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All Journal Trending: Jurnal Manajemen dan Ekonomi Efficient: Indonesian Journal of Development Economics
Lestari Sihite
Universitas Senior Medan
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analysis of Monetary and Fiscal Policies on Economic Growth Lestari Sihite; Yosie Gabriela Panjaitan; Ayu Angelina Pasaribu; Sutejo Perangin Angin; Herry Daniel Laurent Marpaung
Efficient: Indonesian Journal of Development Economics Vol. 9 No. 1 (2026)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/efficient.v9i1.40810

Abstract

This paper examines the effect of the combination of monetary and fiscal policies on economic growth in North Sumatera Province using time series data for the period 2010-2024. The analysis was conducted using VAR method and forecasting. The result show that local government spending and Local Own-Source Revenue contribute positively and significantly to economic growth. Conversely, inflation has a negative and significant impact on economic growth. These findings confirm that local fiscal instruments are the main drivers of the economy. On the other hand, General Allocation Funds and the BI Rate are not proven to have a significant effect on economic growth. No flypaper effect was found, because Local Own-Source Revenue plays a greater role in driving RGDP than General Allocation Funds, indicating that North Sumatra's economic performance is more supported by its internal potential. For the Policy Mix, a combination of expansive and productive fiscal policies with stable and accommodative monetary policies is most effective. While local governments support growth, BI stabilizes and provides a favorable economic environment.
Analisis Kebijakan Makroekonomi di Masa Ketidakpastian Global terhadap Daya Beli Indonesia Lestari Sihite; Ayu Angelina Pasaribu; Hasanah Hasanah
Trending: Jurnal Manajemen dan Ekonomi Vol. 4 No. 3 (2026): Juli: Trending: Jurnal Manajemen dan Ekonomi
Publisher : Universitas 45 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30640/trending.v4i3.7084

Abstract

This study aims to analyze the impact of macroeconomic policies, specifically global oil prices, the BI Rate, and government expenditure, on inflation and its implications for the purchasing power of the Indonesian people amid global uncertainty. Utilizing a quantitative approach with a descriptive-associative design, this research utilizes monthly time series data from January 2015 to December 2024. The analytical method applied is the Error Correction Model (ECM) with the two-step Engle Granger procedure. The estimation results indicate that global oil prices have a positive and significant effect on inflation in both the short and long term, demonstrating a direct transmission of cost-push inflation that threatens real purchasing power. Meanwhile, the BI Rate also shows a strong positive and significant influence in both models, reflecting a proactive (forward-looking) monetary policy response where interest rates are raised to anchor inflation expectations driven by external shocks. Conversely, government expenditure consistently has no significant effect on inflation, indicating that inflation in Indonesia during the observation period was driven by global supply shocks rather than domestic demand-pull inflation. Furthermore, the short-term Error Correction Term (ECT) coefficient is positive  and significant, indicating a divergent or over-correction effect in the short term due to the internal lag autocorrelation of inflation itself.
Co-Authors Ayu Angelina Pasaribu Hasanah Hasanah Herry Daniel Laurent Marpaung Sutejo Perangin Angin Yosie Gabriela Panjaitan