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All Journal Jurnal Ilmu Pertanian Indonesia JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Jurnal Manajemen dan Agribisnis Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI JURNAL ECONOMIA Economic Journal of Emerging Markets Jurnal Ekonomi JEJAK Jurnal Agro Ekonomi Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Agribisnis Indonesia (Journal of Indonesian Agribusiness) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal MIX : Jurnal Ilmiah Manajemen Proceeding SENDI_U AGRIMOR Jurnal Ekonomi & Kebijakan Publik Jurnal Penelitian Pendidikan IPA (JPPIPA) Jurnal ASET (Akuntansi Riset) JEPA (Jurnal Ekonomi Pertanian dan Agribisnis) Al-Muzara'ah Buletin Ilmiah Litbang Perdagangan AFEBI Economic and Finance Review JURNAL PANGAN JASF (Journal of Accounting and Strategic Finance) International Journal of Economics Development Research (IJEDR) Jurnal Agro Ekonomi Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Food System and Agribusiness (JoFSA) Jurnal Akuntansi dan Governance Jurnal Ekonomi Indonesia Devotion: Journal of Research and Community Service BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Jurnal Ketenagakerjaan Jurnal Bina Bangsa Ekonomika Indonesian Journal of Multidisciplinary Science Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Eduvest - Journal of Universal Studies Indonesian Journal of Sustainability Accounting and Management Riwayat: Educational Journal of History and Humanities International Journal Multidisciplinary Science Jurnal Ekonomi dan Pembangunan Indonesia
Lukytawati Anggraeni
Departemen Ilmu Ekonomi, Fakultas Ekonomi Dan Manajemen, Institut Pertanian Bogor Jl. Lingkar Kampus, Gd. Rektorat Lantai 3, Kampus IPB Darmaga, Bogor 16680
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Journal : International Journal of Economics Development Research (IJEDR)

 1 
Quantitative Easing and Economic Stability: Adaptive Strategies in Indonesia’s New Trinity Framework Akbar, Dudi Duta; Siregar, Hermanto; Sugema, Iman; Anggraeni, Lukytawati
International Journal of Economics Development Research (IJEDR) Vol. 6 No. 5 (2025): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v6i5.8086

Abstract

This study investigates how Quantitative Easing (QE), as an unconventional monetary policy, affects Indonesia's macroeconomic stability amidst increasing global volatility. While QE is intended to stimulate liquidity and economic recovery, its implementation in emerging economies like Indonesia faces structural constraints involving inflation control, exchange rate management, and monetary policy independence. Using 64 quarterly observations from 2007 to 2023, this quantitative research applies nonlinear econometric models including Threshold Vector Autoregression (TVAR), Bayesian Vector Autoregression (BVAR), and Time-Varying Parameter Vector Autoregression (TVP-VAR) to capture regime-dependent and time-varying policy dynamics. The analysis focuses on Indonesia’s macro-financial variables, including policy interest rate, inflation, GDP growth, REER, stock market index (IHSG), and government bonds (SUN). The study adopts the “new monetary trinity” framework, integrating financial stability alongside exchange rate and monetary autonomy. The main findings highlight nonlinear and time-varying relationships among variables: in low-volatility regimes, QE supports inflation control and bond stability, while in high-volatility regimes, it intensifies pressure on GDP and erodes monetary independence. The burden-sharing mechanism between the central bank and the government proves critical in sustaining liquidity and investor confidence. These insights underscore the need for adaptive, well-coordinated fiscal-monetary strategies to enhance resilience in Indonesia and other emerging markets.
Co-Authors ., Harianto Achmad Rizki Achsani, Noer Azham Adis Imam Munandar Agung Satryo Ahmad Fanani Ahmad Sutanto, Ahmad Akbar, Dudi Duta Akhmad Fauzi Aldesta Perwitasari Tunas Alla Asmara Almira Dyah Mahiswari Amzul Rifin Anny Ratnawati Arief Daryanto Astutik, Endang Puji Aulia Yulianti Wulandari Ayu Renita Sari Azka Azifah Dienillah Bagus Sartono Bambang Juanda Benny Robby Kurniawan Bintan Badriatul Ummah Bronson Marpaung Cosmas A.I. Wardojo Dadang Wahyu Juniarwoko Darwis Abubakar Dedi Budiman Hakim Deni Lubis Desfaryani, Rini Dewa, Rizki Pranata Dewi Kusumaningrum Dewi Rohma Wati Dewi, Risa Resmita Dian Verawati Panjaitan Djuanda, Bambang Emil Fatmala Erliza Noor Ernan Rustiadi Fariyanti, Anna Fitri Kartiasih Fitriana, Rizqi Fitriana, Widya Gita Vinanda Gita Vinanda Gustyanita Pratiwi Gustyanita Pratiwi Hadiwiyono Hadiwiyono Hakim, Dedi Budiman Hardiyanto, Arief Tri Harianto Harianto Hartoyo Hartoyo Haryadi Krisnandar Hastuti Hendro Sasongko Herdiana Puspitasari Hermanto Siregar Hermanto Siregar Hery Setiawan Hidayanto, Muh. Wawan Iin Zahratain Indah Eko Suryani Indah Indra Putri, Dennis Juniarwoko, Dadang Wahyu Khairunnisa Khairunnisa Koes Pranowo Kuntoro, Eri Lestari Agusalim Linda Karlina Sari Mela Yunita Mirfatul Hidayah Mudinillah, Adam Muh. Wawan Hidayanto Muhammad Firdaus Muhammad Firdaus Muhammad Iqbal Musyaffa, Muhammad Elfaza Faishal Nadilla Ambarfauziah Rulian Naufa Muna, Naufa Noer Azam Achsani Nuni Anggraini Nuni Anggraini Nunung Nuryartono Nur Maghfirah Nur Muflihatun Azizah Nurvita, Tita Octavian, Hieta P. Perdinan Purbantoro, Bhirawa Anoraga Puri Mahestyanti puspitasari, dwi puspitasari Putri Mahestyanti Ranti Wiliasih Ratna Anita Carolina Reffi Marizka Dewi Ria Maulida Rina Oktaviani Rini Siswati Asnel Rizaldi Boer Rokhim, Fatkhu Rum Puspita Widhiarti Sahara Sahara Salahuddin El Ayyubi Samsul Arifin Samsul Hidayat Pasaribu Santosa, Dony Firman Sri Hartoyo Sri Hartoyo Sri Hartoyo Sri Mulatsih Sri Mulatsih Sugema, Iman Syamsul Hidayat Pasaribu Tampubolon, Bahroin Idris Tanti Novianti Tita Nurvita Tiurmaida Krisanty Sitompul Tony Irawan Tri Wulandari Trias Andati Trias Andati Trias Andati Trias Andati Trisno, Andhika Muhammad Fadil Ujang Suryadi Umbu Joka Untung Setiono Wahyu Dyah Novitasari Widyastutik Wiwiek Rindayati Yeti Lis Purnamadewi Yugo, Vini Ratna Sari Yulya Aryani Yusman Syaukat Zenal Asikin