IDENTIFIKASI MEKANISME TRANSMISI KEBIJAKAN MONETER SALURAN UANG DAN SALURAN SUKU BUNGA DI INDONESIA

Deswita Herlina

Abstract


ABSTRAK/ABSTRACT
Penelitian ini bertujuan untuk mengidentifikasikan transmisi kebijakan moneter saluran kuantitas uang (pendekatan Monetarist) dan saluran suku bunga (pendekatan Keynesian). Penelitian dilakukan di Indonesia selama periode 2000Q1-2014Q3. Data yang digunakan bersumber dari Statistik Ekonomi dan Keuangan di Indonesia. Objek penelitian adalah transmisi kebijakan moneter yang dilakukan Bank Indonesia. Metode analisi data menggunakan vector
error correction model (VECM). Sebelum data diolah dilakukan uji stationeritas data unit of root test, penentuan lag optimum, uji kointetgrasi Johansen, impulse response function dan varian decomposition. Hasil penelitian menunjukan bahwa transmisi kebijakan moneter saluran suku bunga dengan effek biaya modal lebih efektif dibandingkan dengan saluran suku bunga efek
konsumsi dan saluran kuantitas uang.


The purpose of this research is to identify the effectiveness of monetary policy transmission mechanism throught both quantity channel (Monetarist Approach) and interest rate channel (Keynesian Approach) in Indonesia during the period of the first quartelly of 2000 to the third quartelly of 2014. The effectiveness of the monetary policy transmission is measured by the time lag and the strength of the variables in order to respond monetary policy shocks. The data
is collected from Economic and Financial Statistics in Indonesia (SEKI). This research uses vector error correction model (VECM) to analysis the research model, and set the transmission of monetary policy conducted by Bank Indonesia as the research object. Stationerity test, unit of root test, optimum lag, Johansen cointegration test, impulse response function and varian of
decomposition are conducted before analysze the VECM model. In addtition, the research result shows that the transmission of monetary policy through interst rate channel with capital cost effect is more effective than through interest rate consumption channel and money channel.


Kata kunci : Transmisi kebijakan moneter, saluran uang, saluran suku bunga
Key words: Transmission of monetary policy, money channel, interest rate channel


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