Optimal Rules bagi Instrumen Kebijakan Moneter di Indonesia: Pengujian Empiris Model Guender

  • Zenathan Adnin Departemen Ilmu Ekonomi Fakultas Ekonomi Universitas Indonesia
  • Eugenia Mardanugraha Lembaga Penyelidikan Ekonomi dan Masyarakat Fakultas Ekonomi Universitas Indonesia
Keywords: monetary policy, interest rate, inflation

Abstract


This study aims to test model developed by Guender (2002) in determining optimal rules for monetary policy instrument in Indonesia. The test is conducted by estimating parameters of IS equation and Forward Looking Phillips Curve. The result expected is rules for determining the optimal interest rate which is influenced by the gap between actual and targeted inflation. The result shows that in the era of inflation targeting the interest rate setting policy as monetary policy instrument has focus on output stability rather than inflation stability. Finally, the study concludes that the interest rate targeting as BI rate has not being optimal.

Downloads

Download data is not yet available.

References

Ascarya, 2002. "Instramen-instramen pengendalian moneter", Buku Seri Kebanksentralan No. 3, Jakarta: Pusat Pendidikan dan Studi Kebanksentralan PPSK Bank Indonesia.

Blinder, A.S., 1995. Central Banking in Theory and Practice, Massachutesetts: Massachutesetts Institute of Technology.

Clarida, R.H., 2001. "The Empirics of Monetary Policy Rules in Open Economics", NBER Working Paper Series No. 8603.

Direktorat Kebijakan Moneter Bank Indonesia, 2003. "Kerangka kerja kebijakan moneter untuk mencapai sasaran tunggal inflasi dengan suku bunga sebagai sasaran operasional", Occasional Paper Bank Indonesia, Jakarta: Bank Indonesia.

Direktorat Kebijakan Moneter Bank Indonesia, 2003. "Operasi pengendalian moneter yang berbasis suku bunga dalam mencapai sasaran inflasi", Occasional Paper Bank Indonesia, Jakarta: Bank Indonesia.

Guender, A.V., 2003, "Optimal Monetary Policy under Inflation Targeting Based on an Instrument Rule", Economic Letters, 78(2003): 55-58.

Gujarati, D. N., 2003. Basic Econometric 4th Ed., Singapore : McGraw Hill.

Guthrie, G. dan Julian, W., 2004. "The optimal design of Interest Rate Terget Changes", Journal of Money, Credit and Banking, 36:115-137.

Hartanto, S.A., 2006. "Analisa Pengaruh Penerapan Inflation Targeting Framework ITF terhadap Besaran Koefisien Exchange Rate Pass-Through: Studi Kasus Tiga Negara ASEAN", Studi, Depok: Universitas Indonesia.

Haryono, E, Nugroho, W.A., dan Pratomo, W., 2000. "Mekanisme pengendalian moneter dengan inflasi sebagai sasaran tunggal", Buletin Ekonomi Moneter dan Perbankan.

Irawan, F. dan Sugiharso, S., 2005. "Kebijakan Moneter, Pertumbuhan Ekonomi dan Inflasi: Pengujian Hipotesis Ekspektasi Rasional dengan Analisis VAR", Jurnal Ekonomi dan Pembangunan Indonesia, 6(2005): 17-38.

Kusmiarso, B. et. al, 2002. "Interest rate channel of monetary transmision in Indonesia", Occasional Paper Bank Indonesia. Jakarta: Bank Indonesia.

Kusmiarso, B., et. al, 2002. "Kerangka operasional kebijakan moneter. Occasional Paper Bank Indonesia", Jakarta: Bank Indonesia.

Mishkin, F.S., 2004. The Economics of Money, Banking, and Financial Markets, 7th ed., Boston: Pearson.

Pohan, A., 2008. Kerangka kebijakan moneter dan implementasinya di Indonesia. Jakarta: Rajawali Pers.

Poole, W., 1970. "Optimal choice of monetary policy instruments in a simple stochastic macro model", The Quarterly Journal of Economic, 84:197-216.

Rudd, J., dan Karl W., 2005. "New Test of The New-Keynesian Phillips Curve", Journal of Monetary Economics. 52(2005):1167-1181.

Sarwono, H.A., 1996. Mencari Paradigma Baru Mekanisme Transmisi Kebijakan Moneter: Suatu Studi Kemungkinan Penerapannya, Jakarta: Bank Indonesia.

Scarth, W.M., 1998. Macroeconomics: An Introduction to Advanced Methods 2nd Edition, Toronto: Harcourt Brace Jovanovich.

Singh, R., dan Chetan S., 2008. "The Optimal choice of monetary policy instruments in a small open economy", Canadian Journal of Economics, 410.

Staudinger, S., 2002. "Optimal monetary Policy and The Term Structure of Interest rates: A Note", Journal of Economic Studies, 29(2/3): 98-108.

Vanhoose, D.D., 1994. "Optimal Choice of Monetary Policy Instruments When Policymaking is Costly" Atlantic Economic Journal. December, 22(4).

Warjiyo, P., (ed), 2004. Bank Indonesia Bank Sentral Repubiik Indonesia: Sebuah Pengantar, Jakarta: Pusat Pendidikan dan Studi Kebanksentralan Bank Indonesia.

Published
2008-07-01
Views
  • Abstract 647


  • PDF 455
Abstract Metrics
Abstract view : 647 times

PDF - 455 times
How to Cite
Adnin, Z., & Mardanugraha, E. (2008). Optimal Rules bagi Instrumen Kebijakan Moneter di Indonesia: Pengujian Empiris Model Guender. Jurnal Ekonomi Dan Pembangunan Indonesia, 9(1), 93-115. https://doi.org/10.21002/jepi.v9i1.151
Section
Articles