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Inflation targeting framework dan perubahan respon kebijakan moneter
Inflation Targeting Framework (ITF) in the last two decades becoming popular as the new framework in setting monetary policy which used inflation as nominal anchor, replacing other nominal anchor such as money growth. But its popularity was not without critics. Opponents of ITF criticized ITF to its concern on stabilization that would sacrifice other objectives of policies: output and employment. Proponents of ITF answered the critics by arguing that ITF was a flexible framework rather than a rigid rule. It could anticipate problem of output in the short run such during a crisis. While some researches on this field found that in some ITF countries monetary policy response to inflation tended to be lower after implementing ITF. For Indonesia which had implemented ITF since July 2005, how the changes in monetary policy responses due to ITF implementation was an object of this research. By using Taylor Rule as monetary policy responses function, changes of the response measured by changes in parameter of the model which estimated with a time varying parameter method. Evidence showed that during the early phase of ITF implementation the response increased very signifant and it tended to be what so called over shooting. The response then decreased at the next phase and looked more stabil. By an event studies: the Global Economic Crisis and the rise of oil price, in this research we could also see how monetary otority react in dealing with those two critical events in the economy..
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.2 - Karya Akhir | 1 |
| Penerbit | Jurnal BPPK., 2012 |
|---|---|
| Edisi | - |
| Subjek | Monetary policy Inflation Time varying parameter Inflation targeting framework |
| ISBN/ISSN | - |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |