文章基本信息

标题：ASYMMETRIC TRANSMISSION OF MONETARY POLICY TO INTEREST RATES: EMPIRICAL EVIDENCE FROM INDONESIA
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作者：Fitri Ami Handayani ; Febrio Nathan Kacaribu
期刊名称：Bulletin Ekonomi Moneter dan Perbankan
印刷版ISSN：1410-8046
电子版ISSN：2460-9196
出版年度：2021
卷号：24
期号：1
页码：119-150
DOI：10.21098/bemp.v24i1.1201
出版社：Bank Indonesia
摘要：This study investigates monetary policy transmission to the interest rates in Indonesia, focusing on changes in pricing behavior that may have occurred after the shift of benchmark policy rates in August 19, 2016. We analyzed monthly data on money market, deposit, and lending rates from November 2011 to December 2019. Two specifications of the error correction model capture asymmetric adjustments. We find that the new policy rate regime has improved the response of money market rates. However, the rigidity of bank retail rates has increased. Specifically, lending rates have become more rigid upwards, as lenders have become more responsive to monetary easing than to monetary tightening.
关键词：Monetary policy; Asymmetric adjustment; Indonesia.
其他关键词：Monetary policy;;Asymmetric adjustment;;Indonesia