Journal of Economic Studies ( IF 1.9 ) Pub Date : 2021-07-22 , DOI: 10.1108/jes-11-2020-0577 Alexander Lubis 1 , Constantinos Alexiou 2 , Joseph G. Nellis 2
Purpose
This paper examines the impact of using the reserve requirements, combined with foreign exchange (FX) intervention, as key instruments in an inflation-targeting framework.
Design/methodology/approach
In the context of a dynamic stochastic general equilibrium (DSGE) framework and using Bayesian techniques, the authors estimate a model for the Indonesian economy using quarterly data spanning the period 2005Q2–2019Q4.
Findings
The reserve requirement is found to assume a complementary role to that of the interest rate policy and FX intervention when used to stabilise the macroeconomy.
Originality/value
This paper provides a benchmark for other emerging countries that consider adopting the inflation targeting framework and impose an FX intervention as part of their monetary policy.
中文翻译:
存在外部冲击时的货币和宏观审慎政策:来自新兴经济体的证据
目的
本文研究了使用准备金要求以及外汇 (FX) 干预作为通胀目标框架中的关键工具的影响。
设计/方法/方法
在动态随机一般均衡 (DSGE) 框架的背景下并使用贝叶斯技术,作者使用跨越 2005 年第二季度至 2019 年第四季度的季度数据估计了印度尼西亚经济模型。
发现
当用于稳定宏观经济时,存款准备金率与利率政策和外汇干预具有互补作用。
原创性/价值
本文为考虑采用通胀目标框架并将外汇干预作为其货币政策一部分的其他新兴国家提供了一个基准。