republic from 1993 to 2015. By analyzing data from 86 sectors, the researchers found that sectors with falling prices actually had higher output growth rates. This goes against the idea that deflation always leads to economic problems. The study suggests that the deflation observed in the Czech Republic was mainly due to lower costs from firms investing, rather than a lack of demand. This means that not all deflation is bad, and central banks should consider differentiating between types of deflation when making monetary policy decisions.