PENGARUH SUKU BUNGA KEBIJAKAN, MONEY SUPPLY, DAN PAJAK PERTAMBAHAN NILAI TERHADAP INFLASI DI INDONESIA
Article Sidebar
Main Article Content
Abstract
Price stability is commonly assessed through the behavior of inflation, making it one of the key indicators used to evaluate the overall condition of an economy. When inflation exhibits continuous fluctuations, maintaining macroeconomic stability becomes more challenging and requires policy responses that are both effective and well integrated. In this context, the interaction between monetary and fiscal policy instruments becomes particularly important in shaping inflation dynamics. This study therefore investigates how several policy variables influence inflation in Indonesia during the period 2015 to 2024, specifically focusing on the policy interest rate, the broad money supply (M2), and the Value Added Tax (VAT) policy. The analysis adopts a quantitative framework using monthly time series data sourced from Bank Indonesia, Statistics Indonesia, and the Ministry of Finance of the Republic of Indonesia. Empirically, the relationship among these variables is estimated through a multiple linear regression model, while robust standard error are applied to strengthen the reliability of the estimates in the presence of potential violations of classical regression assumptions. The results from the joint significance test demonstrate that the policy rate, money supply, and VAT policy collectively exert a statistically significant influence on inflation. However, further examination through partial tests indicates that the policy interest rate does not significantly affect inflation, whereas variations in money supply and the implementation of VAT policy contribute more strongly to changes in inflation. These findings indicate that inflation dynamics in Indonesia during the observed period are more closely associated with liquidity conditions and fiscal policy measures than with the policy interest rate alone. Consequently, inflation management cannot depend solely on a single policy instrument. Effective and sustained price stability therefore requires strong coordination between monetary and fiscal authorities in responding to increasingly complex economic developments.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Afonso, A., Alves, J., & Balhote, R. (2019). Interactions between monetary and fiscal policies. Journal of Applied Economics, 22(1), 131–150. https://doi.org/10.1080/15140326.2019.1583309
Agusmianata, N., Militina, T., & Lestari, D. (2017). Pengaruh jumlah uang beredar dan tingkat suku bunga serta pengeluaran pemerintah terhadap inflasi di Indonesia. Forum Ekonomi, 19 (2), 188–199.
https://doi.org/10.29264/jfor.v19i2.2125
Aida, A., Hermina, D., & Norlaila, N. (2025). Jenis data penelitian kuantitatif (korelasional, komparatif, dan eksperimen). Al-Manba: Jurnal Ilmiah Keislaman dan Kemasyarakatan, 10(1), 31–40.
https://doi.org/10.69782/almanba.v10i1.48
Alabi, O. O., Ayinde, K., Babalola, O. E., Bello, H. A., & Okon, E. C. (2020). Effects of multicollinearity on type I error of some methods of detecting heteroscedasticity in linear regression model. Open Journal of Statistics, 10(4), 664–677. https://doi.org/10.4236/ojs.2020.104041
Amandha, D., Ardiansyah, R., Annabil, M. R., Hadi, M., Andrian, R., Dina, T. R., Farah, S. N., Atikah, L., & Sharia, O. (2023). Analysis of the fate of Indonesia's economy in the future. Indonesian Journal of Multidisciplinary Sciences (IJoMS), 2(1), 66–84. https://doi.org/10.59066/ijoms.v2i1.306
Ananda, D., Sari, W. I., & Nasution, L. N. (2025). Analysis of monetary and fiscal policy mix in encouraging economic recovery in Indonesia. International Journal of Economics and Management Sciences, 2(2), 189–199.
https://doi.org/10.61132/ijems.v2i2.694
Angelina, S., & Nugraha, N. M. (2020). Effects of monetary policy on inflation and national economy based on analysis of Bank Indonesia annual report. Technium Social Sciences Journal, 10, 423–435.
https://doi.org/10.47577/tssj.v10i1.1300
Anggraeni, D., & Dwiputri, I. N. (2022). Variabel-variabel yang mempengaruhi inflasi di Indonesia. Jurnal Ekonomi Pembangunan, 11(2), 119–128. https://doi.org/10.23960/jep.v11i2.490
Anggriani, D., Fitrawaty, R., Sirait, S., Aisyah, A., & Anzani, W. (2024). Pengaruh tingkat suku bunga BI rate dan jumlah uang beredar JUB terhadap tingkat inflasi di Indonesia tahun 2014–2023. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 4(1), 295–301. https://ulilalbabinstitute.id/index.php/EKOMA/article/view/5576
Anwar, K., Iryanto, R. K., Harahap, R., Sinuraya, A., & Munizu, M. (2025). Peramalan inflasi di Indonesia pasca pemilu 2024 dengan metode time series double exponential smoothing. Jurnal EMT KITA, 9(1), 144–152.
https://doi.org/10.35870/emt.v9i1.3503
Ascari, G., Bonam, D., & Smadu, A. (2024). Global supply chain pressures, inflation, and implications for monetary policy. Journal of International Money and Finance, 142, 103029.
https://doi.org/10.1016/j.jimonfin.2024.103029
Aslam, M. (2024). The t-test of a regression coefficient for imprecise data. Hacettepe Journal of Mathematics and Statistics, 53(4), 1130–1140.
https://doi.org/10.15672/hujms.1342344
Astuti, R. D., & Hastuti, S. R. B. (2020). Transmisi kebijakan moneter di Indonesia. Jurnal Ekonomi-Qu, 10(1), 1–22.
https://doi.org/10.35448/jequ.v10i1.8576
Ayana, I. D. (2020). Value added tax and price stability in Ethiopia: A time series analysis. Research Journal of Finance and Accounting, 11(19), 10–24. https://doi.org/10.7176/rjfa/11-19-02
Badan Pusat Statistik Indonesia. (2024). Inflasi tahun-ke-tahun (y-on-y) pada bulan Februari 2024 adalah 2,75 persen. https://www.bps.go.id/id/pressrelease/2024/03/01/2301/inflasi-tahun-ke-tahun--y-on-y--pada-bulan-februari-2024-adalah-2-75-persen.html
Bank Indonesia. (2023). Laporan kelembagaan Bank Indonesia triwulan II 2023: Konsistensi, inovasi, dan sinergi. https://www.bi.go.id
Ben Mimoun, M., Boukhatem, J., & Raies, A. (2024). Aggregate demand and inflation response to monetary policy shocks in Tunisia. Journal of Policy Modeling, 46(3), 592–612. https://doi.org/10.1016/j.jpolmod.2024.01.009
Benigno, G., & Benigno, P. (2021). Interest, reserves, and prices. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3860393
Bina, A., Rahmadana, M. F., & Yusuf, M. (2023). The analysis of factors affecting inflation in Indonesia. Proceedings of the EAI International Conference. https://doi.org/10.4108/eai.1-11-2022.2326164
Borawski, P., Beldycka-Borawska, A., Rokicki, T., & Holden, L. (2024). The role of money supply in shaping Poland’s gross domestic product. European Research Studies Journal, 27(3), 69–81. https://doi.org/10.35808/ersj/3423
Brockmeyer, A., Mascagni, G., Nair, V., Waseem, M., & Almunia, M. (2024). Does the value-added tax add value? Lessons using administrative data from a diverse set of countries. Journal of Economic Perspectives, 38(1), 107–132.
https://doi.org/10.1257/jep.38.1.107
Buke, J. L., Suna, A. E. D., Meni, M. R. R., & Dima, E. T. Y. (2025). Ekonomi Indonesia mengatasi tantangan, menjaga stabilitas. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 8(3), 965–970. https://doi.org/10.37481/sjr.v8i3.1177
Calvert Jump, R., & Kohler, K. (2020). A history of aggregate demand and supply shocks for the United Kingdom, 1900 to 2016 (Greenwich Papers in Political Economy No. GPERC79). University of Greenwich. https://gala.gre.ac.uk/id/eprint/30959/1/calvertjump_kohler_2020_ad_as_uk_gperc79.pdf
Cano-Espinosa, D. (2025). Does inflation targeting reduce economic uncertainty? Evidence from Mexico. Economies, 13(4), Article 109.
https://doi.org/10.3390/economies13040109
Cao, Q. (2024). Optimal fiscal and monetary policy with collateral constraints. Journal of Economic Dynamics and Control, 161, 104825. https://doi.org/10.1016/j.jedc.2024.104825
Chang, Z. (2025). How to coordinate the roles of fiscal policy and monetary policy. GBP Proceedings Series, 1, 47–54.
https://doi.org/10.71222/93b47r76
Chortareas, G., & Mavrodimitrakis, C. (2021). Policy conflict, coordination, and leadership in a
monetary union under imperfect instrument substitutability. Journal of Economic Behavior & Organization, 183, 342–361. https://doi.org/10.1016/j.jebo.2021.01.001
Coenen, G., Montes-Galdón, C., & Schmidt, S. (2021). Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment. SSRN Electronic Journal.
https://doi.org/10.2139/ssrn.3918530
Comin, D. A., Johnson, R. C., Jones, C. J., Chodorow-Reich, G., Lorenzoni, G., Nakamura, E., Neiman, B., Graves, S., Kollmann, R., Roeger, W., Aruoba, B., Hornstein, A., Kalemli-Özcan, Ş., Kocherlakota, N., Schmidt-Grohé, S., & Lopez-Salido, D. (2023). Supply chain constraints and inflation (NBER Working Paper No. 31179). National Bureau of Economic Research.
https://doi.org/10.3386/w31179
Damayanti, S. A., & Jlunggono, G. (2022). Analysis of the influence of macroeconomic variables on inflation: The VECM approach. Journal of Humanities, Social Sciences and Business, 2(1), 199–218.
https://doi.org/10.55047/jhssb.v2i1.402
Dana, B. S., & Musaiyaroh, A. (2024). Threshold effect of monetary and fiscal policy on inflation in Indonesia. Jurnal Ekonomi Pembangunan, 22(2), 157–170. https://doi.org/10.29259/jep.v22i2.23131
Diaz, E. M., Cunado, J., & de Gracia, F. P. (2024). Global drivers of inflation: The role of supply chain disruptions and commodity price shocks. Economic Modelling, 140, 106860. https://doi.org/10.1016/j.econmod.2024.106860
Dimitra, M. (2023). The impact of inflation after COVID-19: A comprehensive analysis. International Journal of Research in Education Humanities and Commerce. https://doi.org/10.37602/IJREHC.2023.4411
Ekşi, İ. H., Şit, A. A., Salman, C., & Doğan Başar, A. B. (2024). The effect of policy interest rate on countries’ inflation rates and economic growth: Research on G-8 countries. International Student Conference on Business, Education, Economics, Accounting, and Management (ISC-BEAM), 3(1), 1938–1944.
https://doi.org/10.21009/isc-beam.013.145
Fadilah, A. D., Adinda, N. T., Rahma, M. M., Lauda, R. S., & Suminar, L. (2024). Dampak kenaikan tarif PPN terhadap inflasi dan daya beli masyarakat Indonesia. Media Akuntansi Perpajakan, 9(2), 67–78.
https://doi.org/10.52447/map.v9i2.7940
Fadillah, L., Gunarto, M., & Helmi, S. (2024). Evaluating the impact of value-added tax on economic growth, inflation, unemployment, and consumer behaviour in developing countries: Evidence from Indonesia. Proceedings International Conference on Business, Economics & Management, 2(2), 200–208.
https://doi.org/10.47747/icbem.v2i2.2615
Fathoni, M. I. (2025). Indonesia’s value added tax (VAT) reform: Fiscal benefits and sectoral impacts. Jurnal Syntax Admiration, 6(1), 530–548. https://doi.org/10.46799/jsa.v6i1.2039
Fatmayani, N., & Panjawa, J. L. (2021). Pengaruh aspek moneter dan fiskal terhadap inflasi Indonesia. Jurnal Ekonomi Pembangunan, 10(2), 64–73. https://doi.org/10.23960/jep.v10i2.215
Ferrante, F., Graves, S., & Iacoviello, M. (2023). The inflationary effects of sectoral reallocation. Journal of Monetary Economics, 140(4), S64–S81. https://doi.org/10.1016/j.jmoneco.2023.03.003
Geromichalos, A., & Herrenbrueck, L. (2022). The liquidity-augmented model of macroeconomic aggregates: A new monetarist DSGE approach. Review of Economic Dynamics, 45, 134–167.
https://doi.org/10.1016/j.red.2021.05.002
Guo,J. (2025). Analysis of the impact of coordinated monetary and fiscal policies on macroeconomic stability. Advances in Economics and Management Research, 14(1), 369–369.
https://doi.org/10.56028/aemr.14.1.369.2025
Hajdini, I., Shapiro, A. H., Smith, A. L., & Villar Vallenas, D. (2025). Inflation since the pandemic: Lessons and challenges. Finance and Economics Discussion Series, (2025–070), 1–1.
https://doi.org/10.17016/feds.2025.070
Hakimah, Y. (2025). Monetary and fiscal policy: Drivers of stability in developing economies. Jurnal Konseling Dan Pendidikan, 13(1), 1–10.
https://doi.org/10.29210/1135100
Halim, A., Arituan, B., & Subianto, P. (2025). Analisis pengaruh uang elektronik, jumlah uang beredar, nilai tukar, dan suku bunga terhadap inflasi di Indonesia periode 2013–2024. Ecoplan, 8(1), 80–92.
https://doi.org/10.20527/ecoplan.v8i1.1154
Henira, E. M., Masbar, R., & Seftarita, C. (2020). Inflation volatility as a phenomenon monetary–fiscal combination in Indonesia. Journal of Economic Development, Environment and People, 9(4), 80–95.
https://doi.org/10.26458/jedep.v9i4.677
Herlina, D., Suci, S. C., & Rahman, M. R. (2023). The impact of the monetary policy transmission mechanism–the money supply channel on the economy. Journal of Business and Information Systems, 5(1), 63–78.
https://doi.org/10.36067/jbis.v5i1.172
Iddrisu, A.-A., & Alagidede, I. P. (2020). Revisiting interest rate and lending channels of monetary policy transmission in the light of theoretical prescriptions. Central Bank Review, 20(4), 183–192.
https://doi.org/10.1016/j.cbrev.2020.09.002
Indarti, D., Saraswati, B. D., & Sasongko, G. (2023). Inflation analysis in Indonesia: A monetary or fiscal phenomenon? Industrija, 51(2), 7–27.
https://doi.org/10.5937/industrija51-47518
Islam, T. U., & Ahmed, D. (2023). Inflation targeting: A time-frequency causal investigation. PLOS ONE, 18(12), e0295453.
https://doi.org/10.1371/journal.pone.0295453
Jain, D. (2024). Monetary policy and inflation targeting: The effectiveness of central bank interventions. International Journal for Research Publication and Seminar, 15(2), 9–12. https://doi.org/10.36676/jrps.v15.i2.02
Jamar, N., & Yunus, A. A. M. A. P. (2025). Monetary policy transmission channels through interest rate and inflation channels in Indonesia: VECM analysis 2018–2024. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 8636–8646. https://doi.org/10.31004/riggs.v4i3.3283
Jusaj, Y. (2025). Inflation dynamics: A comprehensive analysis of key determinants using panel data. Journal of Risk Analysis and Crisis Response, 15(1), 12–12. https://doi.org/10.54560/jracr.v15i1.549
Karch, J. (2020). Improving on adjusted R-squared. Collabra: Psychology, 6(1), Article 45. https://doi.org/10.1525/collabra.343
Kim, J. H. (2019). Multicollinearity and misleading statistical results. Korean Journal of Anesthesiology, 72(6), 558–569.
https://doi.org/10.4097/kja.19087
Koraag, P., Maramis, M., & Niode, A. (2024). The influence of the Bank Indonesia 7-day reverse repo rate (BI7DRR), money supply (M2), and public savings on inflation in Indonesia for the period 2016:Q1–2023:Q4. Formosa Journal of Applied Sciences, 3(7), 2067–2080. https://doi.org/10.55927/fjas.v3i7.10343
Kranz, S. (2024). From replications to revelations: Heteroskedasticity-robust inference (Version 2). arXiv.
https://doi.org/10.48550/arXiv.2411.14763
Kunwar, S., Timilsina, S., Nepal, S., Shrestha, P., Shrestha, A., & Gahatraj, M. (2023). Impact of money supply and inflation on economic growth in Nepal. The Lumbini Journal of Business and Economics, 11(1), 382–396.
https://doi.org/10.3126/ljbe.v11i1.55868
Liu, Y. (2024). Research on the relationship between money supply and household consumption—Verification based on VAR model. Highlights in Business, Economics and Management, 27, 49–59.
https://doi.org/10.54097/7t7asw20
Liu, Z.-Q., Cai, Z.-W., Fang, Y., & Lin, M. (2020). Statistical analysis and evaluation of macroeconomic policies: A selective review. Applied Mathematics Journal of Chinese Universities, 35(1), 57–83.
https://doi.org/10.1007/s11766-020-3775-1
Lypnytskyi, D. V., & Lypnytska, P. D. (2022). Money supply impact on investment and GDP: Statistical analysis. Economy of Industry, (1(97)), 89–102. https://doi.org/10.15407/econindustry2022.01.089
Mahatir, Moh. R., Aimon, H., & Sentosa, S. U. (2020). Stability of money supply, e-money, interest rate, and inflation in Indonesia. Advances in Economics, Business and Management Research, 92–100.
https://doi.org/10.2991/aebmr.k.201126.012
Malyarets, L., Kovaleva, K., Lebedeva, I., Misiura, I., & Dorokhov, O. (2018). The heteroskedasticity tests implementation for linear regression model using MATLAB. Informatica, 42(4), 545–553.
https://doi.org/10.31449/inf.v42i4.1862
Mann, R. V., Ilchenko, N. V., Tychkova, N. B., & Baranov, H. O. (2021). Analysis of J. Keynes's contribution in the development of economic theory. Zbirnyk naukovykh prats Cherkaskoho derzhavnoho tekhnolohichnoho universytetu. Seriia: Ekonomichni nauky, (60), 14–21.
https://doi.org/10.24025/2306-4420.1.60.2021.229181
Mansournia, M. A., Nazemipour, M., Naimi, A. I., Collins, G. S., & Campbell, M. J. (2021). Reflection on modern methods: Demystifying robust standard error for epidemiologists. International Journal of Epidemiology, 50(1), 346–351. https://doi.org/10.1093/ije/dyaa260
Mardiatmoko, G. (2024). The application of the classical assumption test in multiple linear regression analysis (a case study of the preparation of the allometric equations of young Makila). JTAM (Jurnal Teori dan Aplikasi Matematika), 8(3), 724–739. https://doi.org/10.31764/jtam.v8i3.22179
Martanto, B., Tan, S., & Hidayat, M. S. (2021). Analisis tingkat inflasi di Indonesia tahun 1998–2020: Pendekatan error correction model. Jurnal Paradigma Ekonomika, 16(3), 619–632. https://doi.org/10.22437/jpe.v16i3.13264
Martias, L. D. (2021). Statistika deskriptif sebagai kumpulan informasi. FIHRIS: Jurnal Ilmu Perpustakaan dan Informasi, 16(1), 40–59.
https://doi.org/10.14421/fhrs.2021.161.40-59
Midway, S., & White, J. W. (2025). Testing for normality in regression models: Mistakes abound (but may not matter). Royal Society Open Science, 12, Article 241904. https://doi.org/10.1098/rsos.241904
Möckel, S. (2024). The macroeconomic money-nature nexus: Are growing money supplies a relevant obstacle on the way to an ecologically sustainable global economy? PLOS Sustainability and Transformation, 3(1), e0000095. https://doi.org/10.1371/journal.pstr.0000095
Ng, S. F., Chew, Y. M., Chng, P. E., & Ng, K. S. (2018). An insight of linear regression analysis. Scientific Research Journal, 15(2), 1–16. https://journal.uitm.edu.my/ojs/index.php/SRJ/article/view/2899
Nguyen, T. T., Phan, T. D., & Tran, N. A. (2022). Impact of fiscal and monetary policy on inflation in Vietnam. Investment Management and Financial Innovations, 19(1), 201–209. https://doi.org/10.21511/imfi.19(1).2022.15
Nirmala, T., Sugiyanto, C., & Purnawan, M. E. (2022). Impact of monetary policy on consumption and investment in Indonesia. Jurnal Ekonomi dan Studi Pembangunan, 14(2), 243–257. https://doi.org/10.17977/um002v14i22022p243
Okon, E. A., Eke, A. F., & Morgan, M. O. (2023). Inflation theory: A theoretical review of demand-pull and cost-push inflation effect on Nigeria economy. African Journal of Economics and Sustainable Development, 6(3), 34–41. https://doi.org/10.52589/AJESD-HBKHJP39
Oktavera, Y., Hadi, M. F., & Hidayat, M. (2024). Pengaruh kuantitas uang terhadap pertumbuhan ekonomi di Indonesia dengan mediasi variabel inflasi. Journal of Sustainable Economic Studies, 1(1), 16–29. https://ejurnal.umri.ac.id/index.php/JSEB/article/view/6826
Olalekan, O. O., Ojuko, T. P., Nwadiwe, C. K., & Ashaheme, A. O. (2025). The effect of inflation and exchange rate volatility on consumer buying behavior in Nigeria. International Journal of Advanced Economics, 7(7), 191–203. https://doi.org/10.51594/ijae.v7i7.1990
Oyasor, E. (2025). Interaction effect of fiscal and monetary policies on the level of inflation in Nigeria. Revista Científica Profundidad Construyendo Futuro, 22(22), 270–284. https://doi.org/10.22463/24221783.4957
Pahlevi, A. R., & Kusbandrijo, B. (2025). Impact analysis of value added tax rate increase policy on society. Journal of Social Interactions and Humanities, 4(1), 225–238. https://doi.org/10.55927/jsih.v4i1.3
Pasaribu, G. E. A., & Aji, T. S. (2025). The effect of money supply, inflation, investment, and exchange rate on gross domestic product (GDP) in Indonesia. East Asian Journal of Multidisciplinary Research, 4(2), 839–856. https://doi.org/10.55927/eajmr.v4i2.59
Priyadi, U. (2021). Monetary and fiscal policy on handling inflation in Indonesia. International Journal of Management Research and Social Science, 8(4). https://doi.org/10.30726/ijmrss/v8.i4.2021.84024
Puteri, M. O., Alipah, L., & Wahdiat, I. S. (2025a). The effect of value-added tax (VAT) rate increase policy on inflation rate, public consumption, and welfare in Indonesia. Journal of Research in Social Science and Education Management, 4(11), 1679–1689. https://doi.org/10.59141/jrssem.v4i11.861
Puteri, M. O., Alipah, L., & Wahdiat, I. S. (2025b). The effect of value-added tax (VAT) rate increase policy on inflation rate, public consumption, and welfare in Indonesia. Journal Research of Social Science, Economics, and Management, 4(11), 1679–1689. https://doi.org/10.59141/jrssem.v4i11.861
Putra, D. H., Shafa, S., & Hamidy, A. (2023). Pengaruh inflasi, saham syariah, sukuk, reksadana syariah dan asuransi syariah terhadap pertumbuhan ekonomi di Indonesia tahun 2015–2022. Borneo Islamic Finance and Economics Journal, 3(1), 1–18. https://doi.org/10.21093/bifej.v3i1.6259
Ramadhan, F., Berkat, P., Ndraha, H., Dewi, P., Afriyanti, C. A., Hukum, F., Pamulang, U., & Selatan, T. (2024). Peran Bank Indonesia dalam menjaga stabilitas ekonomi, keuangan dan moneter berdasarkan prinsip syariah. LANCAH: Jurnal Inovasi dan Tren, 2(1), 194–205. https://doi.org/10.35870/ljit.v2i1.2300
Rassi, Y. W., Olivia, D., Humairoh, F., Sutomo, M. M., Fauziah, N. S., & Nuraya, A. S. (2025). Impact of value added tax policy on retail sector and public consumption. Formosa Journal of Applied Sciences, 4(4), 1001–1008. https://doi.org/10.55927/fjas.v4i4.75
Raza, H., Laurentjoye, T., Byrialsen, M. R., & Valdecantos, S. (2023). Inflation and the role of macroeconomic policies: A model for the case of Denmark. Structural Change and Economic Dynamics, 67, 32–43. https://doi.org/10.1016/j.strueco.2023.06.006
Rita, & Pudji Astuti. (2023). Dampak kenaikan tarif pajak pertambahan nilai terhadap inflasi. Remittance: Jurnal Akuntansi Keuangan dan Perbankan, 4(1), 38–43. https://doi.org/10.56486/remittance.vol4no1.279
Riza, F., & Wiriyanata, W. (2021). Analysis of the viability of fiscal and monetary policies on the recovery of household consumption expenditures because of the Covid-19 pandemic. Equilibrium: Jurnal Ilmiah Ekonomi dan Bisnis, 3(1), 40–53. https://doi.org/10.37479/jej.v3i1.10166
Rofiqoh, A., Wulandari, F., Husnah, T. N., Hendra, J. K., et al. (2025). Dampak inflasi terhadap stabilitas ekonomi makro. Journal of Law, Education and Business, 3(1), 759–770. https://doi.org/10.57235/jleb.v3i1.5986
Sabelia, & Sufina. (2023). The effect of inflation, BI-7 days repo rate, credit risk, and liquidity risk on the financial performance of conventional commercial banks (2017–2021). Jurnal Keuangan dan Perbankan, 20, 81–100. https://doi.org/10.35384/jkp.v20i1.513
Sabet, S. A. H., & Ibrahimi, M. (2025). Analyzing the impact of money supply and economic growth on inflation in SAARC countries (2000–2020). Integrated Journal for Research in Arts and Humanities, 5(1), 1–11. https://doi.org/10.55544/ijrah.5.1.1
Sari, Y., Herlin, F., & Havilla, S. (2024). Pengaruh suku bunga BI rate dan BI 7 day reverse repo rate terhadap inflasi di Indonesia dengan metode vector autoregression (VAR). Ekonomis: Journal of Economics and Business, 8(1), 754–762. https://doi.org/10.33087/ekonomis.v8i1.1711
Shapiro, A. H. (2022). Decomposing supply- and demand-driven inflation. Federal Reserve Bank of San Francisco Working Paper Series (Working Paper 2022-18). https://doi.org/10.24148/wp2022-18
Shiraishi, K. (2022). Determinants of VAT pass-through under imperfect competition: Evidence from Japan. Japan and the World Economy, 61, 101120. https://doi.org/10.1016/j.japwor.2022.101120
Shrawan, A., & Dubey, A. (2025). Differential impact of money growth on inflationary outcomes: Evidence from emerging markets using panel NARDL approach. Journal of Economic Studies, 52(3), 549–565. https://doi.org/10.1108/JES-12-2023-0716
Siklar, I. (2021). Transmission of monetary policy through credit interest rates in Turkey: A microeconomic perspective. Business and Economic Research, 11(4), 122–140. https://doi.org/10.5296/ber.v11i4.19257
Simanungkalit, J., Diani, S., & Rahmi, S. N. (2025). Analysis of demand and supply of money supply on economic growth. AURELIA: Jurnal Penelitian dan Pengabdian Masyarakat Indonesia, 4(1), 1211–1216. https://doi.org/10.57235/aurelia.v4i1.4739
Simon, P. (2023). Analysis of the relationship between money growth and inflation using wavelet coherency. Financial and Economic Review, 22(4), 58–81. https://doi.org/10.33893/fer.22.4.58
Sipahutar, M. A. (2024). Linkage of money growth on inflation and economic growth: Evidence from Indonesia. Jurnal Economia, 20(3), 453–465. https://doi.org/10.21831/economia.v20i3.66486
Siringoringo, Y. B. P. (2025). Analysis of economic factors on food and non-food expenditure consumption in North Sumatra using multiple linear regression test. Formosa Journal of Applied Sciences, 4(7), 2317–2326. https://doi.org/10.55927/fjas.v4i7.282
Smirnov, Y. N. (2024). Global inflation: Modern determinism and challenges for policy. UPRAVLENIE / Management (Russia), 12(2), 40–50. https://doi.org/10.26425/2309-3633-2024-12-2-40-50
Soyres, F. de, Santacreu, A. M., & Young, H. (2022). Demand-supply imbalance during the COVID-19 pandemic: The role of fiscal policy. International Finance Discussion Papers, 1353, 1–36. https://doi.org/10.17016/ifdp.2022.1353
Srinita, & Effendi, K. A. (2021). Energy policy analysis, monetary and fiscal on inflation volatility in Indonesia. International Journal of Energy Economics and Policy, 11(2), 309–314. https://doi.org/10.32479/ijeep.10841
Subur, H., & Syata, W. M. (2024). Analisis dampak kenaikan tarif pajak pertambahan nilai (PPN) terhadap masyarakat dan inflasi di Indonesia. Jurnal Rumpun Manajemen dan Ekonomi, 1(5), 205–210. https://doi.org/10.61722/jrme.v1i5.3045
Sujatmiko, A. D., Setiawan, F. B., Alfina, N., Elyansyah, N. I. D. P., Rizky, P. A., & Asitah, N. (2025). Hubungan antara pengaruh inflasi terhadap pertumbuhan ekonomi Indonesia: Kajian literatur sistematis. Nusantara Entrepreneurship and Management Review, 3(1), 39–45. https://doi.org/10.55732/nemr.v3i1.1578
Sureiman, O., & Mangera, C. M. (2020). F-test of overall significance in regression analysis simplified. Journal of the Practice of Cardiovascular Sciences, 6(2), 116–122. https://doi.org/10.4103/jpcs.jpcs_18_20
Suseno, A. M., & Agusalim, L. (2024). Hubungan suku bunga dan inflasi: Studi empiris di Indonesia. Journal of Economic, Management and Entrepreneurship, 2(3), 122–131. https://doi.org/10.61502/jemes.v2i3.104
Swamy, V. (2020). Monetary and fiscal policy coordination during the fiscal dominance regimes. World Economics, 21(3). https://doi.org/10.21203/rs.3.rs-31376/v1
Triwahyuni, T. (2021). Pengendalian inflasi, moneter, dan fiskal dalam perspektif ekonomi makro Islam. Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah, 6(2), 199–210. https://doi.org/10.36908/esha.v6i2.209
Utami, M. D. S., Putri, N. A., & Uyun, Q. (2025). Analysis of monetary policy on inflation in influencing economic growth according to the perspective of Islamic economics. Regulate: Jurnal Ilmu Pendidikan, Hukum dan Bisnis, 2(1), 53–63. https://doi.org/10.61166/regulate.v2i1.9
Wea, A., Dhundu, M. G., & Lawalu, E. M. (2025). Analisis inflasi dan pengaruhnya terhadap pertumbuhan ekonomi di Kupang. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 8(3), 785–790. https://doi.org/10.37481/sjr.v8i3.1136
Yuliati, L., Dana, B. S., & Musaiyaroh, A. (2025). Monetary and fiscal policy on inflation in Indonesia: Threshold vector autoregression approach. Media Ekonomi dan Manajemen, 40(1), 1–11. https://jurnal.untagsmg.ac.id/index.php/fe/article/view/5014
Zhang, R., & Zhou, Z. (2025). The effect of inflation on economic growth. Advances in Economics, Management and Political Sciences, 148(1), 31–35. https://doi.org/10.54254/2754-1169/2024.ld19195
Zuniga, M. C., & Senbet, D. (2023). Does the effectiveness of monetary policy depend on the choice of policy instrument? Empirical evidence from South Korea. Journal of Central Banking Theory and Practice, 12(2), 239–265. https://doi.org/10.2478/jcbtp-2023-0021