Financial policy analysis based on TVP-FAVAR numerical simulation model under the background of blockchain technology application

Under the background of blockchain, using TVP-FAVAR mode to analyze the coordination and linkage between China’s monetary policy, macro-prudential policy and fiscal policy in recent years. The research results show that: (1) Both monetary policy and macro-prudential policy have maintained a positive and stable state for a long time. The implementation of macro-prudential policy and tight monetary policy are easier to implement together, and there is a transmission lag effect with loose monetary policy. (2) The implementation of macro-prudential policy and the tightening of monetary policy are easier to implement, and there is a transmission lag effect with loose monetary policy. (3) There is a relatively stable linkage effect between fiscal policy and the “Double-Pillar” policy, but compared with monetary policy, the transmission of macro-prudential policies is more obvious.