课题以货币政策传导机制为主线，从贷款方资产负债表和DSGE模型构建两个角度出发，研究货币政策通过银行贷款渠道、银行资本渠道、风险承担渠道的传导机制及其效应，结合中国发展加转型特点，探索加入金融部门的DSGE模型，研究金融中介部门对传统货币政策传导的影响。研究有以下三个特色：（1）从银行业新商业模式和行业信贷需求异质性等方面完善和推进了银行贷款渠道在中国有效性的实证研究；（2）利用预期违约概率、泰勒规则残差估计等方式解决了风险承担渠道检验中的识别问题，揭示了风险承担渠道在中国的传导机制，并据此为宏观审慎的货币政策和监管体制提供相应建议；（3）在当前包含金融部门的DSGE模型基础上，根据中国银行业的特点在模型构建上有所创新，并填补金融部门关键参数校准的空白。

This task is based on the research of monetary policy transmission mechanism from the perspectives of lenders' balance sheets and DSGE framework. We comb the researches about bank lending channel, bank capital channel, risk-taking channel and DSGE models with financial sectors and incorporate the characteristics of China to explore the effects of financial intermediaries on conventional monetary transmission. We exhaust to contribute to the related literature in three dimensions: Frist, we perfect the empirical researches of bank lending channel in China from the angles of new business model of banking sector, heterogeneity of credit demand in industry-level, and so on. Second, we introduce some methods such as expected default probability and estimated residuals of Taylor rule to cope with endogeneity problems in examining risk-taking channel. Thus, we are able to understand better of this mechanism and provide relevant suggestions for macro-prudent monetary policy and supervision. Third, we improve the construction of DSGE models with financial sector according to specific characteristics of Chinese bank industry and make relevant calibrations.