In this paper, first, we examine the history records of macroeconomic policies and identify the disinflation episodes in China since 1978 and then measure the costs of disinflation by employing the narrative method. Second, after introducing a bench-mark search model, and estimating the...

In this paper, using a benchmark Bayesian Dynamic Stochastic General Equilibrium (Bayesian DSGE) model (Smets-Wouters Model) with Taylor's rule and a modified Smets-Wouters model with a money growth rule, we have simulated China's monetary policy transmission process and the roles of monetary...