ANALISIS MEKANISME TRANSMISI KEBIJAKAN MONETER TERHADAP INFLASI DI INDONESIA TAHUN 2019–2024: STUDI LITERATUR BERDASARKAN DATA BANK INDONESIA DAN BPS

Abstract

Inflation is one of the most important indicators of economic performance because it influences purchasing power, investment activities, and overall economic stability. To maintain price stability, Bank Indonesia implements various monetary policy instruments, particularly through the BI-7 Day Reverse Repo Rate (BI-7DRR) as its benchmark interest rate. This study aims to analyze the monetary policy transmission mechanism and its impact on inflation in Indonesia during the 2019–2024 period. The research employs a qualitative approach using a library research method. The data analyzed consist of secondary data obtained from official publications of Bank Indonesia, Statistics Indonesia (BPS), academic journals, reference books, and previous studies relevant to monetary policy and inflation. Data analysis was conducted descriptively through the stages of data collection, data reduction, data presentation, and conclusion drawing. The findings indicate that Indonesia’s inflation rate experienced fluctuations influenced by both domestic and global economic conditions. During the COVID-19 pandemic in 2020–2021, inflation tended to remain low due to weakened economic activity, whereas inflation increased in 2022 as a result of rising energy prices and global supply chain disruptions. In response to these conditions, Bank Indonesia adjusted its policy interest rate as part of its monetary policy strategy. The study further reveals that the interest rate channel plays a significant role in the monetary policy transmission process by affecting consumption, investment, and aggregate demand. Therefore, Bank Indonesia’s monetary policy has contributed substantially to maintaining inflation stability and supporting national macroeconomic stability throughout the period under study.

ABSTRAK

Inflasi merupakan salah satu indikator penting dalam perekonomian karena berpengaruh terhadap daya beli masyarakat, aktivitas investasi, dan stabilitas ekonomi secara keseluruhan. Dalam menjaga kestabilan harga, Bank Indonesia menerapkan berbagai instrumen kebijakan moneter, salah satunya melalui penetapan suku bunga acuan BI-7 Day Reverse Repo Rate (BI-7DRR). Penelitian ini bertujuan menganalisis mekanisme transmisi kebijakan moneter terhadap inflasi di Indonesia selama periode 2019–2024. Penelitian menggunakan pendekatan kualitatif dengan metode studi literatur (library research). Data yang dianalisis merupakan data sekunder yang diperoleh dari publikasi resmi Bank Indonesia, Badan Pusat Statistik (BPS), jurnal ilmiah, buku referensi, serta penelitian terdahulu yang relevan. Analisis dilakukan secara deskriptif melalui tahapan pengumpulan, reduksi, penyajian data, dan penarikan kesimpulan. Hasil penelitian menunjukkan bahwa tingkat inflasi Indonesia mengalami dinamika yang dipengaruhi oleh berbagai faktor domestik dan global. Pada masa pandemi COVID-19 tahun 2020–2021, inflasi cenderung rendah akibat menurunnya aktivitas ekonomi, sedangkan pada tahun 2022 terjadi peningkatan inflasi yang dipicu oleh kenaikan harga energi dan gangguan rantai pasok dunia. Dalam menghadapi kondisi tersebut, Bank Indonesia melakukan penyesuaian suku bunga sebagai bagian dari kebijakan moneter. Temuan penelitian menunjukkan bahwa jalur suku bunga berperan penting dalam proses transmisi kebijakan moneter karena memengaruhi konsumsi, investasi, dan permintaan agregat. Dengan demikian, kebijakan moneter Bank Indonesia terbukti berkontribusi dalam menjaga stabilitas inflasi dan mendukung kestabilan makroekonomi nasional.