Abstract: How to regulate the housing market to prevent financial systematic risks and economic hard landing risks has become a difficult problem encountered by governments of all the countries and the economists. This paper introduces the macro-prudential policy, which takes the dynamic loan value ratio as the macro-prudential policy tool, into the constructed DSGE model, so as to study the effectiveness of macro-prudential policy on regulating the housing market. The results show that:（1）the implementation of the macro-prudential policy can achieve the goal of stabilizing the housing price, thus financial systematic risks can be effectively prevented;（2）the implementation of the macro-prudential policy will make the wealth effect of housing market under the impact of housing preference and technical shock more significant, which can effectively prevent economic hard landing risks caused by housing preference shock and technical shock;（3）the implementation of macro-prudential policy will make the wealth effect of housing market under the shocks of monetary policy and inflation less significant, which cannot effectively prevent economic hard landing risks caused by monetary policy and inflation shocks.

Key words: macro-prudential policy; financial systematic risk; economic hard landing risk; DSGE model