DESAIN MONETARY POLICY RULE UNTUK PEREKONOMIAN TERBUKA: KASUS INDONESIA

Regional Dimensions of Monetary Policy in Indonesia

Rule-based of Monetary Policy in Iran Inspired by McCallum Rule

Economists have reached a consensus that an independent central bank could improve its policy efficiency by following a monetary policy rule. One of the important rules is McCallum rule where that requires central banks to target the growth rate of nominal GDP using the monetary base as its instrument. One of the features of the McCallum rule uses the monetary base rather than the interest rate...

Monetary policy rule for China: 1994-2006

With the development of market-oriented economic reforms, Chinese monetary policy plays an important role in the world. The objective of this paper is to review the recent conduct of Chinese monetary policy and the central bank’s rule-based behavior in period 1994-2006 by estimating the monetary policy rules (monetary policy reaction function). It compares four kinds of monetary policy rules -T...

Ination Targeting as a Monetary Policy Rule

The purpose of the paper is to survey and discuss in‡ation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of in‡ation targeting, compares in‡ation targeting to other monetary policy rules, and draws some conclusions for the monetary policy of the European System of ...

Transmission Channel and Effectiveness of Dual Monetary Policy in Indonesia

This paper investigates the transmission mechanism of dual monetary system from conventional and Islamic policy rates to inflation and output. We apply Granger Causality and VAR methods on monthly data of Indonesian banking, during the period of January 2003 to December 2009. The result shows that conventional policy rate is transmitted to output and inflation, while Islamic policy rate are not...