Open AccessOptimal Rules bagi Instrumen Kebijakan Moneter di Indonesia: Pengujian Empiris Model Guender
Author(s) -
Zenathan Adnin,
Eugenia Mardanugraha
Publication year - 2008
Publication title -
jurnal ekonomi dan pembangunan indonesia
Language(s) - English
Resource type - Journals
eISSN - 2406-9280
pISSN - 1411-5212
DOI - 10.21002/jepi.v9i1.151
Subject(s) - economics , inflation targeting , monetary policy , inflation (cosmology) , interest rate , output gap , stability (learning theory) , phillips curve , econometrics , macroeconomics , monetary economics , computer science , physics , machine learning , theoretical physics
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.