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"Integrasi keuangan global dan kemajuan teknologi terbukti memperkuat transmisi kebijakan ekonomi, termasuk kebijakan moneter. Transmisi moneter internasional yang utamanya disalurkan melalui bank lending dan exchange rate channel menjadi semakin krusial untuk dipertimbangkan dalam pembuatan kebijakan moneter. Dalam studi ini, penulis menganalisis signifikansi kedua channel tersebut di negara-negara G20. Selain itu, penulis juga menganalisis spillover kebijakan moneter AS terhadap negara-negara G20. Studi ini menggunakan dataset BIS dan FRED serta menggunakan VAR sebagai metode analisisnya. Selanjutnya, studi ini menemukan bahwa kedua channel tersebut sebagian besar efektif di ekonomi berkembang dan ekonomi maju non-barat, sedangkan tidak efektif di negara-negara barat yang maju, terutama mereka yang telah menerapkan suku bunga rendah untuk jangka waktu yang lama.

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Global financial integrations and technology advancements is proven to amplify the transmission of economic policy, including monetary policy. International monetary transmission that is mainly channeled via bank lending and exchange rate channel becoming more crucial to be considered in creating monetary policy. In this paper, author aims to analyze the significance of both channels in the G20. Moreover, author also analyzes the spillover of US monetary policy toward G20 countries. This paper uses BIS and FRED datasets and uses VAR as the method of analysis. Briefly, the study finds that both channels are mostly effective in emerging economies and advanced non-western countries while ineffective in advanced western countries, especially those who already implemented low interest rates for a long period."

""Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate.""The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking." -- BOOK JACKET."

"This paper provides evidence on the reactions of an emerging financial market to monetary policy announcements. We employ an instrumental variable estimation approach based on the "identification through heteroscedasticity" technique to estimate the impact of a change in the official interest rate and its surprise component on asset prices in Indonesia. The new methodology controls for possible feedback relationships between financial variables and official interest rate changes. Data study objects that I used in this thesis are samples of the stock price indexes of JSX, foreign exchanges and SBI rates. Data samples are daily rctums from JSX database and Bloomberg, respectively. Study period covers from August 03, 1998 to January 02, 2004, a total one thousand and fifteen (1415) observations based on trading dates. In our analysis, official interest rates have a smaller significant impact on stock market movements, driving them in the same direction as the change in stock prices. The results suggest that daily interest rates have a smaller significant impact on stock market movements within the period after the Bank Indonesia Act |999 to year 2004, driving them in the same direction as the change in stock prices. On the other hand before Bank Indonesia Act I999, I observe an influence of official interest MIC changes on short-term stock indices."