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Respon Kebijakan Moneter Yang Optimal Di Indonesia: The Sate-Contingent Rule?
By developing a long-run macro structural model, The Structural Cointegrating Vector Autoregression (VAR), the optimality principle of monetary policy response in Indonesia is formulated. It accommodates not only long-run policy response and short-run dynamic errorcorrection 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 ruleΔ, different from common simple policy rules, such as Taylor rule and McCallum rule. This study captures several important aspects related to the implementation of ≈state-contingent ruleΔ 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..Printed Journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| BEMP1004 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Jakarta Bank Indonesia., |
|---|---|
| Edisi | - |
| Subjek | Kebijakan Moneter di Indonesia Respon Kebijakan Moneter Structural Cointegration Vector Autoregression (VA |
| ISBN/ISSN | 14108046 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |