Inflation, Disinflation, and Deflation in China: Identifying the Shocks Driving Inflation*

TL;DR: In this paper, the authors constructed a trivariate structural vector auto regression (SVAR) model for China to decompose inflation rate time-series into three components explained by aggregate demand (AD), aggregate supply (AS), and money policy shocks.

TL;DR: This paper modeled post-1990 Chinese monetary policy with an augmented McCallum-type rule that takes into account the People's Bank of China's emphasis on targeting the rate of money supply growth.

TL;DR: The cycle theory of great depressions has been studied extensively in the literature as discussed by the authors, and its conclusions have been widely accepted and, so far as I know, no one has yet found them anticipated by previous writers, though several have zealously sought to find such anticipations.

TL;DR: In this paper, the authors interpret fluctuations in GNP and unemployment as due to two types of disturbances: disturbances that have a permanent effect on output and disturbances that do not, and they find that demand disturbances have a hump shaped effect on both output and unemployment; the effect peaks after a year and vanishes after two to five years.

TL;DR: In the early years of macroeconomics as a discipline, the liquidity trap-that awkward condition in which monetary policy loses its grip because the nominal interest rate is essentially zero, in which the quantity of money becomes irrelevant because money and bonds are essentially perfect substitutes-played a central role as mentioned in this paper.