Lingkungan

makroekonomi

Materi 6
Oleh: Dr. Chandra Utama, SE., MM., MSc.
 Proses akumulasi modal (Capital) dan produksi
Input selain
modal Produksi Output Pendapatan

Akumulasi Profit =
modal Sumber dana: Pendapatan –
Investasi Laba ditahan biaya

Sumber dana:
Dividen
Pasar keuangan

Saham Obligasi Perbankan

Pemilik
Lingkungan
makroekonomi

Financial Market
 Demand for Money
Let’s go from this discussion to an equation For a given level of nominal income, a lower interest rate increases
describing the demand for money. the demand for money. At a given interest rate, an increase in
nominal income shifts the demand for money to the right.

M d = $Y L(i)

Read this equation in the following way: The

demand for money, M d , is equal to nominal
income, $Y, times a function of the interest
rate, i, with the function denoted by L(i ).

•The demand for money:

• increases in proportion to nominal income
($Y), and
• depends negatively on the interest rate (L(i)
and the negative sign underneath).
Money Demand, Money Supply, and the Equilibrium Interest Rate

Equilibrium in financial markets requires that
money supply be equal to money demand, or
that Ms = Md. Then using this equation, the
equilibrium condition is:
The interest rate must be such that the supply of money
(which is independent of the interest rate) is equal to the
demand for money (which does depend on the interest rate).

Money Supply = Money demand

M = $Y L(i )
This equilibrium relation is called the LM
relation.
Money Demand, Money Supply, and the Equilibrium Interest Rate

An increase in nominal income leads to An increase in the supply of money leads to a decrease in the interest
an increase in the interest rate. rate.
 Monetary Policy and Open Market Operations
Open market operations

The Balance Sheet of

the Central Bank and the
Effects of an
Expansionary Open
Market Operation
*
The assets of the central bank
are the bonds it holds. The
liabilities are the stock of
money in the economy. An
open market operation in which
the central bank buys bonds
and issues money increases
both assets and liabilities by
the same amount.

*Di Indonesia Sertifikat Bank Indonesia (SBI)

What Banks Do
Financial intermediaries are institutions that
receive funds from people and firms, and use these
funds to buy bonds or stocks, or to make loans to
other people and firms.
■ Banks receive funds from people and firms who
either deposit funds directly or have funds sent
to their checking accounts. The liabilities of the
banks are therefore equal to the value of these
checkable deposits.
■ Banks keep as reserves some of the funds they
receive.
Banks hold reserves for three reasons:
1. On any given day, some depositors
withdraw cash from their checking
accounts, while others deposit cash into
their accounts.
2. In the same way, on any given day, people
with accounts at the bank write checks to
people with accounts at other banks, and
people with accounts at other banks write
checks to people with accounts at the
bank.
3. Banks are subject to reserve requirements.
The actual reserve ratio – the ratio of
bank reserves to bank checkable deposits.
What Banks Do

■ Loans represent roughly 70% of banks’

The Balance Sheet of Banks and the Balance
non-reserve assets. Bonds count for the Sheet of the Central Bank, Revisited
rest, 30%.

The assets of the central bank are the

bonds it holds. The liabilities of the central
bank are the money it has issued, central
bank money. The new feature is that not
all of central bank money is held as
currency by the public. Some of it is held
as reserves by banks.
What Banks Do

Determinants of the Demand and the Supply of Central

Let’s think in terms of the supply and Bank Money
the demand for central bank money.

■ The demand for central bank

money is equal to the demand for
currency by people plus the
demand for reserves by banks.

■ The supply of central bank money

is under the direct control of the
central bank.

■ The equilibrium interest rate is

such that the demand and the
supply for central bank money are
equal.
 The Supply of Money, the Demand for Money, and the
Money Multiplier

■ The overall supply of money is equal to central bank money

times the money multiplier:

■ High-powered money is the term used to reflect the fact

that the overall supply of money depends in the end on the
amount of central bank money (H), or monetary base.

Understanding the Money Multiplier

•We can think of the ultimate increase in the money supply
as the result of successive rounds of purchases of bonds—the
first started by the Fed in its open market operation, the
following rounds by banks.
Monetary policy
Monetary aggregates versus interest rates as operating targets
Inflation targeting and the Taylor rule
 Target inflasi
Tahun Target Inflasi Inflasi Aktual (%,yoy) Tahun Target Inflasi Inflasi Aktual (%,yoy)

2001 9% - 10% 10.02 2012 4,5+1% 4,30

2002 4% - 6% 12.55 2013 4.5+1% 8,38
2003 9+1% 50.6 2014 4.5+1% 8,36
2004 5,5+1% 6,40 2015 4+1% 3,35
2005 6+1% 17,11 2016 4±1% ​3,02
2006 8+1% 6,60 ​2017 ​4±1% ​3,61
2007 6+1% 6,59 2018 3,5±1%​ ​3,13
2008 5+1% 11,06 ​2019** ​3,5±1%​ 2,72​
2009 4,5+1% 2,78 ​2020** ​3±1%​ 1,68​
2010 5+1% 6,96 ​2021** ​3±1%​ ​1,87
2011 5+1% 3,79 2022* ​3±1%​ -
Uang beredar

2020 2020
KETERANGAN
Sep* Oct*
Uang Beredar Luas(M2) 6,748,574 6,780,845
Uang Beredar Sempit (M1) 1,780,721 1,782,244
Uang Kartal di Luar Bank Umum dan BPR 674,441 707,854
Simpanan Giro Rupiah 1,106,280 1,074,390
Uang Kuasi 4,946,507 4,976,024
Simpanan Berjangka 2,581,725 2,630,641
Rupiah 2,260,611 2,300,476
Valuta Asing 321,114 330,165
Tabungan 1,987,483 1,990,578
Rupiah 1,842,642 1,844,098
Valuta Asing 144,840 146,481
Simpanan Giro Valuta asing 377,300 354,805
Surat Berharga Selain Saham 21,345 22,576

Sumber: Bank Indonesia

Tambahan:
Suku bunga
Uang
beredar
M1:
Indonesia
VS US
Uang
beredar
M1:
Indonesia
VS US
Uang
beredar
M1:
Indonesia
VS US
Data:

https://www.bi.go.id/id/statistik/ekonomi-
keuangan/seki/Default.aspx#floating-2
Lanjut Materi 7..