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Model Kebijakan Moneter Dalam Perekonomian Terbuka Untuk Indonesia

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  • Umar Juoro

Abstract

This paper analyze the impact of foreign policy (the Fed) on Indonesia’s monetary economy, focusing on the attention is also to the fund rate. An empirical model of VAR (Vector Auto Regression) is developed to capture the impact of increase in fund rate to Indonesia’s monetary sector. The system of equations covers central bank policy rate, lending rate, inflation, real effective rate (REER), and the output growth. The result shows that the increase of fund rate tended to push Bank Indonesia to increase his policy rate, hence the lending rate. On the other side, positive shock of foreign fund rate lower inflation and output growth, and appreciate the Real Effective Exchange Rate with lag.

Suggested Citation

  • Umar Juoro, 2013. "Model Kebijakan Moneter Dalam Perekonomian Terbuka Untuk Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 16(1), pages 81-97, July.
    • Handle: RePEc:idn:journl:v:16:y:2013:i:1e:p:81-97
    DOI: https://doi.org/10.21098/bemp.v16i1.40
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    More about this item

    Keywords

    monetary policy; lending rate; inflation; exchange rate.;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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