中文摘要：

本文研究了宏观审慎政策及其组合的有效性。结果表明：（1）钉房价贷款价值比、钉产出存贷比与钉信贷存贷比政策是有效的，这与中国宏观审慎政策实践一致。（2）宏观审慎政策有效的前提在于钉住目标和最终监管对象保持一致，且政策工具的影响力度较大。宏观审慎政策仅在钉住目标和最终监管对象的指向相同或都不具有指向性时才有可能有效；指向错配、钉住目标或最终监管对象仅一方有指向的政策必然无效；政策传导机制中非耐心家庭与企业家贷款“替代效应”的方向及强弱程度显著影响政策效果。（3）本文对钉住目标系数、外生冲击类型以及结构参数的敏感性分析论证了结论的稳健。

英文摘要：

This study examines the effectiveness of both macro-prudential policies and their combinations. The analysis proves the efficacy of macro-prudential policies, such as the Loan-to-Value ratio policy targeting at the house price growth ratio, the Loan-to-Deposit ratio policy targeting at the output growth rati- o, and the Loan-to-Deposit ratio poticy targeting at the credit growth ratio. These results are in line with China＇ s policy practice. In addition, the premises of effective macro-prudential policies are the coherence between targets and final regulatory objectives, and the relatively large influence power of policy tools. Specifically, policy is effective only when the orientations, if any, of the target and of the final regu- latory objective are the same. If there exists an orientation mismatch or one of the two orientations is missing, the macro-prudential policy is ineffective. Meanwhile, macro-prudential policy transmission mechanism shows that the direction and the intensity of loans ＂substitution effect＂ between impatient households and entrepreneurs can have a significant impact on the policy effect. The sensitivity analyses of the target coeffi- cients, exogenous shock types and structure parameters demonstrate that the paper＇s results are robust.