The article looked at whether U.S. monetary policy in the 1970s caused instability during high inflation. They used a model that considers slow changes in wages, rising prices, and how the Federal Reserve adjusted interest rates. The study found that wages stayed rigid, and the Fed reacted strongly to inflation but less to economic growth. It showed that if the Fed had acted differently back then, inflation would have been much smoother. The data suggests that back in the 1970s, how the Fed managed money didn't lead to economic ups and downs as people thought. If the officials followed today's rules back then, things would have been more stable.