Abstract: this paper builds the heterogeneous traders include asset prices and market new Keith, macro economic model, then used machinery test analysis of this model are simulated, the results showed that the monetary authorities according to the asset price dislocation take emergency response is in real-time monitoring of the securities market operation situation, the sub-optimal choice. In addition, compared with monetary policy rules that intervene after asset price misplacement, interest rate rules that take asset price into account will not only not affect the stability of the economic system, but also promote the rational expectation equilibrium of certainty and stability of the economic system 3. Therefore, the real money authorities should attach great importance to the forward guidance role of monetary policy rules, so as to shift gears to support the economic growth in the "new normal" period, and leave necessary time for comprehensively deepening the reform of the financial system and the implementation of registration system.

Key words: asset price misalignment;  monetary policy rule; check analysis