| Abstract | A DSGE model, which contains a typical family, the representative enterprises, macro-prudential policy and monetary authorities, is constructed to research the synergistic effect between monetary policy and macro-prudential policy in China. Aiming to get the best combination about monetary policy and macro-prudential policy, all kinds of combination effect is studied based on single objective and multi-objective. The conclusions are as follows: Firstly, from the perspective of stable output, the combination of monetary policy and macro-prudential policy with loans as the single objective can significantly reduce the output fluctuation, especially when economies hit from technology shocks or preference. Secondly, from the perspective of stable inflation, the combination of monetary policy and macro-prudential policy is no significant difference with monetary policy alone aiming at loan. The combination of macro-prudential policy and monetary policy will bring out different effect due to changes of different types of inflation with aiming at real estate prices. Thirdly, from the perspective of stable real estate prices, the combination of macro-prudential policy and monetary policy can significantly reduce the real estate price fluctuations aiming at real estate prices, especially when interest rates and inflation hit the impact. |