The researchers created a new way to measure money in the Euro area called Divisia aggregates. They found that these Divisia aggregates have a significant impact on the economy, affecting output, prices, and interest rates. When interest rates unexpectedly increased, Divisia aggregates reacted negatively. This suggests that the European Central Bank adjusted its policies based on these measures of money. Divisia aggregates seem to be more useful in assessing the effects of monetary policy compared to traditional measures of money like M3.