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All Journal Matriks Qudwah Qur'aniyah: Jurnal Studi Al-Qur'an dan Tafsir
Rifqa Pratiwi Balqish
Universitas Sumatera Utara
Religion Humanities Education Languange, Linguistic, Communication & Media Neuroscience Social Sciences

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Analisis Transmisi Kebijakan Moneter Melalui Jalur Harga Aset dan Ekspektasi Inflasi di Indonesia Rifqa Pratiwi Balqish; Ahmad Albar Tanjung; Irsad Lubis
Matriks Jurnal Sosial dan Sains Vol. 4 No. 1 (2022): Matriks: Jurnal Sosial dan Sains
Publisher : Sekolah Tinggi Agama Islam Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2778.344 KB) | DOI: 10.59784/matriks.v4i1.127

Abstract

Penelitian ini bertujuan untuk mengetahui efektivitas mekanisme transmisi kebijakan moneter dengan melihat jumlah tenggat waktu yang dibutuhkan mencapai sasaran akhir inflasi dengan menggunakan jalur harga aset dan ekspektasi inflasi. Selain itu, penelitian ini bertujuan mengetahui jalur manakah yang paling efektif dalam mewujudkan sasaran akhir inflasi. Penelitian ini menggunakan regresi model Structural Vector Autoregression (SVAR) dalam mengestimasi pengaruh mekanisme transmisi kebijakan moneter terhadap inflasi melalui jalur harga aset dan jalur ekspektasi inflasi dan juga melihat jumlah tenggat waktu yang dibutuhkan untuk mencapai sasaran akhir inflasi. Data yang digunakan dalam penelitian ini merupakan data sekunder dengan rentan waktu kuartalan dari tahun 2010 sampai dengan 2021. Data sekunder yang digunakan bersumber dari laporan tahunan yang dipublikasi resmi dari situs Bank Indonesia, Biro Pusat Statistik dan Kementerian Investasi/BKPM. Hasil penelitian ini menunjukkan bahwa efektivitas mekanisme transmisi kebijakan moneter melalui jalur harga aset memerlukan tenggat waktu 6 (enam) kuartal dalam mencapai sasaran akhir inflasi. Sedangkan efektivitas mekanisme transmisi kebijakan moneter melalui jalur ekspektasi inflasi memerlukan tenggat waktu 4 (empat) kuartal dalam mencapai sasaran akhir inflasi. Hasil penelitian juga menunjukan jalur ekspektasi inflasi lebih efektif dibandingkan dengan jalur harga aset dalam mewujudkan sasaran akhir inflasi.
ANALYSIS OF MONETARY POLICY TRANSMISSION THROUGH ASSET PRICE AND INFLATION EXPECTATION CHANNELS IN INDONESIA Rifqa Pratiwi Balqish
International Journal of Management, Innovation, and Education Vol 2, No 1 (2023): International Journal of Management, Innovation, and Education
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/ijmie.v2i1.5664

Abstract

The Objectives of this research are (1) to find out the effectiveness of the mechanism of monetary policy transmission by reviewing some required to achieve the final goal namely inflation by using the asset price and inflation expectations. (2) to find out determine which is more effective in realizing the final inflation target. This research uses regression models of Structural Vector Autoregression (SVAR) to estimate the effects of the mechanism of monetary policy transmission on inflation through the asset prices channel and the inflation expectation channel and also review some required to achieve the final goal namely inflation. The data used in this research are time series quarterly from 2010 to 2021. The secondary data used is sourced from the annual report officially published on the website of Bank Indonesia, the Statistics Center Agency, and the Ministry of Investment/BKPM. The variables used to estimate the mechanism of monetary policy transmission through the asset price channel are the BI rate, interest rates of the money market among banks, composite stock price index, real investment, output gap, and inflation. The variables used to estimate the mechanism of monetary policy transmission through the inflation expectation channel are the BI rate, inflation expectations, output gap, and inflation. The results demonstrate the effectiveness of the mechanism of monetary policy transmission through the asset prices channel to achieve the final target on inflation each of which requires 6 (six) quarters. Meanwhile, the effectiveness of the mechanism of monetary policy transmission through the inflation expectations channel to achieve the final target on inflation each of which requires 4 (four) quarters. The results also show that the inflation expectation channel is more effective than the asset price channel in realizing the final inflation target.
Co-Authors Ahmad Albar Tanjung Aiga Fadillah, Rahmanta Ginting, Irsad Lubis