MODEL KEBIJAKAN MONETER DALAM PEREKONOMIAN TERBUKA UNTUK INDONESIA
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. Keyword: monetary policy, lending rate, inflation, exchange rate.JEL Classification: E52, F41
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References
Bank Indonesia, 2013, Statistik Ekonomi dan Keuangan Indonesia, dalam http://www. bi.go.id/web/id/Statisti /Statistik+Ekonomi+dan+Keuangan+Indonesia/Versi+HTML/ Sektor+Moneter/, diakses 20 September 2013
Calvo, Guilermo. 1983, “Staggered Prices in a Utility Maximizing Framework”, Journal of Monetary Economics, 12:383-398
Gali, Jordi dan Tommaso Monacelli,2005, “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, Review of Economics Studies, 72: 707-734.
Ho, Tai Kuang, 2009, “Derivation of Monacelli (2005) Small Open Economy Model”, Manuscript. National Tsing Hua Univerisity, Taiwan.
Martens, Karl, 2013, “Macroeconomic Theory: Money and Output”, Manuscript, Cornell University.
Obstsfeld, Maurice. and Rogoff, Kenneth, 2007, Foundations of International Macroeconomics, Cambridge, MA: MIT Press
Uribe, Martin and Vivian Z.Yue, 2006, “Country Spread and Emerging Countries: Who Drives Whom?”, Journal of international Economics, 69:6-36.
Vegh, Carlos, 2013, Open Economy Macroeconomics in Developing Countries. Cambridge, MA: MIT Press.
Calvo, Guilermo. 1983, “Staggered Prices in a Utility Maximizing Framework”, Journal of Monetary Economics, 12:383-398
Gali, Jordi dan Tommaso Monacelli,2005, “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, Review of Economics Studies, 72: 707-734.
Ho, Tai Kuang, 2009, “Derivation of Monacelli (2005) Small Open Economy Model”, Manuscript. National Tsing Hua Univerisity, Taiwan.
Martens, Karl, 2013, “Macroeconomic Theory: Money and Output”, Manuscript, Cornell University.
Obstsfeld, Maurice. and Rogoff, Kenneth, 2007, Foundations of International Macroeconomics, Cambridge, MA: MIT Press
Uribe, Martin and Vivian Z.Yue, 2006, “Country Spread and Emerging Countries: Who Drives Whom?”, Journal of international Economics, 69:6-36.
Vegh, Carlos, 2013, Open Economy Macroeconomics in Developing Countries. Cambridge, MA: MIT Press.
Published
2014-02-04
How to Cite
Juoro, U. (2014). MODEL KEBIJAKAN MONETER DALAM PEREKONOMIAN TERBUKA UNTUK INDONESIA. Buletin Ekonomi Moneter Dan Perbankan, 16(1), 81-97. https://doi.org/10.21098/bemp.v16i1.40
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Buletin Ekonomi Moneter dan Perbankan / Bulletin of Monetary Economics and Banking is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
