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Can the P-Star Approach be Used to Model Inflation in Indonesia? Some Empirical Evidence

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  • Muzafar Shah Habibullah

    (Department of Economics University of Southampton, United Kingdom)

Abstract

Pengalaman beberapa negara Asia yang telah melakukan reformasi sistem keuangan menunjukkan bahwa pengendalian moneter menjadi lebih sulit. Ada beberapa bukti yang menunjukkan bahwa kaitan antara agregat moneter Ml (uang kartal dan uang giral) dan tingkat harga tidak lagi erat. Akibatnya, otoritas moneter di beberapa negara kini lebih memusatkan perhatian kepada agregat moneter yang lebih luas. Artikel ini mencoba menelusuri hubungan jangka panjang antara uang dan tingkat harga di Indonesia selama periode likwalisasi 1981-1994 dan menentukan agregat moneter yang mana yang dapat digunakan sebagai target antara dalam mengendalikan inflasi di Indonesia selama periode tersebut. Dengan menggunakan model sederhana P-Star yang dikemukakan oleh Hollman, et al (1989), penulis menemukan bahwa agregat moneter yang terkait erat dengan tingkat harga adalah suatu agregat moneter yang merupakan rata-rata tertimbang antara Ml dan Ml.

Suggested Citation

  • Muzafar Shah Habibullah, 1997. "Can the P-Star Approach be Used to Model Inflation in Indonesia? Some Empirical Evidence," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 45, pages 413-430, September.
  • Handle: RePEc:lpe:efijnl:199714
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