The study looked at how New Zealand's monetary policy has been managed over the past decade. They found that the Reserve Bank focused more on keeping prices stable than following a standard rule like in the US. The Bank's policy is better described by looking at future inflation rates rather than just current inflation. They also found that the Bank's policy includes a 'smoothing' element, meaning they don't react immediately to every small change in inflation. Overall, there is no strong evidence to suggest that the Bank treats high inflation differently from deflation.