Have a personal or library account? Click to login
Interest Rate Volatility of the Federal Funds Rate: Response of the Bank Indonesia and its Impact on the Indonesian Economic Stability Cover

Interest Rate Volatility of the Federal Funds Rate: Response of the Bank Indonesia and its Impact on the Indonesian Economic Stability

Journal of Central Banking Theory and Practice
Volume 9 (2020): Issue 1 (January 2020)
By: Imam Mukhlis,  Isnawati Hidayah and  Nora Ria Retnasih  
Open Access
|Jan 2020

References

  1. 1. Akalin, G. I. and Prater, E. L. (2015). The Global Crisis of the Late 2000s and Currency Substitution: a Study of Three Eastern European Economies Russia, Turkey and Ukraine. Journal of Central Banking Theory and Practice, (2), 5-22.10.1515/jcbtp-2015-0006
    Search in Google ScholarBack to article
  2. 2. Apostolakis, G, (2016). Spreading Crisis: Evidence of Financial Stress Spillovers in the Asian Financial Markets. Int. Rev. Econ. Finance, (43), 542–551.10.1016/j.iref.2016.02.002
    Open DOISearch in Google ScholarBack to article
  3. 3. Bank Indonesia, (2017). Monetary Policy Objectives, downloaded from https://www.bi.go.id/id/moneter/tujuan-kebijakan/Contents/Default.aspx.
    Search in Google ScholarBack to article
  4. 4. Bayat,T., Kayhan, S., and Taşar, I. (2018). Re-Visiting Fisher Effect for Fragile Five Economies. Journal of Central Banking Theory and Practice, (2), 203-218.10.2478/jcbtp-2018-0019
    Search in Google ScholarBack to article
  5. 5. Boonyanam, Nararuk, (2014). Relationship of Stock Price and Monetary Variables of Asian Small Open Emerging Economy: Evidence from Thailand. International Journal of Financial Research, 5(1), 52-63.10.5430/ijfr.v5n1p52
    Search in Google ScholarBack to article
  6. 6. Bluedorn, John C. and Bowdler, C.(2006). The Open Economy Consequences of U.S. Monetary Policy. (online) downloaded from www. economics.ox.ac.uk/../paper265.pdf, December 15th 2015.
    Search in Google ScholarBack to article
  7. 7. Brůna, K. and Blahová, N.(2016). Systemic Liquidity Shocks and Banking Sector Liquidity Characteristics on the Eve of Liquidity Coverage Ratio Application - the Case of the Czech Republic. Journal of Central Banking Theory and Practice, (1), 159-184.10.1515/jcbtp-2016-0008
    Search in Google ScholarBack to article
  8. 8. Caceres, C., Swallow, Y. C., and Gruss, B.(2016). Global Financial Conditions and Monetary Policy Autonomy. International Monetary Fund, Working Paper downloaded from https://www.imf.org/external/pubs/ft/wp/2016/wp16108.pdf July 20th 2017.
    Search in Google ScholarBack to article
  9. 9. Chandan, Sharma and Rajat, S.(2017). Effects of Monetary Shocks on Exchange Rate: Empirical Evidence from India. Studies in Business and Economics, 12(2),206-2019.10.1515/sbe-2017-0030
    Search in Google ScholarBack to article
  10. 10. Desroches, Brigitte (2004) The Transmission of World Shocks to Emerging Market Countries: an Empirical Analysis. Bank Of Canada Working Paper, 2004-44, downloaded from www.bankofcanada.ca/wp-content/uploads/.../wp04-44.pdf July 11th, 2017.
    Search in Google ScholarBack to article
  11. 11. Dumičić, M. (2017). A Brief Introduction to the World of Macroprudential Policy. Journal of Central Banking Theory and Practice, (1), 87-109.10.1515/jcbtp-2017-0005
    Search in Google ScholarBack to article
  12. 12. Fernandez, Adriana Z. and Nikolsko-Rzhevskyy, A. (2007). Measuring the Taylor Rule’s Performance. Insights from the Federal Reserve Bank of Dallas. Economic Letter, 2(6), June,1-8.
    Search in Google ScholarBack to article
  13. 13. Garg, Kunaey, (2008). The Effect of Changes in the Federal Funds Rate on Stock Markets: a Sector-Wise Analysis. Undergraduate Economic Review, 4 (1), 1-35.
    Search in Google ScholarBack to article
  14. 14. Kalivitis, Sarantis and Skotida, I. (2008). Some Empirical Evidence on the effects of U.S. Monetary Policy Shocks on Cross Exchange Rrates. Working Paper Economic Research Department – Special Studies Division Bank of Greece downloaded from http://www.bankofgreece.gr/BogEkdoseis/Paper200865.pdf 20th March 2018.10.2139/ssrn.4164003
    Search in Google ScholarBack to article
  15. 15. Khawaga, Abla El, Esam, M. and Hammam, R. (2013). Exchange Rates and Interest Rates: an Empirical Investigation of International Fisher Effect Theory - the Case of Egypt (2003-2012). International Research Journal of Finance and Economics downloaded from http://www.internationalresearchjournaloffinanceandeconomics.com) accessed by February 2th 2016.
    Search in Google ScholarBack to article
  16. 16. Kontonikos, Alexandros, Maio, P., and Zekaite, Z.(2016). Monetary Policy and Corporate Bond Rreturns. Article downloaded from https://www.gla.ac.uk/media/media_441563_en.pdf, January 25th 2017.10.2139/ssrn.2722535
    Search in Google ScholarBack to article
  17. 17. Lee, Jim, (2006). The Impact of Federal Funds Target Changes on Interest Rate Volatility. International Review of Economics & Finance, 15 (2),241-259.10.1016/j.iref.2004.11.005
    Open DOISearch in Google ScholarBack to article
  18. 18. Levine, Brian, (2016). The Short-Term Effect of Monetary Policy on Financial Markets. Fusio, 1(1), Fall,1-24.
    Search in Google ScholarBack to article
  19. 19. Liow, Kim Hiang, Liao, Wen-Chi, and Huang, Y.(2018). Dynamics of International Spillovers and Interaction: Evidence from Financial Market Stress and Economic Policy Uncertainty. Economic Modelling, (68),96-116.10.1016/j.econmod.2017.06.012
    Search in Google ScholarBack to article
  20. 20. Lung Lin, Jin, (2006). Teaching Notes on Impulse Response Function and Structural Var. Institute of Economics. Article Academia Sinica Department of Economics National Chengchi University downloaded from http://faculty.ndhu.edu.tw/~jlin/files/impulse.pdf 6th April 2018.
    Search in Google ScholarBack to article
  21. 21. Mankiw, N. Gregory, (2009). Macroeconomics. Seventh Edition, New York: Worth Publisher.
    Search in Google ScholarBack to article
  22. 22. Nezky, Mita, (2013). Pengaruh Krisis Ekonomi Amerika Serikat terhadap Bursa Saham dan Perdagangan Indonesia. Buletin Ekonomi Moneter dan Perbankan, downloaded from www.bi.go.id/id/publikasi/jurnal-ek... Desember 17th 2015.10.21098/bemp.v15i3.69
    Search in Google ScholarBack to article
  23. 23. Nizamani, A. R., Karim Z. A., Zaidi M. S., and Khalid N. (2016). The Effectiveness of Monetary Policy in Small Open-Economy: an Svar Study for Pakistan. International Journal of Economics and Management,10 (2) downloaded from (http://www.econ.upm.edu.my/ijem July 15th 2017.
    Search in Google ScholarBack to article
  24. 24. Petursson, Thorarinn G, (2001). The Transmission Mechanism of Monetary Policy: Analysing the Financial Market Pass-Through. Central Bank of Iceland, Working Papers, No 14 (online) (http://www.sedlabanki.is) January 9th 2016.
    Search in Google ScholarBack to article
  25. 25. Salmanov, O. N., Zaernjuk V. M., Lopatina O. A., Drachena I. P., and E.V Vikulina, (2016). Investigating the Impact of Monetary Policy Using the Vector Autoregression Method. International Journal of Economics and Financial Issues, downloaded from http://www.econjournals.com0 July 14 th 2017.
    Search in Google ScholarBack to article
  26. 26. Samuelson, Paul A. and Nordhaus, William D.(2005). Macroeconomics. 18th Edition New York: McGraw Hill-Irwin.
    Search in Google ScholarBack to article
  27. 27. Tuca, Sabina, (2014). The Relationship Between Globalization and the Economic Crisis. The USV Annals of economics and public administration, Volume 14, Issue 1 (19), 1-7.
    Search in Google ScholarBack to article
  28. 28. Vidakovic, Neven, (2002). Application of the Mundell-Fleming Model on a Small Open Economy. Economics, 11(3),392-423.
    Search in Google ScholarBack to article
  29. 29. Vinayagathasan, Thanabalasingam, (2013). Monetary Policy and Real Economy: a Structural VAR Approach for Sri Lanka. National Graduate Institute For Policy Studies Discussion Paper 13-13. downloaded from www. grips.ac.jp/r-center/wp-content/uploads/13-13.pdf July 16th 2017.
    Search in Google ScholarBack to article
  30. 30. Woodford, Michael, (2001). The Taylor Rule and Optimal Monetary Policy. downloaded from www.columbia.edu/mw2230/taylor.pdf February 21st 2016.10.1257/aer.91.2.232
    Search in Google ScholarBack to article
  31. 31. Županović, I. (2014). Sustainable Risk Management in the Banking Sector. Journal of Central Banking Theory and Practice, (3), 81-10010.2478/jcbtp-2014-0006
    Search in Google ScholarBack to article
  32. Act Of The Republic Of Indonesia Number 3 Of 2004 Concerning Amendment To Act Of The Republic Of Indonesia Number 23 Of 1999 Concerning Bank Indonesia, downloaded from https://www.bi.go.id/en/tentang-bi/uu-bi/Contents/Default.aspx
    Search in Google ScholarBack to article
DOI: https://doi.org/10.2478/jcbtp-2020-0007 | Journal eISSN: 2336-9205
Journal RSS Feed
Language: English
Page range: 111 - 133
Submitted on: Sep 10, 2018
Accepted on: Oct 30, 2018
Published on: Jan 28, 2020
Published by: Central Bank of Montenegro
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year
Keywords:
Federal Funds Rate,
BI Rate,
Money Supply,
Exchange Rate,
Structural Vector Autoregression
Related subjects:
Business and economics,
Business management,
Business management, other

© 2020 Imam Mukhlis, Isnawati Hidayah, Nora Ria Retnasih, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Previous articleVolume 9 (2020): Issue 1 (January 2020)Next article