本课题在动态随机一般均衡模型（DSGE）框架下，通过采用结构向量自回归模型，贝叶斯估计和马尔科夫体制转换等方法考察金融摩擦条件下，财政政策和货币政策对宏观经济波动的影响。在全面系统梳理财政政策和货币政策对居民消费、通货膨胀以及失业等变量影响的相关文献的基础上，结合中国宏观调控政策的实际情况，对相关问题加以研究。本研究有以下四大特色：（1）利用反应函数考察系统性的货币政策，特别是财政政策以及不同债务偿还方式对经济波动的影响；（2）同时将数量型和价格型货币政策引入DSGE模型中，考察货币政策对经济影响的全新渠道，并分析财政政策和货币政策选择不同的调控目标及搭配方式时的宏观经济影响；（3）引入借贷约束等金融摩擦因素和异质性居民与企业，考察财政政策的信贷效应对消费、通货膨胀以及失业的影响；（4）基于中国的宏观经济数据，从理论和实证两个维度考察政策状态转换对经济波动的影响。

This project discusses the effects of macroeconomic regulation policies on economic fluctuations. Under DSGE framework, we adopts SVAR, bayesian estimaiton methods and markov regime switching models to analyze above questions. After reviewing the relevant literature about effects of fiscal policy and monetary policy on consumption,inflation and unemployment. We introduce policy practices of China into the framework: First, by using reaction function, we analyze the effects of systematic monetary policy, in particular, fiscal policy and debts repayments manners on economic fluctuations; Second, by introducing quantity-type and price-type monetary polices simueltanenously in DSGE model, we examine the new mechanism through which it affects the economy, and talk about the coordinations of fiscal and monetary policy; Third, by introducing financial friction and heterogeneous agents, we consider that the credit effects of fiscal policy on consumption etc.; Finally, we consider the effects of state transferring of macro policies on economic fluctuations.