The study looked at how Brazil's fiscal policy from 1995 to 2008 affected the economy. They found that the amount of debt the government had compared to the size of the economy had a big impact. More debt led to higher demand for money and more money left over after expenses. But it also meant less investment and a smaller gap between what the economy could produce and what it actually did. Overall, Brazil's fiscal policy during this time was not Ricardian, meaning it had a big influence on the economy.