Under The Interest Rate Market Monetary Policy Tools Affect Chinese Economic Fluctuation Variance Analysis

China in the interest rate market reform road has walked more than 10 years, during two sessions in 2015, Governor Zhou Xiaochuan said if the 2015 has a suitable opportunity, the deposit rate floating cap will be fully liberalized, to achieve full interest rate market. Faced with full interest rate market coming era, in full interest rate market, What is the impact of monetary policy tools to the current macroeconomic volatility? What pathways are, how to achieve it? There are difference effects of changes in different monetary policy instruments to macroeconomic?Based on the above background and questions, the article analyzes the researches about monetary policy rules and the development of the dynamic stochastic general equilibrium(DSGE) model at home and abroad, And fully integrate the above two studies, establish the DSGE model including the five economic entities such as the representative households, businesses, retailers, commercial banks and central banks. Among them, choose the interest rate rule as a central bank’s monetary policy, the goal of other economic sectors is to make their income maximize, in the enterprise sector include the commercial bank credit, credit mortgage rates and other factors; learning from existing research results, bring price stickiness factor and and forward-looking New Keynesian Phillips(Phillips) curve in the retailer sector; the statutory deposit reserve ratio brought in the commercial banking sector, establish the commercial banks’ balance sheet including deposits, loans, interbank funding and the statutory deposit reserve ratio.Steady state analysis based on DSGE model established to study the relations of various monetary policy tools and the macroeconomic structure, the proportion of the total consumption in the total output of society, and the proportion of total social investment in the total output, total output of the main macroeconomic indicators variables, total commercial bank credit balances, total social investment and total social spending.Master a variety of monetary policy instruments in the economy transmission channels, and the impact mechanisms of the various monetary policy tools to macroeconomic changes. China’s monetary policy tools through the interest rate channel to the credit channel affect the main macroeconomic indicators variables. The impact of these changes of monetary policy tools for macroeconomic is consistency.In addition, based on the selected sample quarterly data of 2003 fourth quarter to 2014 fourth quarter, some parameters of the DSGE model is calibrated by us or estimated by the Bayesian estimation methods, analyze DSGE model by Numerical Simulation. Through numerical simulation analysis of impulse response image, inspect the dynamic adjustment process of China’s main macroeconomic indicators variables by a unit of volatility positive impact of different monetary policy tools, and effects of variables selected macroeconomic indicators by the impact of the different monetary policy tools. Among them, response of macroeconomic to the impact of market interest rates and the statutory deposit reserve ratio is more significant, timeliness long, in line with the steady-state analysis of the conclusions. and the timeliness of the impact of deposit rates and lending rates is short. Actions are consistent with microeconomic decisions in full interest rate market.Finally, the analysis showed that China’s macroeconomic regulation and control, in order to achieve long-term regulation should adopt a comprehensive approach of open market operations and adjusting the statutory deposit reserve ratio, to achieve short-term regulation, can be achieved by adjusting the benchmark deposit and lending rates.