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Yulia Indrawati
Faculty Of Economics And Business, University Of Jember, Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Interaction between Monetary and Macroprudential Policy to Enhance Financial Stability: Evidence from Indonesia Yulia Indrawati; Adhitya Wardhono; Hadi Paramu; M. Abd. Nasir; Nyoman Gede Krishnabudi; Ciplis Gema Qoriah
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.4794

Abstract

This study aimed to evaluate the interaction between monetary and macroprudential policy through the function of the central bank's objectives, namely the plain vanilla taylor rule, lean against the wind taylor rule, independent macroprudential policy rule and lean against the wind taylor rule with macroprudential policy. The parameter value used was based on the previous empirical study. The numerical optimizer csminwel of Chris Sims was used to solve the quadratic linear problems. The optimum coefficient calculation applied dynare optimal simple rule routine using the application of dynare 4.5.7 and matlab software. The result shows the macroprudential instruments, known as a buffer in monetary policy, we’re able to optimally minimize the loss function of the central bank. The central bank carried out both monetary and macroprudential policy in a comprehensive way to achieve two purposes as stated in the tinbergen principle. The interest rate policy is intended for reaching inflation and output stability, while the macroprudential policy is for credit growth. Macroeconomic stability with the addition of macroprudential policy is significant. This advantage is intended to cover greater volatility both in the policy rate and the inflation rate.
Co-Authors Adhitya Wardhono Apriyansyah, Chandra Bayu WIjayanti Catur Wulandari, Meisyaroh Ciplis Gema Qori'ah Ciplis Gema Qo’riah Endah Kurnia Lestari Gigih Pratomo Hadi Paramu Jessica Felita Pramono Josi Ali Arifandi Lubna Al Jufri M Abd Nasir M Abd. Nasir M. Abd. Nasir Misbahol Yaqin Nita Priyanti Nyoman Gede Krishnabudi Oktaviani Ari Wardhaningrum Rini Kurniawati Satrio Wicaksono Sri Endah Wahyuningsih Tri Rahayu Budiarti Wirastri Setyorini