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All Journal JURNAL PENDIDIKAN TAMBUSAI JCRS (Journal of Community Research and Service) Jurnal Ilmiah Edunomika (JIE) Community Engagement and Emergence Journal (CEEJ) Cita Ekonomika: Jurnal Ilmu Ekonomi Asian Journal of Innovative Research in Social Science Journal of Economics Research and Policy Studies Formosa Journal of Sustainable Research (FJSR) Asian Journal of Management Analytics International Journal of Integrative Sciences Indonesian Research Journal on Education Innovative: Journal Of Social Science Research Jurnal Ekonomi Kreatif dan Manajemen Bisnis Digital (JEKOMBITAL) Journal of Management, Economic, and Accounting Economic: Journal Economic and Business Proceeding Of International Conference On Education, Society And Humanity World Health Digital Journal (wolgitj)
Sari, Wahyu Indah
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Inflation Stability and Economic Recovery Through Monetary Policy Instruments in Indonesia Yuspira, Pipit; Sari, Wahyu Indah; Rusiadi, Rusiadi
Journal of Management, Economic, and Accounting Vol. 5 No. 2 (2026): April
Publisher : Universitas Dehasen Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/jmea.v5i2.1482

Abstract

This study aims to analyze the role of monetary policy in maintaining inflation stability and supporting economic recovery in Indonesia. Specifically, this study examines the simultaneous relationship between interest rates, money supply, and Gross Domestic Product (GDP) on inflation, as well as the effects of the exchange rate, unemployment rate, and inflation on GDP. The research approach used is quantitative with the simultaneous equation system analysis method. The data used are secondary time series data from Indonesia for the period 2010–2024. Model estimation was performed using the Two-Stage Least Squares (2SLS) method to address potential endogeneity between variables. The results show that interest rates partially have a negative and significant effect on inflation, while money supply and GDP have an effect but are not significant on inflation. In the second equation, the exchange rate and unemployment have a negative effect on GDP, while inflation has a positive effect, but all are statistically insignificant. The results of normality and autocorrelation tests indicate that the model meets classical assumptions and is suitable for use. Overall, the findings of this study indicate that monetary policy instruments, particularly interest rates, have an important role in controlling inflation, but their impact on economic growth is still limited during the study period. Therefore, coordination between monetary and other policies is necessary to maintain economic stability while promoting sustainable economic growth.
Dynamic Analysis of Monetary and Fiscal Policy Mix on Inflation and Unemployment in Indonesia SARI, WAHYU INDAH; Hasyim, Sirojuzilam; Syafii, M.
Jurnal Cita Ekonomika Vol 19 No 2 (2025): Cita Ekonomika: Jurnal Ilmu Ekonomi
Publisher : Jurusan Ekonomi Pembangunan, FEB Universitas Pattimura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51125/citaekonomika.v19i2.23948

Abstract

This study aims to analyze the dynamic interactions between monetary and fiscal policies and their effects on inflation and unemployment in Indonesia. The study employs a Vector Autoregression (VAR) approach using annual data from 2000 to 2024. The variables include the policy interest rate (BI Rate), inflation, unemployment, GDP growth, government expenditure, exchange rate, and tax revenue. The unit root tests indicate that the variables exhibit a combination of I(0) and I(1) integration orders, while the Johansen cointegration test confirms the existence of a long-run equilibrium relationship among the variables. The optimal lag length is determined to be two, and the stability test confirms that the VAR model is stable. The Granger causality test reveals that the BI Rate significantly Granger-causes inflation and unemployment, whereas reverse causality is not supported. In addition, inflation is found to Granger-cause unemployment, and fiscal as well as external variables—government expenditure, tax revenue, and exchange rate—significantly affect inflation. The Impulse Response Function (IRF) results show that a positive shock to the policy interest rate gradually reduces inflation but leads to a short-run increase in unemployment. Furthermore, the Forecast Error Variance Decomposition (FEVD) indicates that inflation variability is largely driven by monetary policy shocks, while unemployment and economic growth fluctuations are mainly explained by fiscal policy and internal economic dynamics. These findings highlight the importance of strong coordination between monetary and fiscal policies to maintain macroeconomic stability in Indonesia.
Co-Authors Alansyah, Ridho Apriyaningsih, Lilis Arsini, Yenti Az-Zahra, Fatin Bagus Pribadi, Bagus Batubara, Fakhirah Darmawan, Alvin Daulay, Muhamad Toyib Dewi Mahrani Rangkuty Dwitama, Dimas Rastra Efendi, Bakhtiar Hasyim, Sirojuzilam Inom Nasution Kurnianingsih, Dwi Agustia Lia Nazliana Nasution Lubis, Najma Azhira Maharani, Era Mediana, Silfia Putri Muda, Siti Nurhaliza Muhammad Luthfi Ningsih, Resti Triana Paidi Hidayat Pasaribu, Yohanna Adelina R, Nadia Afrilia A. Rajali, Muhamad Riwanda, Febby Rony, Zahara Tussoleha Sanny, Annisa Sativa, Annisa Yasmin Sembiring, Lestari Br Septiawan, Iqbal Sugiarto, Abdi Syafii, M. Yanti, Eli Delvi Yuspira, Pipit