The study looked at how changes in exchange rates affect prices in different countries. By using a special method called Vector Autoregression, the researchers found that the impact of exchange rate changes on prices is less than one in both the short and long term. Import prices are affected the most, while consumer prices are affected the least. Countries with smaller economies, higher import levels, stable exchange rates, volatile monetary policies, high inflation rates, and less stable demand see a greater impact of exchange rate changes on prices.