The study looked at how different economic factors in India, like real output, prices, money supply, interest rates, and exchange rates, interacted before and during an economic crisis. They used various tests to analyze these relationships. The results showed strong connections between real output, prices, interest rates, and exchange rates before the crisis. During the crisis, there were bidirectional relationships between real output, exchange rates, and interest rates. Additionally, there were causal links between prices and real output in the crisis period.