Espaciamiento

The main findings in Chapter 2 are consistent with previous studies, as the results show that the shock to growth of money supply does not have any real impact and productivity shocks mostly affect the real variables, even though the property of superneutrality is experimented with various money aggregates (both simple-sum narrow and broad money, and divisia narrow

160 and broad money). Moreover, future research can be applied using a consistent narrative surrounding division money with respect to the development of financial deepening in Indonesia. Regardless of the property of superneutrality test result, assuming non-separability in the utility function will potentially change the conclusion and may improve the analysis.

Additionally, adding a labour-leisure choice might possibly eliminate the puzzle. Having evidence that the money demand in Indonesia is stable based on a single equation indicates the existence of the long-run relationship between monetary aggregates, including money divisia and its determinants. This has to be examined for robustness by checking in the DSGE model or in the Vector Autoregressive system.

There are some limitations in the study in Chapter 3, particularly that the study uses a closed economy model, while Indonesia can be best described as a small open economy. Adding open economy features may potentially alter the conclusion and enhance the analysis, such as on whether there are marked differences in the exchange rate pass through to inflation after the full-fledged implementation of the inflation targeting policy. This is an issue for future research. Nevertheless, this study has shown that it is essential to assess the model’s fit to the data prior to the model’s use for actual economic analysis. Additionally, future work could extend this study by doing a comparison of impulse response analysis using different models to take into account a misspecified DSGE model.

161

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