PENERAPAN KEBIJAKAN MONETER DAN PENGARUHNYA TERHADAP PERTUMBUHAN EKONOMI

Abstract

Monetary policy as one of the main instruments used by Bank Indonesia has an important role in controlling inflation, exchange rate stability, and the amount of money in circulation in the community where global and domestic economic challenges, such as commodity price fluctuations, so that a deep understanding of the relationship between monetary policy and economic growth is crucial whether the right monetary policy can be an effective tool in directing the economy towards good and sustainable growth.

            This study aims to determine the effect of monetary policy, namely the amount of money in circulation and the exchange rate through inflation on economic growth. This study uses a quantitative approach, using secondary data through the websites of Bank Indonesia and the Central Statistics Agency. The data in this study were 5 years from 2019 to 2023. The independent variables are the amount of money in circulation and the exchange rate, the intervening variable is inflation and the dependent variable is economic growth. In this study, the analytical tool used is path analysis, using the help of IBM SPSS Statistic 23 for Windows software.

The results of this study indicate that in 2019-2023 the amount of money in circulation has no effect on inflation while the exchange rate has a positive effect on inflation. The amount of money in circulation has a positive effect on economic growth while the exchange rate and inflation have no effect on economic growth. The amount of money in circulation and the exchange rate do not affect economic growth through inflation.