The article looks at how well the UK's inflation targeting policy has worked since 1993. The researchers used models from the 1980s to predict interest rates and inflation. They found that the UK's policy led to better inflation outcomes with less tightening of monetary policy. When they looked at France and the US, countries without inflation targeting, they found that recent low inflation was not unexpected based on past models. This suggests that the UK's policy has improved credibility and helped control inflation.