Abstract: By constructing a DSGE model with characteristics such as endogenous interbank market and heterogeneous commercial banks, and based on the actual situation in China, simulation analysis is conducted on the impact of different levels of statutory deposit reserve ratio, the effect of adjusting the position and width of interest rate corridor intervals, and the policy effectiveness of liquidity investment under the "lower bound model" to explore the operating mechanism and policy effectiveness of the interest rate corridor monetary policy framework, The results showed that the statutory reserve requirement system can distort the effectiveness of interest rate corridor regulation to a certain extent, but it can still play an auxiliary role in the policy framework of interest rate corridors; The adjustment of the interval position and width of the interest rate corridor can effectively guide the market interest rate to reach the target level; When the excess liquidity in the interbank market reaches a considerable level and enters the "lower limit mode" of interest rate corridors, expanding liquidity can achieve the goal of stimulating the economy without changing interest rates, thereby avoiding the "zero interest rate lower limit" constraint.

Keywords: interest rate corridor; Monetary policy; Central Bank Balance Sheet; Dynamic stochastic general equilibrium theory;