Pemodelan Rational Expectation dalam New Keynesian Phillips Curve di Indonesia

Rahutami, Angelina Ika (2012) Pemodelan Rational Expectation dalam New Keynesian Phillips Curve di Indonesia. Working Paper. Unika Soegijapranata.

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Rational expectation (Ratex) is a condition in which the decisions of economic actors have and use all available information. Ratex widely used in macroeconomic modeling, especially for the New Keynesian School. One model that uses elements of ratex is the New Keynesian Phillips Curve (NKPC) model. Transmission mechanism suggests that monetary policy has a direct effect on inflation via exchange rate. This study emphasizes the development of ratex thought and the utilization in the Macroeconomics modeling, but not emphasis on equation of NKPC simultaneous regression. In general, the concept of ratex is defined in a model. The agent is said to have ratex when the agent understands the existing conditions as well as his understanding of the effects of the decisions. Ratex is forward looking because it accounts the current value of variables and what is to be achieved in the foreseeable future, as well as using a variety of information available to improve the accuracy of prediction. Three variables used to define ratex are expected economic conditions or national output (e_yr), the expected exchange rate (e_er) and inflation expectations (e_ihk). The results of the analysis show that ratex is going to be a part of the economic agents behavior. In order for reaction function can be run properly, the government needs to consider the behavior of ratex in its decision making.

Item Type: Monograph (Working Paper)
Uncontrolled Keywords: Rational Expeccation, NKPC models Indonesia
Subjects: 300 Social Sciences > 330 Economics
300 Social Sciences > 330 Economics > Macroeconomics
Divisions: Faculty of Economics and Business > Department of Management
Depositing User: Mrs Angelina Ika Rahutami
Date Deposited: 17 May 2017 03:20
Last Modified: 17 May 2017 03:20

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