MEKANISME SUKU BUNGA SBI SEBAGAI SASARAN OPERASIONAL KEBIJAKAN MONETER DAN VARIABEL MAKROEKONOMI INDONESIA: 1990.1 - 2007.4

  • Nova Riana Banjarnahor

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.

JEL Classification: C32, E52, E58

Keywords: SBI Interest Rate Mechanism, DVAR, IRF, FEVD

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References

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Published
2008-09-11
How to Cite
Banjarnahor, N. R. (2008). MEKANISME SUKU BUNGA SBI SEBAGAI SASARAN OPERASIONAL KEBIJAKAN MONETER DAN VARIABEL MAKROEKONOMI INDONESIA: 1990.1 - 2007.4. Buletin Ekonomi Moneter Dan Perbankan, 11(1), 21 -. https://doi.org/10.21098/bemp.v11i1.234
Section
Articles