Jurnal
Did Monetary Policy Stabilize Inflation during the COVID-19 Pandemic? Evidence from Indonesia
Efficient: Indonesian Journal of Development Economics
ISSN 2655-318X, 2655-6197
Terbit 2026-06-01
Penerbit Universitas Negeri Semarang
Bahasa eng
Abstrak
This study examines the relationship between monetary policy and inflation in Indonesia during the COVID-19 period, from March 2020 to June 2023, over the short and long term. It focuses on how interest rates, money supply, and exchange rates influence inflation and identifies which factor is most effective. Using Indonesian monthly time-series data, the analysis employs econometric methods, including an error correction model, to assess stationarity, long-term relationships, and cointegration. The results show that the exchange rate is the most influential driver of inflation in both the short and long run, while interest rate policy is less effective, especially during crises. These findings challenge the conventional view that interest rate adjustments alone can stabilize inflation, emphasizing the critical role of exchange rate management. The study also finds that changes in the exchange rate begin to affect inflation within five periods, indicating a rapid short-term transmission. Overall, this research underscores the importance of coordinated monetary and exchange rate policies to maintain price stability and economic resilience in Indonesia, especially during crises.
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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/efficient/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc)
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<dc:title xml:lang="en">Did Monetary Policy Stabilize Inflation during the COVID-19 Pandemic? Evidence from Indonesia</dc:title>
<dc:creator xml:lang="en">Hudaya, Afaqa</dc:creator>
<dc:creator xml:lang="en">Zulfahmi</dc:creator>
<dc:creator xml:lang="en">Etty Puji Lestari</dc:creator>
<dc:subject xml:lang="en">Inflation</dc:subject>
<dc:subject xml:lang="en">Money Supply</dc:subject>
<dc:subject xml:lang="en">Interest Rate</dc:subject>
<dc:subject xml:lang="en">Exchange Rate</dc:subject>
<dc:subject xml:lang="en">Error Correction Model</dc:subject>
<dc:description xml:lang="en">This study examines the relationship between monetary policy and inflation in Indonesia during the COVID-19 period, from March 2020 to June 2023, over the short and long term. It focuses on how interest rates, money supply, and exchange rates influence inflation and identifies which factor is most effective. Using Indonesian monthly time-series data, the analysis employs econometric methods, including an error correction model, to assess stationarity, long-term relationships, and cointegration. The results show that the exchange rate is the most influential driver of inflation in both the short and long run, while interest rate policy is less effective, especially during crises. These findings challenge the conventional view that interest rate adjustments alone can stabilize inflation, emphasizing the critical role of exchange rate management. The study also finds that changes in the exchange rate begin to affect inflation within five periods, indicating a rapid short-term transmission. Overall, this research underscores the importance of coordinated monetary and exchange rate policies to maintain price stability and economic resilience in Indonesia, especially during crises.</dc:description>
<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
<dc:date>2026-06-01</dc:date>
<dc:type>info:eu-repo/semantics/article</dc:type>
<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
<dc:format>application/pdf</dc:format>
<dc:identifier>https://journal.unnes.ac.id/journals/efficient/article/view/42552</dc:identifier>
<dc:identifier>10.15294/efficient.v9i2.42552</dc:identifier>
<dc:source xml:lang="en">Efficient: Indonesian Journal of Development Economics; Vol. 9 No. 2 (2026); 131-141</dc:source>
<dc:source>2655-318X</dc:source>
<dc:source>2655-6197</dc:source>
<dc:source>10.15294/efficient.v9i2</dc:source>
<dc:language>eng</dc:language>
<dc:relation>https://journal.unnes.ac.id/journals/efficient/article/view/42552/9971</dc:relation>
<dc:rights xml:lang="en">Copyright (c) 2026 Efficient: Indonesian Journal of Development Economics</dc:rights>
</oai_dc:dc>
Sitasi dan pengindeksan
Jumlah menurut tiap indeks pada 13 Nov 2026; setiap indeks menghitung sitasi dengan cara berbeda.
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APA 7
Hudaya, A., Zulfahmi, & Lestari, E. P. (2026). Did Monetary Policy Stabilize Inflation during the COVID-19 Pandemic? Evidence from Indonesia. Efficient: Indonesian Journal of Development Economics, 9(2), 131–141. https://doi.org/10.15294/efficient.v9i2.42552
Salin
IEEE
A. Hudaya, Zulfahmi, and E. P. Lestari, “Did Monetary Policy Stabilize Inflation during the COVID-19 Pandemic? Evidence from Indonesia,” Efficient: Indonesian Journal of Development Economics, vol. 9, no. 2, pp. 131–141, 2026, doi: 10.15294/efficient.v9i2.42552.
Salin
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