'Towards improved monetary policy in Indonesia': a comment

Gordon de Brouwer

Bulletin of Indonesian Economic Studies, 2003, vol. 39, issue 3, 325-328

Abstract: This comment argues that inflation-focused policy is appropriate for Indonesia but that it should be directed at underlying inflation over the medium term. It contends that McLeod's monetarist explanation of inflation in Indonesia is unsatisfactory in theory and is not consistent with the evidence: traded goods prices rose before, and substantially more than, non-traded goods prices during the crisis of 1997-98, which is not consistent with the monetarist view that inflation was caused by excessive base money growth.

Date: 2003
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DOI: 10.1080/0007491032000142773

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Bulletin of Indonesian Economic Studies is currently edited by Firman Witoelar Kartaadipoetra, Arianto Patunru, Robert Sparrow, Sarah Xue Dong and Sean Muir

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