Abstract: This paper empirically tests the impact of the application of macroeconomic prudential policy tools of different intensities on the effectiveness of China's monetary policy regulating “economic growth， price stability， and financial stability” based on the MDQVAR model， and proposes the optimal combination of monetary policy and macro-prudential policy for different economic control objectives accordingly. It is found in the study that in the process of specific policy coordination， the policy combination form should be selected according to the main objectives of different periods of economic development as much as possible. Lowering the statutory deposit reserve ratio or relaxing capital inflows with the increase in the supply of money during the economic downturn can restore real economic growth as soon as possible. Adjusting the loan-to-value ratio and increasing money supply during the stable period of the economy can achieve steady economic growth， and avoid the loss from inflation. Raising the statutory deposit reserve ratio and interest rate during the economic overheating period can quickly reduce the inflation rate and stabilize prices.

Key words: effectiveness of monetary policy; macro-prudential policy; policy coordination; multivariate directional quantile vector autoregressive