The article explores whether making interest rates higher for good increases inflation in the short term. By analyzing U.S. data, the researchers used two models to study the effects of temporary and permanent changes in interest rates on inflation and output. They found that temporary interest rate hikes lead to lower inflation and output, as expected. However, permanent interest rate increases actually cause immediate inflation and output to rise, while real interest rates fall. These permanent monetary changes account for over 40% of inflation fluctuations.