The study looked at how monetary policy in Iran behaved during economic ups and downs from 1991 to 2015. They found that the policy tended to follow the cycle, but the best approach would be to make it go against the cycle. This means that when the economy is doing well, the policy should tighten, and when it's struggling, it should ease up. The quality of institutions and the influence of fiscal policies also play a role in determining the best monetary policy. If the goal is just to control inflation, the policy should stay steady. But if the central bank has full control over monetary decisions, it should act more aggressively to stabilize the economy.