The study looked at how changes in global demand for commodities, supply of commodities, and international liquidity affect Brazil's economy. By using a specific model, the researchers found that demand shocks have a bigger impact on Brazil's economy in the long term compared to supply shocks. Including both demand and liquidity in the model reduces the effect of commodity price changes on Brazil's interest rates. The study suggests that Brazil is not experiencing Dutch disease, but it is vulnerable to external shocks.