Dampak Perubahan Kurs (Pass-Through Effect) terhadap Tujuh Kelompok Indeks Harga Konsumen di Indonesia

  • Noer Azam Achsani Institut Pertanian Bogor
  • Herry Frenky Nababan Institut Pertanian Bogor
Keywords: exchange rate, pass-through, structural shocks, CPI group


The impacts of exchange rate to an economy both domestically and internationally are an interesting discussion. One of the examples for discussion is exchange rate pass-through (ERPT). ERPT is defined as the rate of change of prices (domestic, imported or exported) as a result of change in exchange rate. Consumer price index (CPI) is one of the most frequent indicators used for measuring domestic price. This paper analyzes the impacts of exchange rate change (ERPT) to seven group of CPI in Indonesia. The Cholesky Decomposition is employed to identify structural shock of Structural Vector Autoregression (SVAR) which then combined with Vector Error Correction Model (VECM) for 48 time series units. The result shows that for the entire period there is an incomplete pass-through for the seven group of CPI. The largest effect occurs in the transportation and communication sector and food and beverages sector in which 35 percent of their changes in CPI are affected by change in exchange rate.


Download data is not yet available.


Batiz, F.R. dan Luis, R.B., 1994. International Finance and Open Economy, Macroeconomics, New York: McMillan Publishing Co..

Gujarati, D., 2003. Basic Econometrics 4th Ed, Singapore: McGraw-Hill.

Hartati, E.S., 2004. "Analisis Dampak Pergerakan Nilai Tukar terhadap Inflasi di Indonesia: Pendekatan Exchange Rate Pass-Through", Thesis, Sekolah Pascasarjana Institut Pertanian Bogor.

Hyder, Z. dan Sardar S., 2004. "Exchange Rate Pass-Through to Domestic Price in Pakistan", State Bank of Pakistan Working Paper No. 5, June 2004.

Ito, T., Yuri, N. S. dan Kiyotaka, S., 2005. "Pass-Through of Exchange Rate Changes and Macroeconomic Shocks to Domestic Inflation in East Asian Countries", RIETI Discussion Japan Paper Series 05-E-020.

Mankiw, N.G., 2000. Teori Makro Ekonomi Edisi Keempat, Jakarta: Erlangga.

Mishkin, F.S., 2001. The Economics of Money, Banking and Financial Market, Sixth Edition, Columbia: Columbia University.

Nnryati, Y., 2004. "Pelaksanaan Kebijakan Moneter Pentargetan Inflasi di Indonesia", Thesis, Sekolah Pascasarjana Institut Pertanian Bogor.

Sahminan, 2005. "Exchange Rate Pass-Through into Import Price in Major Southeast Asian Countries", Paper dipresentasikan pada Seminar Akademik 2005, Kerjasama Bank Indonesia dengan FE Universitas Indonesia, Hotel Borobudur-Jakarta.

Salvatore, D., 1996. Ekonomi Internasional Edisi Kelima Jilid 1 (Terjemahan), Jakarta: PT. Gelora Aksara Pratama.

Windarti, R.P., 2004. "Pengaruh Perubahan Nilai Tukar Terhadap Perubahan Tingkat Harga: Analisis SVAR Pasca Penerapan Sistem Nilai Tukar Mengambang Bebas di Indonesia", Thesis, Magister Perencanaan dan Kebijakan Publik Fakultas Ekonomi Universitas Indonesia.

  • Abstract 1250

  • PDF 665
Abstract Metrics
Abstract view : 1250 times

PDF - 665 times
How to Cite
Achsani, N. A., & Nababan, H. F. (2008). Dampak Perubahan Kurs (Pass-Through Effect) terhadap Tujuh Kelompok Indeks Harga Konsumen di Indonesia. Jurnal Ekonomi Dan Pembangunan Indonesia, 9(1), 1-16. https://doi.org/10.21002/jepi.v9i1.127