本项目旨在研究新货币政策框架下货币政策传导与宏观经济波动、金融风险积聚之间的联系机制，并探讨实现金融稳定功能的宏观审慎政策和货币政策最优配合、以及以宏观稳定和金融稳定为目标的最优广义货币政策规则。在实证研究方面，结合微观面板数据和宏观时间序列数据，采用系统GMM和TVP-SVAR-SV等计量模型，分析信贷市场供需双方非金融和金融企业个体的资产负债状况和货币政策变动对其风险承当行为的影响，以及货币政策变动对宏观经济波动、信贷市场金融风险的非对称性和时变性影响；在理论研究方面，构建引入信贷供需双方金融摩擦的DSGE模型，通过贝叶斯参数估计和动态模拟，准确分析货币政策传导对信贷市场双方主体的金融风险积聚以及对宏观经济波动的影响机制；在政策研究方面，基于DSGE模型进行政策组合和政策规则的反事实模拟和福利最大化推导，为我国货币政策的有效运行和金融防控提供理论依据。

This project aims to study the monetary policy transmission channel through credit market and its impact on financial stability and macroeconomic stability, to discuss the optimal macro-prudential policy and monetary policy cooperation and optimal multi-target monetary policy rule. From the empirical perspective, we will use the micro level panel data and macroeconomic time series data, apply the system GMM and TVP-SVAR-SV methods. From the theoretical perspective, we will build an DSGE model with the financial frictions in both side of credit market. Through the Bayesian estimation and calibration, we will simulate the effect of monetary policy on financial risk accumulation and business cycle fluctuation. From the policy studies perspective, we will derive the optimal policy cooperation of macro-prudential measure and monetary measures, and will also derive optimal monetary policy rule targeting both financial stability and macroeconomics stability, based on the model counter-factual experiment and welfare analysis. Our project will provide theoretical guidance and policy implication to monetary policy making and implementation and financial risk control.