Macro-Econometric Model: Keynesian-Monetarist Synthesis of the International Balance of Payments (The Indonesian Case)

The study of the Keynesian-monetarist synthesis macroeconomic model on Indonesia’s balance payments combines goods market and money approaches to theory. This used three models shortness payments: Keynesian, monetarism, Keynesian monetarism methods. Data was from 1998 2019 International Monetary Fund, international financial statistics, sheet book Bank Indonesia statistics report. data is analyzed using reduced-form regression analysis. results show that based monetarist approach payments, it found effect multiplier payments; magnitude which strongly influenced by size high-powered or monetary base; has a negative while Net Domestic Assets positive payments. In government spending, world income, domestic prices have Based Keynesian-monetary syntheses spending higher level will reduce foreign exchange reserves. At same time, an increase in this case, US GDP,