The study looked at how central banks around the world make decisions about interest rates using real-time data. They created a model that combines past and future economic indicators to predict policy rates. By analyzing data from 1994 to 2011 in 28 countries, they found that most central banks follow the Taylor principle, which suggests that interest rates should be adjusted in response to changes in inflation and economic activity. The results support the idea that central banks generally make decisions based on a mix of past and future information to keep the economy stable.