Abstract
This scientific research was conducted to see the effect and how the effectiveness of the monetary policy transmission mechanism from both conventional and sharia perspectives to tackle inflation in 2013-2020. The conventional monetary policy transmission mechanism can be seen from the total conventional bank credit (LOAN), the interest rate on Bank Indonesia Certificates (SBI), and the average yield on Government Securities (SUN). Meanwhile, sharia monetary policy can be seen from the yield rates on Bank Indonesia Sharia Certificates (SBIS), total Islamic bank financing (FINC) and the average yield of State Sharia Securities (SBSN). Through the Vector Error Correction Model method, it is found that the SBI results have a significant negative effect so that if the interest rate increases by one percent it will reduce inflation. Unlike the case with the effectiveness as measured by the Impulse Response Function (IFR) and Forecast Error Variance Decomposition (FEVD), where conventional monetary policy is fast in controlling the inflation rate compared to Islamic monetary policy. However, the magnitude of Islamic monetary policy is greater than conventional monetary policy.
Highlights
Fenomena terjadinya peningkatan pada harga barang dan jasa secara umum dan kontinu merupakan gambaran dari inflasi
The conventional monetary policy transmission mechanism can be seen from the total conventional bank credit
sharia monetary policy can be seen from the yield rates on Bank Indonesia Sharia Certificates
Summary
Fenomena terjadinya peningkatan pada harga barang dan jasa secara umum dan kontinu merupakan gambaran dari inflasi. Kebijakan moneter adalah sebuah kebijakan makroekonomi yang dikelola Bank Sentral untuk mempengaruhi kegiatan ekonomi melalui pengawasan terhadap Jumlah Uang Beredar (JUB) atau tingkat suku bunga sehingga kestabilan nilai rupiah akan terjaga dan terpelihara (Bank Indonesia, 2017). Maksud dari kebijakan moneter yang dilakukan oleh Bank Sentral adalah untuk mempengaruhi kegiatan ekonomi riil dan harga melalui mekanisme transmisi yang terjadi (Ascarya, 2012). Oleh karena itu penelitian ini dilakukan dengan fokus kepada kebijakan moneter dalam tiga jalur utama yaitu jalur suku bunga dan tingkat bagi hasil, jalur kredit dan pembiayaan, serta jalur harga aset. Melalui cara tersebut pemerintah dapat mempengaruhi jumlah uang beredar, pengeluaran investasi, permintaan agregat dan berakhir pada tingkat harga sehingga kondisi ekonomi akan tetap terjaga kestabilannya (Wahyudi, 2013). Berikut merupakan data rata-rata yield SBSN periode Januari 2013-Januari 2020 yang digunakan penelitian ini: Rata-rata yield SBSN
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