Analysis of United States Quantitative Easing Policy on Real Output in Indonesia
DOI:
https://doi.org/10.21776/ub.JIAE.009.02.7Keywords:
Quantitative Easing, GDP, Vector Autoreggresion (VAR)Abstract
This study discusses analysis of United States quantitative easing policy on real output in Indonesia. QE policy not only affects US economy but also influences the economic indicators of other countries, especially Indonesia countries with increasingly integrated market conditions. At present the Indonesia economy has been very open, so that policies originating from abroad can affect the country's economic conditions. The possibility of global spillover against non-conventional monetary policies such as QE. It is using the Vector Autoreggresion (VAR) methods to see the effect of QE policy. The data is time series for the 1999Q1-2016Q4. This study will analyze the impact of macroeconomic variables such as interest rates, money supply and inflation on GDP. The results of this study indicate that the implementation of the QE policy has an impact on the rate of GDP growth in each country of  Indonesia.
Â
References
Andrew, T. Foerster, Financial Crises. 2016. Unconventional Monetary Policy Exit Strategies, and Agents' Expectations, Journal of Monetary Economics, http://dx.doi.org/10.1016/j.jmoneco.2015.10.001
Bowman, David, et al. 2013. U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies. Journal of International Money and Finance. 10.1016/j.jimonfin.2015.02.016
Chen, Qianying, et,al. 2015. US unconventional monetary policy and international spillovers, Journal of International Money and Finance, http://dx.doi.org/doi:10.1016/j.jimonfin.2015.06.011.
Dreger, Christian dan JürgenWolters. 2015. Unconventional monetary policy and money demand. Journal of Macroeconomics. page 40–54
Fisher, Nathan Foley. 2016. The impact of unconventional monetary policy on firm financing constraints: Evidence from the maturity extension program. Journal of Financial Economics
Guidolin, Massimo. 2014. Unconventional monetary policies and the corporate bond market. Finance Research Letters
Hännikäinen, Jari. 2015 Zero lower bound, unconventional monetary policy and indicator properties of interest rate spreads. Review of Financial Economics
Kiendrebeogo, Youssouf. 2016. Unconventional monetary policy and capital flows. Economic Modelling. Page 412–424
Kucharˇcuková, Oxana Babecká. 2016. Spillover of the ECB’s monetary policy outsidethe euro area: How different is conventionalfrom unconventional policy? Journal of Policy Modeling. page 199–225
Kuncoro, Mudrajad. 2003. Metode Riset untuk Bisnis dan Ekonomi. Jakarta : Erlangga Liang, Fang and Weiya Huang, 2011. “The Relationship Between Money Supply and the GDP of United Statesâ€. Hong Kong Baptist University : Hong Kong
Lutz, C. 2015. The Impact of Conventional and Unconventional Monetary Policy on Investor Sentiment, Journal of Banking & Finance, doi: http://dx.doi.org/10.1016/j.jbankfin.2015.08.019
Neely, Christopher J. 2015. Unconventional monetary policy had large international effects. Journal of Banking & Finance. page 101–111
Rahal, Charles. 2016. Housing markets and unconventional monetary policy. Journal of Housing Economics. page 67–80
Tillmann, Peter. 2016. Unconventional monetary policy and the spillovers to emerging markets. Journal of International Money and Finance. http://dx.doi.org/doi: 10.1016/j.jimonfin.2015.12.010
Wang, Ling. 2016. Unconventional monetary policy and aggregate banklending: Does financial structure matter? Journal of Policy Modeling
