This paper incorporates the zero lower bound constraint into a DSGE model and systematically explores the effects of exogenous adverse shocks on China’s macro-economy at the zero lower bound.It arrives at the results as follows:firstly,when the nominal interest rate hits the zero lower bound,the instability and fragility of macro econ-omy and financial system increase significantly,and the effects of exogenous adverse shocks on economic variables such as output,inflation and credit also enlarge obviously;secondly,at the zero lower bound,the traditional Taylor rule cannot maintain economic stability effectively,and the optimal monetary policy rules not only should pay attention to the output and inflation gaps,but also should place emphasis on assets prices and credit and react to them moderately;thirdly,monetary policy can well smooth the stability of output and inflation gaps;however,it fails to stabilize the fluctuations in housing prices and total credit.Only the cooperation of counter-cyclical regulatory macro prudential policy and monetary policy can ensure simultaneously stable economic and financial systems.In order to respond to adverse shocks,we should further enhance the macro-prudential regu-latory framework and strengthen the coordination between the monetary policy and macro-prudential policy to maintain the comprehensive stability of macro economy.%文章通过构建包含零利率下限约束的D SGE 模型，系统探讨了存在零利率下限时外生不利冲击对经济的影响。研究结果表明：(1)当名义利率触及零利率下限时，宏观经济和金融体系的不稳定性和脆弱性会显著增加，外生不利冲击对产出、通胀、信贷等经济变量的影响也会明显放大。(2)当存在零利率下限时，传统泰勒规则已无法有效稳定经济，最优的货币政策规则不仅应盯住产出缺口和通胀缺口，还应对资产价格和信贷给予重点关注并做出适度反应。(3)货币政策更适于保持产出缺口和通胀缺口的稳定，但难以有效减缓房价和信贷的波动。只有将逆周期监管的宏观审慎政策和货币政策有效搭配，才能保证经济系统和金融系统的全面稳定。为了应对不利冲击，我国应进一步完善宏观审慎监管框架，并将其与货币政策有效搭配以保持宏观经济的全面稳定。
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