Mekanisme Suku Bunga Sbi Sebagai Sasaran Operasional Kebijakan Moneter Dan Variabel Makroekonomi Indonesia: 1990.1 - 2007.4

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, E58Keywords: SBI Interest Rate Mechanism, DVAR, IRF, FEVD

Dual Monetary System and Macroeconomic Performance in Indonesia

“…The result is slightly different with Banjarnahor (2008), Anuniyyah et al (2010), Anuniyyah et al (2013), Ascarya (2012), and Sanrego (2013). Eventough we did not employ SBI and SBIS as we explained earlier, our finding is fairly consistent with those previous study, these researchs show that conventional monetary has positive relationship with inflation while Islamic monetary has http://journal.uinjkt.ac.id/index.php/iqtishad DOI: 10.15408/aiq.v8i1.2509 negative relationship.…”