Suwondo, Juwita Purnami Restu, Kusumowati, Dewi and Abdullah, Fatima (2020) Tendensi Forward Looking Behavior Dalam Kredibilitas Bank Indonesia. Journal of Regional Economics Indonesia, 1 (2). pp. 15-32. ISSN 2723-5769

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Abstract

The purpose of this study is to investigate the monetary policy’s behavior in Indonesia, through central bank’s credibility. This research is conducted in Central Bank of Indonesia where the secondary data was obtained, while some part was taken from Central Bureau of Statistics (BPS)
and World Economic Outlook IMF (International Monetary Fund). The data used in this paper is secondary, which was officially released by Central Bank of Indonesia, Central Bureau of Statistics (BPS), and World Economic Outlook IMF (International Monetary Fund) from 2007 until 2017. The estimation method used in this paper is Three Stage Least Squares (3SLS). The model (both inflation and credibility formula) gave out evidences which showed that there was a forward looking behavior tendency in the monetary policy in Indonesia, in particular was seen through the expected inflation rate which was highly projected from the credibility. This shows that the behavior of Indonesian citizen towards the monetary policy is based on the future expectations, not from the past (backward looking).

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