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All Journal Jurnal Istiqro' Bisma: Jurnal Bisnis dan Manajemen EKUITAS (Jurnal Ekonomi dan Keuangan) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Ekonomi Efektif VALUE: Journal of Business Studies JPMA Dedication : Jurnal Pengabdian Masyarakat Prosiding Seminar Nasional Pengabdian kepada Masyarakat (SINAPMAS)
Nyoman Gede Krishnabudi
Fakultas Ekonomi Dan Bisnis, Universitas Jember, Indonesia
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science 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 Achmad Zamroni Hazim Adhitya Wardhono Agus Priyono Ahmad Ahsin Kusuma Mawardi Aimmah, Najwa Ziinatul Almas Farah Dinna Dewi Amalia, Nurita Indah Anak Agung Istri Ratnadewi Anggraeni, Amelia Puspita Awwaliyah, Afidatul Sulianti Chairul Saleh Chairul Saleh Ciplis Gema Qori'ah Dewi, Almas Farah Dinna Dewi, Titik Tri Diana Diana Sulianti K Tobing Elok Sri Utami Endhiarto, Tatok Pudjo Ervan Setiawan Hadi Paramu Harmansyah, Mochammad Taufiq K Tobing, Diana Sulianti K. Tobing, Diana Sulianti Ketut Indraningrat Lilik Farida M. Abd. Nasir Markus Apriono Marmono Singgih Mochammad Farid Afandi Musmed, Didik Pudjo Nadia Azalia Putri Natalia, Princessa Pinkky Octav Victoria Purnamie Titisari Purwanti, Gettik Andri Salsabila, Salsabila Sri Wahyu Lelly Hana Setyanti Sudarko Sudarko Sudarsih Sudarsih SUDARSIH SUDARSIH Sukma, Reilla Dwantara Susanto, Arnis Budi Tatok Endhiarto Wiji Utami Wiji Utami, Wiji Wuryanti Handayani Yulia Indrawati