Open AccessPERBANDINGAN EFEKTIVITAS MEKANISME TRANSMISI KEBIJAKAN MONETER ANTARA JALUR SUKU BUNGA DENGAN JALUR NILAI TUKAR TERHADAP SASARAN AKHIR INFLASI
Author(s) -
Martin Yohannes Simanjuntak,
Budi Santosa
Publication year - 2019
Publication title -
media ekonomi
Language(s) - English
Resource type - Journals
ISSN - 2442-9686
DOI - 10.25105/me.v25i1.5199
Subject(s) - monetary policy , exchange rate , economics , interest rate , interest rate channel , impulse response , channel (broadcasting) , inflation (cosmology) , monetary economics , transmission (telecommunications) , vector autoregression , error correction model , variance decomposition of forecast errors , monetary transmission mechanism , credit channel , inflation targeting , macroeconomics , econometrics , cointegration , physics , computer science , telecommunications , mathematics , mathematical analysis , theoretical physics
This result discusses the effectiveness of the transmission mechanism of monetary policy by comparing the interest rate channel with the exchange rate channel towards the final inflation taget. This study using regression method Vector Error Correction Model (VECM). In the study of this monetary policy transmission mechanism using secondary data based on monthly time series, namely from January 2011 to December 2015. The data is obtained from Bank Indonesia Financial Economic Statistics (SEKI). From the results of this research, the transmission mechanism of monetary policy exchange rate channel is more effective than monetary policy transmission mechanism interest rate channel; it is proven through the test impulse responses and variance decomposition test. In the exchange rate channel time lag until reach the final target of monetary policy (inflation) is 4 months while for the interest rate channel time lag until reach the final target of monetary policy is 5 months. RPUAB very suitable for use as an operational target in the monetary policy transmission mechanism cause rapid and strong response from RPUAB in responding the shock of monetary policy. RPUAB is the biggest variable that dominates the formation of inflation.