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Based on China's interest rate market reform, this book sorts out monetary policy adjustments under the international interest rate market reform, draws on the research results of Western monetary policy rules, and constructs a new Keynesian dynamic stochastic general equilibrium framework under closed and open economic conditions with financial frictions. It analyzes the impact of interest rate marketization reform on China’s monetary policy tools and target rules from three perspectives: economic fluctuations, monetary policy effectiveness, and minimization of social welfare loss, and finally build a suitable policy operation framework. In the research process, not only the quantitative analysis is emphasized, but also the economic interpretation is combined with the actual operation of China's monetary policy.