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All Journal INPUT Jurnal Ekonomi dan Sosial PIRAMIDA E-Jurnal Ekonomi Pembangunan IQTISHODUNA KEK (Kajian Ekonomi dan Keuangan)
Gede Sudjana Budhiasa
Jurusan Ekonomi Pembangunan Fakultas Ekonomi Universitas Udayana
Economics, Econometrics & Finance Education Social Sciences

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Journal : IQTISHODUNA

 1 
REVIEW TENTANG DESIGN MONETARY POLICY RULE UNTUK INDONESIA Budhiasa, G. Sujana
IQTISHODUNA IQTISHODUNA (Vol 4, No 2
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (239.318 KB) | DOI: 10.18860/iq.v3i2.256

Abstract

The development monetary policy rule has become a fashionable macroeconomic modeling as pioneering by Taylor (1993)  Indonesia is one of emerging market countries that has advantages in adopting the Taylor monetary policy rule that was implementing together with inflation targeting framework dealing with the central bank law of Bank Indonesia on the new task for stabilizing the domestic currency, so that the new law of Bank Indonesia might be appropriate to adopt inflation targeting framework (Taylor, 2000). According to the new law, Bank Indonesia is obliged to announce the inflation plan at the beginning of the year to the public. Alamsyah, Agung and Zulverdy (2001), point-out that Bank Indonesia has become implemented the inflation targeting framework because it was obligated by the new law of Bank Indonesia. Practical of inflation targeting framework (ITF) in many countries adopted Taylor modified monetary policy rules with using many anchors. Svensson (1999) argued that because uncertain of some economic variables behavior, using interest rate as single anchor as recommended by Taylor rules can be robustness.Bank Indonesia have practical a single anchor called SBI Rate in implementing the inflation targeting framework.  SBI Rate is recommended by McNelis (1999) and also Darsono et. al (2002)  as the single instrument rule for managing  inflation gap and output gap in Indonesia.This paper is intends to study the development of policy rule theory and its possibility of those model developed for implementing at Bank Indonesia macroeconomic model.
DESAIN MONETARY POLICY RULE UNTUK PEREKONOMIAN TERBUKA: KASUS INDONESIA Budhiasa, G. Sudjana
IQTISHODUNA IQTISHODUNA (VOL 8, NO 1
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (208.015 KB) | DOI: 10.18860/iq.v0i0.1764

Abstract

This paper is trying developing a small scale Keynesian macroeconometric model for Indonesia as the main framework to explain some characterized of macroeconomic variables and its transmission path in order to understand how economy of one country is work. However, the main goal of the developing this macroeconomic model is based on monetary perspective, so that the model would be linked with policy framework of Central Bank as guidance and its strategy for combating inflation and at the same time can be achieve the expansion of employment and economic growth as well. This macroeconometric model is transmitted facilities and take function as the macroeconomic channel for testing the effectively of BI rate as monetary instrument. So that the model as developed in this paper will be examine using 2SLS simultaneous econometric  methods and the next simulation process as an effort in understanding the fenomena as Indonesian economy is working under the recognition of  monetary instrument policy.
Co-Authors Ayu Nyoman Paramita I Gusti Ngurah Oka Amerta I Made Yudisthira I Wayan Ardika Rahayu, Tika Aryasih