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'Towards improved monetary policy in Indonesia': a comment

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  • Gordon de Brouwer

Abstract

This comment argues that inflation-focused policy is appropriate for Indonesia but that it should be directed at underlying inflation over the medium term. It contends that McLeod's monetarist explanation of inflation in Indonesia is unsatisfactory in theory and is not consistent with the evidence: traded goods prices rose before, and substantially more than, non-traded goods prices during the crisis of 1997-98, which is not consistent with the monetarist view that inflation was caused by excessive base money growth.

Suggested Citation

  • Gordon de Brouwer, 2003. "'Towards improved monetary policy in Indonesia': a comment," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 39(3), pages 325-328.
    • Handle: RePEc:taf:bindes:v:39:y:2003:i:3:p:325-328
    DOI: 10.1080/0007491032000142773
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    Cited by:

    1. Enrico Tanuwidjaja & Choy Keen Meng, 2005. "Central Bank Credibility and Monetary Policy : Evidence from Small Scale Macroeconomic Model of Indonesia," Macroeconomics Working Papers 22576, East Asian Bureau of Economic Research.

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