The study looked at how wages, prices, and employment in the US have changed since World War II. They found that wages adjust faster to prices than prices do to wages. This means that prices tend to stay more stable than wages. They also discovered that a permanent increase in unemployment only temporarily affects wage inflation. This suggests that both the rate of change and the level of unemployment are important in determining wages. The researchers used a different method than usual to analyze the data, allowing for a clearer understanding of the relationships between wages, prices, and employment.