Abstract: This article constructs a new Keynesian DSGE model that includes financial accelerators and countercyclical credit regulatory macroeconomic prudential tools. The optimal parameter combinations of different policy rules are calculated using the equivalent compensation variation method, and the optimal policy rules are further selected. The coordination between China's dual pillar policies and their applicability under different conditions are explored. The simulation analysis results show that:, Usually, only monetary policies that include financial factors can achieve the dual goal of price and financial stability. However, when there are high financial risks in the economy, macroeconomic prudential policy rules need to be supplemented to ensure financial stability.

Keywords: dual pillar policy; Policy applicability; Policy coordination; Financial regulation; DSGE model;