DSGE

The following paper, based on the three-dimensional analysis framework of "money - credit - balance sheet", constructs and solves the dynamic stochastic General Equilibrium (DSGE) model including the financial accelerator mechanism, quantifies the amplification effect of the money multiplier and credit expansion on the balance sheet and economic fluctuations. And the policy efficiency of macroprudential tools (such as counter-cyclical capital buffers and dynamic reserve ratios) and digital currencies in mitigating the role of financial accelerators was evaluated. The research finds that: ① The linkage between the credit multiplier and the premium of external financing is the core transmission path of cyclical fluctuations, amplifyingthe economic impact of monetary policy and technological shocks; ② After adding financial frictions to the standard Smets-Wouters framework, the correlation characteristics of credit and output before and after the financial crisis can be better matched. ③ Counter-cyclical capital buffers significantly weaken the spillover effects of credit shocks, while the dynamic reserve requirement ratio and CBDC can further enhance the accuracy and timeliness of macro policies