Inflation targeting has measurable effects on expectations and short-term interest rates, but it does not change sacrifice ratios or Phillips curves in target countries. The study compares countries that adopted inflation targets with those that did not, as well as with long-standing nominal targeters. The main goal was to see if inflation targeting leads to lower inflation rates and changes in how inflation interacts with the economy. The researchers looked at countries like New Zealand, Canada, the United Kingdom, and Sweden to draw their conclusions.