The article estimates a multi-country economic model to analyze supply, demand, and monetary policy shocks. The model includes equations for inflation, output, interest rates, and exchange rates. By using data from 33 countries, the researchers estimate the impact of different shocks on the economy. They find that supply, demand, and monetary policy shocks in each country are independent, but similar shocks in different countries can be related. The study also looks at how these shocks can affect other countries through direct and indirect channels. The researchers provide estimates of how a shock to US monetary policy can affect other countries.