Towards improved monetary policy in Indonesia: response to De Brouwer
This paper presents a number of responses to Gordon de Brouwer’s criticisms of my paper on monetary policy in Indonesia. Among other things, it argues that de Brouwer has failed to disentangle the impact of two exogenous disturbances on prices—and relative prices—during the crisis and post-crisis period. These disturbances were capital flight, which resulted in real depreciation of the rupiah, and rapid growth of base money, which resulted in inflation. Thus all prices rose, but tradables...[Show more]
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