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Abstract

Bank Indonesia uses a methodology known as the Inflation Targeting methodology (ITF) when implementing monetary policy.  ITF is a framework that combines monetary policy with a goal of achieving future inflation targets that are declared to the public as a means of the central bank's accountability and commitment. The purpose of this study is to examine the efficiency of monetary policy in the use of ITF to control inflation as well as other factors including the money supply, exchange rate, and budget deficit that influence inflation. This analysis utilizes secondary data spanning the years 2005–2022. Multiple regression analysis is employed as the analytical tool. The Ordinary Least Square approach was employed in the analysis using eviews 12 software. In light of data processing, The data processing results indicate that Indonesia's inflation targeting mechanism has performed effectively from 2005 to 2022. Simultaneously, the variables of exchange rate, money supply and budget deficit have a significant effect on inflation in Indonesia.


Keywords :  Inflation, Inflation Targeting Framework, Exchange Rate, JUB, Deficit Budget


Abstrak


Bank Indonesia menggunakan metodologi yang dikenal sebagai Inflation Targeting methodology (ITF) dalam menerapkan kebijakan moneter.  ITF merupakan kerangka kerja yang menggabungkan kebijakan moneter dengan tujuan pencapaian sasaran inflasi ke depan yang dicanangkan kepada publik sebagai sarana akuntabilitas dan komitmen bank sentral. Tujuan dari penelitian ini adalah untuk menguji efisiensi kebijakan moneter dalam penggunaan ITF untuk mengendalikan inflasi serta faktor-faktor lain termasuk jumlah uang beredar, nilai tukar, dan defisit anggaran yang mempengaruhi inflasi. Analisis ini menggunakan data sekunder yang mencakup tahun 2005-2022. Analisis regresi berganda digunakan sebagai alat analisis. Pendekatan Ordinary Least Square digunakan dalam analisis menggunakan perangkat lunak eviews 12. Berdasarkan pengolahan data, hasil pengolahan data menunjukkan bahwa mekanisme penetapan sasaran inflasi Indonesia telah berjalan efektif sejak tahun 2005 hingga 2022. Secara simultan, variabel nilai tukar, jumlah uang beredar dan defisit anggaran berpengaruh signifikan terhadap inflasi di Indonesia.


Kata Kunci :  Inflasi, Inflation Targeting Framework, Kurs, JUB, Defisit Anggaran

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Copyright (c) 2023 Risna Amalia Hamzah

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How to Cite
Hamzah, R. A., Hayati, J., & Yuliani, N. M. (2023). Efektivitas Penerapan Inflation Targeting Framework (ITF) Terhadap Tingkat Inflasi Di Indonesia. Convergence: The Journal of Economic Development, 5(2), 147–167. https://doi.org/10.33369/convergencejep.v5i2.31262
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