Efektivitas Kebijakan Moneter terhadap Inflasi
DOI:
https://doi.org/10.35334/fwsek434Keywords:
BI7DRR, M2, Exchange Rate, Inflation, GWMAbstract
This study aims to analyze the effectiveness of monetary policy in controlling inflation in Indonesia using monthly time series data for the period 2018–2024. The variables employed include the policy interest rate (BI7DRR), money supply (M2), minimum reserve requirement (GWM), and exchange rate (EXR). The analysis method applied is Ordinary Least Squares (OLS) with robust standard errors to address heteroskedasticity issues. The results indicate that BI7DRR has a negative and significant effect on inflation, suggesting that the interest rate instrument is effective in reducing inflationary pressures. M2 also shows a negative and significant impact, indicating that liquidity control contributes to price stabilization. Meanwhile, GWM has a positive and significant effect on inflation, implying a short-term cost effect from liquidity-tightening policies. The exchange rate exhibits a positive but insignificant influence, meaning that exchange rate fluctuations during the study period were not a major determinant of inflation. These findings highlight that interest rate policy and liquidity management are the most effective monetary policy instruments for maintaining price stability in Indonesia.
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References
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