Relationship Analysis of HNKPC and Monetary Policy on a NCM Framework in ASEAN-3

The Hybrid New Keynesian Philips Curve (HNKPC) is an update of the Curve. HNKPC discusses combination forward looking and backward on inflation rate. In this case, shock rate to unemployment will be analyzed according HNKPC. dynamics used from monetary policy aspect targeting framework (ITF). This research also combine various elements in new consensus macroeconomic ASEAN-3 as up-to-date idea. object analysis covering Indonesia, Philippines Thailand. method Structural Vactor Autoregression (SVAR) first quarter 2000 – 4th 2021. results SVAR find that fluctuations are accordance with concept full some Thailand not Philippines. ITF a whose annual target determined by central bank perspective