中文摘要：

动态因子模型（DFM）的基本职能是对高维数据进行降维处理，即从高维数据集中提取变量间的协同变动信息。在理论上，本文系统梳理了DFM的模型形式设定、估计方法以及结构化建模技术的发展历程和研究前沿。在应用方面，本文总结了DFM在预测、构建经济周期指标和通货膨胀指数、以及经济结构分析中的应用研究。最后，归纳出了DFM计量分析的研究脉络和未来的发展方向。

英文摘要：

The basic function of Dynamic Factor Model is to reduce the dimension of high dimensional data, that is, to extract information of the co-movement among economic variables from high dimensional dataset. In theory, this paper runs through the development course and frontiers of DFM systematically, including the model setting, estimation methods and structured modeling technology. In application, this paper summarizes the use of DFM in forecast, construction of business cycle indicators and inflation index and structural analysis. At last, this paper summarizes the research context and the direction of future development of DFM analysis.