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All Journal Ekonomikawan : Jurnal Ilmu Ekonomi dan Studi Pembangunan Kinerja: Jurnal Ekonomi dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) SELAPARANG: Jurnal Pengabdian Masyarakat Berkemajuan Jambura Economic Education Journal Syntax Idea International Journal of Economics, Business and Accounting Research (IJEBAR) Al-Kharaj: Journal of Islamic Economic and Business Jurnal Syntax Transformation jurnal syntax admiration KARYA: Jurnal Pengabdian Kepada Masyarakat Al-Buhuts (e-journal) Jurnal Indonesia Sosial Sains Journal of Business, Social and Technology Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Marseto, Marseto
Ekonomi Pembangunan/FEB/UPN Veteran Jatim, Indonesia
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Monetary Policy Transmission and Inflation Dynamics in Indonesia: Evidence from BI7DRR, Money Supply, Exchange Rate, and Structural Breaks Vera Lutfiyah; Marseto Marseto
Journal of Business, Social and Technology Vol. 7 No. 2 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i2.632

Abstract

Background: Several monetary policy instruments can influence inflation; however, in the case of Indonesia, the transmission of these policies is highly dependent on external shocks, such as wars and oil price fluctuations. Objective: The purpose of this study is to investigate the monetary policy transmission mechanism affecting inflation in Indonesia using the BI 7-Day Reverse Repo Rate (BI7DRR), money supply (M2), exchange rate, and structural breaks over the period 2019–2024. Methods: This study employs monthly time-series data from January 2019 to December 2024, along with Ordinary Least Squares (OLS) regression, the Augmented Dickey–Fuller (ADF) unit root test, classical assumption tests, and the Bai–Perron multiple structural break test. Results: The results indicate that BI7DRR, M2, and the exchange rate jointly affect inflation in Indonesia. The ADF test confirms that all variables are stationary at the first difference level, while the Bai–Perron test detects multiple structural breaks around 2020 and 2022, which were largely associated with the emergence of COVID-19 and global monetary tightening, respectively. Conclusion: The conclusion drawn from this study essentially reflects a time-structural model of how monetary policy transmission affects inflation dynamics in Indonesia. Maintaining price stability requires adaptive monetary policy, exchange rate stabilization, and fiscal–monetary coordination.
Co-Authors Amalia Lailatul Hasanah Anisa Fitria Utami Daffa Irham Asmynendar Dwi Sukma Novitasari Farhan Hardianto Putra Fauzatul Laily Nisa Fauzatul Laily Nisa Indah Mei Pratiwi Intan Andriyani Wijaya Loren Surmila Br Surbakti M. Iskandar Firdaus Miftaqul Qoiriyah Muhammad Averroes Al- Khawarizmi Muhammad Ilham Kurniawan Ninda Talita Utami Ririn Aprilia Dewanti Rizky Hadi Kurniawan Sinta Ayu Vironika Sishadiyati Sofie Yunida Putri Tarwiyah Ayu Permatasari Tituk Diah Widajantie Vera Lutfiyah Wildan Arya Wicaksana Youlanda Sara Chumayda Youlanda Sara Chumayda