Verita Napitupulu, 040217532
(2006)
PENGARUH KEBIJAKAN MONETER TERHADAP VARIABEL EKONOMI MAKRO DI INDONESIA PERIODE TAHUN 1997:IV-2004:IV.
Skripsi thesis, UNIVERSITAS AIRLANGGA.
Abstract
The objectives of his study are to analyze the effect of monetary policy on Indonesia economy and which monetary instruments can explain the variability of macroeconomic variables better.
We apply VECM on quarterly Indonesian economic data during period of 1997.4 — 2004.4. We observe monetary policy variables namely base money, SB: interest rate, and macroeconommic variables namely consumer price index, gross domestic product, and exchange rate (rupiah/dollar). The model approach provide us two quantitative measurements, (i) impulse response function that can trace the response of one endegenous variables caused by shock/innovation of other variables in the model; (ii) variance decomposition to show the relative contribution of certain endogenous variable.
The result of impulse response function shows that macro economic response of base money and SBI interest rate. The use of SBI as policy variable gives better result than base money. The variance decomposition shows that base money and SBI gives contribution to macro economic variable. The interesting result is policy variables (base money and SBI ) have best contribution in explain the fluctuation on exchange rate.
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