ANALISIS KEBIJAKAN MONETER TERHADAP JUMLAH UANG BEREDAR DI INDONESIA

Bandi, Herly Marlina
Maria Indriyani Hewe Tiwu
Rikhard T. Ch. Bolang

Journal of Innovation Research and Knowledge
Vol. 5 No. 8 (2026): Januari 2026

This study aims to analyze the impact of monetary policy, specifically open market operations and the discount facility, on the money supply (M2) in Indonesia. Using time-series data and multiple linear regression, the study evaluates the partial and simultaneous effects of these monetary instruments. The results show that open market operations have a positive and significant influence on the money supply, while the discount facility has a negative and significant effect. Simultaneously, both instruments significantly affect M2, with an Adjusted R² of 53.45%. These findings highlight the effectiveness of Bank Indonesia’s monetary policy in managing liquidity and maintaining macroeconomic stability.