The article looks at how the U.S. economy behaves over time and at different frequencies. They break down economic data into different parts to see patterns: GDP growth happens quickly, while inflation and interest rates change slowly. Unemployment is more of a medium-term issue. When they look at how monetary policy affects these variables, they find that it has similar effects no matter the time scale. The researchers also test economic models and find that they struggle to explain medium-term economic cycles.