文章基本信息

标题：Does Monetary Transmission Effective? Evidence from Indonesia
本地全文：下载
作者：Arintoko Arintoko
期刊名称：Economics Development Analysis Journal
印刷版ISSN：2252-6560
出版年度：2021
卷号：10
期号：3
页码：286-297
DOI：10.15294/edaj.v10i3.45456
语种：English
出版社：Universitas Negeri Semarang
摘要：This study aims to examine the effects of monetary policy in Indonesia on real variables represented by output and nominal variables represented by inflation. This research is based on an autoregressive distributed model (ARDL) approach which includes lag for the dependent variable and its explanatory variables as regressors. So it is appropriate to analyze time-series data dynamically. Monetary policy variables include deposit interest rate, lending interest rate, asset/stock price, and exchange rate. The results show that the deposit interest rate has a negative effect on inflation in the short run, meanwhile, the lending interest rate has a negative effect on inflation in the long run. Also, the lending interest rate has an effective effect on output in the short run. This study also proves that stock price has a positive effect on the monetary transmission to inflation. This is an important finding considering that the value of assets and individual wealth can affect aggregate demand. These findings have implications for the importance of monetary policy as a policy of stabilizing inflation and output in the short run and stabilizing inflation in the long run by emphasizing the interest rate channel, in addition to seeing the importance of the asset price channel.