The study looked at how exchange rates between different countries move towards a balance point called Purchasing Power Parity (PPP). Traditional tests using a linear framework often say PPP doesn't hold true, but this study used a new method that considers both symmetric and asymmetric adjustments. By analyzing data from 10 countries, the researchers found that US exchange rates tend to move back towards PPP over time. This means there is strong evidence supporting the idea that exchange rates eventually equalize across countries.