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Mekanisme Suku Bunga Sbi Sebagai Sasaran Operasional Kebijakan Moneter Dan Variabel Makroekonomi Indonesia: 1990.1 - 2007.4

Author

Listed:
  • Nova Riana Banjarnahor

    (Gadjah Mada University)

Abstract

Bank Indonesia has applied the Inflation Targeting Framework (ITF) to reach its single-final objective; stabilizing Rupiah reflected in the inflation and its exchange rate. The central bank of Indonesia uses the interest rate as his operational target to achieve the targeted inflation. Regardless of whether Bank Indonesia uses the Certificate of Bank Indonesia (SBI) or the money market rate (PUAB), on empirical ground the targeted inflation is hard to achieve. This paper analyzes the monetary policy of Bank Indonesia and its impact on macroeconomic variables. The application of Differenced Vector Autoregressive (DVAR) method shows that the monetary policy has a direct impact on the time deposit rate and an indirect impact on the exchange rate, money supply, gross domestic product and on consumer»s price index

Suggested Citation

  • Nova Riana Banjarnahor, 2008. "Mekanisme Suku Bunga Sbi Sebagai Sasaran Operasional Kebijakan Moneter Dan Variabel Makroekonomi Indonesia: 1990.1 - 2007.4," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 11(1), pages 21-52, July.
    • Handle: RePEc:idn:journl:v:11:y:2008:i:1b:p:21-52
    DOI: https://doi.org/10.21098/bemp.v11i1.234
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    More about this item

    Keywords

    SBI Interest Rate Mechanism; DVAR; IRF; FEVD;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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