Respon Kebijakan Moneter yang Optimal di Indonesia: The State-Contingent Rule?  

Oleh:

Juhro, Solikin M.

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Bulletin of Monetary Economics and Banking (ex: Buletin Ekonomi Moneter dan Perbankan) vol. 10 no. 4 (Apr. 2008), page 303-336.
Topik: Kebijakan Moneter di Indonesia; Respon Kebijakan Moneter; Structural Cointegration Vector Autoregression (VAR)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB62.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

By developing a long-run macro structural model, The Structural Cointegrating Vector Autoregression (VAR), the optimality principle of monterary policy response in Indonesia is formulated. It accommodates not only long-run policy response and short-run dynamic error-correction mechanism, but also specific shocks emerged due to structural changes in the economy. In that context, the generated policy response basically reflects the optimal response of a "state-contingent rule" as an optimal monetary policy in Indonesia, namely: (i) the superiority of interest rate as a policy variable, or an operational target, against monetary base, (ii) the identification of monetary policy lag which is estimated averagely one-and-a half year, and (iii) the sub optimality of central bank monetary policy response, attributed by an over tight or loose policy response.

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