This paper expands the classical dynamic stochastic general equilibrium model by introducing factors such as environmental quality, pollution emissions and environmental regulation policies, and constructs an analytical framework including environmental factors and can be used to compare the effects of different environmental regulation policies, so as to study the different impacts on economy and environment of three different types of environmental regulation policies, namely, environmental taxes, emission permits and emission intensity. The results show that the environmental regulation policy has an inhibitory effect on economic activities, and can play an “automatic stabilizer” role in economic fluctuations. Among them, the emission intensity policy causes the largest economic losses, and the environmental benefits are the most obvious. The emission permit policy has the smallest effect on the improvement of environmental quality, but its economic losses are the smallest, and its “automatic stabilizer” role is also the most obvious. At the same time, the decrease in the unit emission intensity of enterprises can effectively reduce pollution emissions and improve environmental quality and social welfare, while the increase in the conversion rate of government environmental protection input has a very limited impact on the environment and economy.