The study looked at how effective monetary policy is in different economic situations. They found that when the economy is doing well, raising interest rates has a bigger impact on output than lowering them. This effect is not as strong during economic downturns. The researchers also found that theories about sticky wages and prices seem to have some support, while credit-rationing theories do not hold up as well. Overall, the study suggests that the effects of monetary policy can vary depending on the economic conditions.