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All Journal Jurnal Ekonomi Pembangunan Jurnal Ekonomi Pembangunan
Chairani Fadhila Pravitasari
Faculty of Economics and Business, Universitas Jenderal Soedirman
Economics, Econometrics & Finance

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The Impact of Fiscal-Monetary Policy Interaction on the Indonesian Economy Chairani Fadhila Pravitasari; Insukindro Insukindro
Jurnal Ekonomi Pembangunan Vol 20, No 2 (2022): Jurnal Ekonomi Pembangunan
Publisher : Department of Development Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/jep.v20i2.18586

Abstract

This study seeks to examine the interactions between fiscal and monetary policies and their impact on output and inflation in Indonesia from 2003:4 to 2018:4 using Structural Vector Autoregression (SVAR). It is important to investigate the coordination between both because overall macroeconomic policy framework requires a close coordination between monetary and financial policies. The variables utilized are government spending, debt, output gap, tax, inflation, interest rate, and exchange rate obtained from the Indonesian Ministry of Finance, the Indonesian Statistics, and Bank of Indonesia. Government spending as a proxy for fiscal policy and interest rate as a proxy for monetary policy have a strategic complement relationship, whereas tax revenue as a proxy for fiscal policy and interest rate as a proxy for monetary policy have a strategic substitutes relationship.
The Impact of Fiscal-Monetary Policy Interaction on the Indonesian Economy Chairani Fadhila Pravitasari; Insukindro Insukindro
Jurnal Ekonomi Pembangunan Vol. 20 No. 2 (2022): Jurnal Ekonomi Pembangunan
Publisher : Department of Development Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/jep.v20i2.18586

Abstract

This study seeks to examine the interactions between fiscal and monetary policies and their impact on output and inflation in Indonesia from 2003:4 to 2018:4 using Structural Vector Autoregression (SVAR). It is important to investigate the coordination between both because overall macroeconomic policy framework requires a close coordination between monetary and financial policies. The variables utilized are government spending, debt, output gap, tax, inflation, interest rate, and exchange rate obtained from the Indonesian Ministry of Finance, the Indonesian Statistics, and Bank of Indonesia. Government spending as a proxy for fiscal policy and interest rate as a proxy for monetary policy have a strategic complement relationship, whereas tax revenue as a proxy for fiscal policy and interest rate as a proxy for monetary policy have a strategic substitutes relationship.
Co-Authors Insukindro Insukindro