MEKANISME KEBIJAKAN MONETER DI INDONESIA: PERBANDINGAN EFEKTIVITAS ANTARA JALUR UANG DAN JALUR KREDIT

Abstract

Determination of the path transmission mechanism of monetary policy of a country is effective at the moment is still a debate among economists and practitioners. The results of the analysis using the method VECM with macro variable data obtained between 2001-2010 vulnerable time of year can be seen that the transmission path of monetary policy of the effective use during the study period was policy transmission through money. M2 variables to be more able to explain the monetary policy of the macro-economic growth through pengketatan and easing money supply by using monetary policy instruments. Broadly speaking, the monetary policy of the transmission line is still relevant currency used in the future through the imposition of interest rate flexibility. This will have implications for investment and consumption is a component of aggregate demand. The money supply as an instrument of monetary policy and a measure of the aggregate demand. Especially when the money supply becomes a more effective path to transmit monetary policy compared with the other lines. Although the performance did not rule out the possibility mengkomparasikan path that has been effective with other instruments so that policies can be implemented very well done.