本文构建了一个由多个个体、多个银行和一个中央银行组成的多主体模型，旨在从联邦基金市场角度，认识常规和非常规货币政策，揭示准备金内部和外部注入渠道对联邦基金市场的影响。基于多主体模型数值模拟的数据，我们构建SVAR模型，脉冲响应结果表明，常规和非常规货币政策都可以调控联邦基金市场，货币政策冲击可以通过准备金注入导致联邦基金市场利率降低。其中，内部注入相比外部注入渠道影响效果更强。研究展示了货币政策在联邦基金市场中的传导路径，有助于开阔对货币政策理解。

This paper constructs a multi-agent model composed of multiple individuals, multiple banks, and one central bank, aiming to understand conventional and unconventional monetary policies from the perspective of the federal funds market and reveal the influence of internal and external injection channels of reserves on the federal funds market.  Based on the numerical simulation data of the multi-agent model, we construct the SVAR model. The impulse response results show that both conventional and unconventional monetary policies can regulate the federal funds market, and monetary policy shocks can lower the interest rate of the federal funds market through reserve injection.  Among them, the internal injection has a stronger effect than external injection channels.  The research shows the transmission path of monetary policy in the federal funds market and helps to broaden the understanding of monetary policy.