Does the Credible Fiscal Policy Support the Prices Stabilization?

ABDUROHMAN. (2013). The Behavior of Fiscal Policy in Indonesia in Response to Economic Cycle: A Comparison with other ASEAN Countries. Paper presented in the 23rd PRSCO and the 4th IRSA Institute, July, 2-4, Bandung.Search in Google Scholar

ABO-ZAID, S. and TÜZEMEN, D. (2012). Inflation Targeting: A Three-Decade Perspective. Journal of Policy Modeling, 34(5). pp. 621-45.10.1016/j.jpolmod.2011.08.004Search in Google Scholar

AFONSO, A., AGNELLO, L., and FURCERI, D. (2010). Fiscal Policy Responsiveness, Persistence, and Discretion. Public Choice, 145(3). pp. 503-30.10.1007/s11127-009-9577-xSearch in Google Scholar

AIZENMAN, J. and MARION, N. (1993). Policy Uncertainty, Persistence, and Growth. Review of International Economics, 1(2). pp. 145-63.10.1111/j.1467-9396.1993.tb00012.xSearch in Google Scholar

AKITOBY, B. et al. (2006). Public Spending, Voracity, and Wagner's Law in Developing Countries. European Journal of Political Economy, 22(4). pp. 908-24.10.1016/j.ejpoleco.2005.12.001Search in Google Scholar

ARTHA, I.K.D.S. (2007). Interaction of Monetary and Fiscal Policy in Developing Countries. Unpublished Thesis, Faculty of Economics, University of Indonesia, Jakarta.Search in Google Scholar

ASIAN DEVELOPMENT BANK. (2010). Asian Development Outlook, Part 2, Macroeconomic Management beyond the Crisis. Asian Development Bank, Manila.Search in Google Scholar

BARRO, R.J. (1974). Are Government Bonds Net Wealth? Journal of Political Economy, 82(6). pp. 1095-117.Search in Google Scholar

BARRO, R.J. and GORDON, D.B. (1983). Rules, Discretion, and Reputation in a Model of Monetary Policy. Journal of Monetary Economics, 12(1). pp. 101-21.10.1016/0304-3932(83)90051-XSearch in Google Scholar

BAXTER, M. (1985). The Role of Expectations in Stabilization Policy, Journal of Monetary Economics, 15, pp. 343-62.Search in Google Scholar

BLANCHARD, O. and PEROTTI, R. (2002). An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. Quarterly Journal of Economics, 117(4), November. pp. 1329-68.10.1162/003355302320935043Search in Google Scholar

BLINDER, A. (2004). The Case against the Case against Discretionary Fiscal Policy. Center for Economic Policy Studies, Princeton University, June.Search in Google Scholar

BLÖNDAL, J.R., HAWKESWORTH, I., and CHOI, H. (2009). Budgeting in Indonesia. OECD Journal on Budgeting, 2009/2.10.1787/budget-9-5ks72wv89p48Search in Google Scholar

BOVA, E., CARCENAC, N. and GUERGUIL, M. (2014). Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World, IMF Working Paper, WP/14/122, July.10.5089/9781498305525.001Search in Google Scholar

CANZONERI, M.B., CUMBY, R.E., and DIBA. B.T., (2002). Should the European Central Bank and the Federal Reserve be Concerned about Fiscal Policy? Proceeding of a Conference on Rethinking Stabilization Policy, Federal Reserve Bank of Kansas City, Jackson Hole. pp. 333-89.Search in Google Scholar

CLARK, C.S. (2011). What is 'Credible' Fiscal Policy? The Canadian Experience, 1983-2010: The View of a Former Practitioner, in New Directions for Intelligent Government in Canada: Papers in Honor of Ian Stewart, Centre for the Study of Living Standards, pp. 101-26.Search in Google Scholar

COCHRANE, J. (1998). A Frictionless View of US Inflation. In B. Bernake and J. Rotemberg. (eds), NBER Macroeconomics Annual. pp. 323-84.Search in Google Scholar

COCHRANE, J. (2001). Long Term Debt and Optimal Policy in the Fiscal Theory of the Price Level. Econometrica, 69(1). pp. 69-116.10.1111/1468-0262.00179Search in Google Scholar

COMBES, J., DEBRUN, X., MINEA, A., and TAPSOBA, R. (2014). Inflation Targeting and Fiscal Rules: Do Interactions and Sequencing Matter? IMF Working Paper WP/14/89, May.10.5089/9781498322379.001Search in Google Scholar

DE BROUWER, G.J., RAMAYANDI, A., and TURVEY, D. (2006). Macroeconomic Linkages and Regional Monetary Cooperation: Steps Ahead. Asian Economic Policy Review, 1(2). pp. 284-301.10.1111/j.1748-3131.2006.00033.xSearch in Google Scholar

FATÁS, A. and MIHOV, I. (2003). The Case for Restricting Fiscal Policy Discretion. Quarterly Journal of Economics, 118(4). pp. 1419-47.10.1162/003355303322552838Search in Google Scholar

FATÁS, A. and MIHOV, I. (2006). The Macroeconomic Effects of Fiscal Rules in the US States. Journal of Public Economics, 90(1-2). pp. 101-17.10.1016/j.jpubeco.2005.02.005Search in Google Scholar

FREEDMAN, C. and ÖTKER-ROBE, I. (2010). Important Elements Inflation Targeting for Emerging Economies. IMF Working Paper, WP10-113.Search in Google Scholar

GALÍ, J. (1994). Government Size and Macroeconomic Stability. European Economic Review, 38, January. pp. 117-32.10.1016/0014-2921(94)90009-4Search in Google Scholar

GILL, H. (2011). State of the Art of Inflation Targeting. Centre for Central Banking Studies Handbook No. 29, London: Bank of England.Search in Google Scholar

HAUNER, D., JONÁŠ, J. and KUMAR, M.S. (2007). Policy Credibility and Sovereign Credit: the Case of the new EU Member States, IMF Working Paper WP07/1.10.5089/9781451865653.001Search in Google Scholar

HERMAWAN, D. and MUNRO, A. (2008). Monetary-Fiscal Interaction in Indonesia. BIS Working Paper, January, draft.Search in Google Scholar

HSING, Y. (2008). Is the Monetary Policy Rule Responsive to Exchange Rate Changes? The case of Indonesia, Malaysia, the Philippines, and Thailand. International Review of Economics, 56(2). pp. 123-32.10.1007/s12232-008-0058-1Search in Google Scholar

HUR, S., MALLICK, S., and PARK, D. (2010). Fiscal Policy and Crowding Out in Developing Asia. ADB Economics Working Paper Series, No. 222, September.10.2139/ssrn.1695286Search in Google Scholar

IMF. (2013). Fiscal Rules Dataset 1985-2013. IMF Fiscal Affairs Department, September.Search in Google Scholar

JUHRO, S.M. (2008). The Optimal Monetary Policy Response in Indonesia: The State- Contingent Rule? Bulletin of Monetary Economics and Banking, 10(4), April. pp. 303-36.10.21098/bemp.v10i4.229Search in Google Scholar

KADRIA, M. and BEN-AISSA, M.S. (2014). Implementation of Inflation Targeting and Budget Deficit Performance in Emerging Countries: A Treatment Effect Evaluation. Journal of Applied Business Research, 30(4). pp. 1077-90.10.19030/jabr.v30i4.8656Search in Google Scholar

KOPITS, G. (2001). Fiscal Rules: Useful Policy Framework or Unnecessary Ornaments? IMF Working Paper, WP/01/145.10.5089/9781451856545.001Search in Google Scholar

KUNCORO, H. and SEBAYANG, K.D.A. (2013). The Dynamic Interaction between Monetary and Fiscal Policies in Indonesia. Romanian Journal of Fiscal Policy, 4(6), January-June. pp. 47-66Search in Google Scholar

KYDLAND, F.E. and PRESCOTT, E.C. (1977). Rules Rather than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy, 85(1). pp. 473-91.10.1086/260580Search in Google Scholar

LANE, P.R. (2003). The Cyclical Behavior of Fiscal Policy: Evidence from the OECD. Journal of Public Economics, 87(12). pp. 2661-75.10.1016/S0047-2727(02)00075-0Search in Google Scholar

LEEPER, E.M. (1991). Equilibria under ‘Active’ and ‘Passive’ Monetary and Fiscal Policies. Journal of Monetary Economics, 27(1), February. pp. 129-47.10.1016/0304-3932(91)90007-BSearch in Google Scholar

LUCOTTE, Y. (2012). Adoption of Inflation Targeting and Tax Revenue Performance in Emerging Market Economies: An Empirical Investigation. Economic Systems, 36(4). pp. 609-28.10.1016/j.ecosys.2012.01.001Search in Google Scholar

MIHALJEK, D. (2009). The Financial Turmoil in Central and Eastern Europe and Fiscal Policy in Croatia. Occasional publication of Institute of Public Finance, No.40, May 2009.Search in Google Scholar

MINEA, A. and TAPSOBA, R. (2014). Does Inflation Targeting Improve Fiscal Discipline? Journal of International Money and Finance, 40. pp. 185-203.Search in Google Scholar

MINEA, A., TAPSOBA, R., and VILLIEU, P. (2012). Can Inflation Targeting Promote Institutional Quality in Developing Countries? University of Orleans, mimeo.Search in Google Scholar

MINEA, A. and VILLIEU, P. (2010). Financial Development, Institutional Quality, and Maximizing-Growth Trade-Off in Government Finance. Economic Modelling, 27(1), January. pp. 324-35.10.1016/j.econmod.2009.09.012Search in Google Scholar

MOCHTAR, F. (2004). Fiscal and Monetary Policy Interaction: Evidences and Implication for Inflation Targeting in Indonesia. Bulletin of Monetary Economics and Banking, 7(3), December. pp. 359-86.Search in Google Scholar

NAERT, F. (2011). Credibility of Fiscal Policies and Independent Fiscal Bodies. Review of Business and Economic Literature, 56(3). pp. 288-309. RAMAYANDI, A. (2007). Approximating Monetary Policy: Case Study for the ASEAN-5. Working Papers in Economics and Development Studies (WoPEDS) 200707.Search in Google Scholar

RIYANDI, G. (2012). Meta-Analysis of Money Demand in Indonesia. Bulletin of Monetary Economics and Banking, 15(1), July. pp. 41-61.10.21098/bemp.v15i1.415Search in Google Scholar

ROGER, S. (2009). Inflation Targeting at 20: Achievements and Challenges. IMF Working Paper, WP09-236.10.5089/9781451873832.001Search in Google Scholar

ROGOFF, K.S. (2008). Inflation Is Now the Lesser Evil. Project Syndicate, December, http://www.project-syndicate.org/commentary/rogoff51/English.Search in Google Scholar

ROTHER, P.C. (2004). Fiscal Policy and Inflation Volatility. European Central Bank Working Paper, No. 317.10.2139/ssrn.515081Search in Google Scholar

SACCHI, A. and SALOTTI, S. (2014). The Impact of National Fiscal Rules on the Stabilization Function of Fiscal Policy. MPRA Working Paper No. 56982, University Library of Munich, Germany.Search in Google Scholar

SARGENT, T.J. and WALLACE, N. (1981). Some Unpleasant Monetarist Arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5. pp. 1-17.10.21034/qr.531Search in Google Scholar

SCOTT, R. (2010). Inflation Targeting Turns 20. Finance & Development, 47(1). pp. 46-9.Search in Google Scholar

SIMS, C. (1994). A Simple Model for Study of the Price Level and the Interaction of Monetary and Fiscal Policy. Economic Theory, 4. pp. 381-99.10.1007/BF01215378Search in Google Scholar

SIMS, C. (2004). Limits to Inflation Targeting. In B.S. Bernanke and M. Woodford. (Edt), The Inflation-Targeting Debate, NBER University of Chicago Press. pp. 283-309.10.7208/chicago/9780226044736.003.0008Search in Google Scholar

SNYDER, W. (1985). The Budget Impact on Economic Growth and Stability in Indonesia. Ekonomi dan Keuangan Indonesia, 33(2), July. pp. 21-34.Search in Google Scholar

STOIAN, A. (2012). How Vulnerable is Fiscal Policy in Central and Eastern European Countries? Romanian Journal of Fiscal Policy, 3(2), July-December, pp. 68-81.Search in Google Scholar

TANG, H.C., LIU, P., and CHEUNG, E.C. (2010). Changing Impact of Fiscal Policy on Selected ASEAN Countries. ADB Working Paper Series on Regional Economic Integration No. 70, December.Search in Google Scholar

WIMANDA, E.R., TURNER, P.M., and HALL, M.J.B. (2011). Expectations and the Inertia of Inflation: The Case of Indonesia. Journal of Policy Modeling, 33(3). pp. 426-38.10.1016/j.jpolmod.2010.08.009Search in Google Scholar

WOODFORD, M. (1994). Monetary Policy and Price Level Determinacy in a Cash-in- Advance Economy. Economic Theory, 4. pp. 345-80.10.1007/BF01215377Search in Google Scholar

WOODFORD, M. (1998). Doing without Money: Controlling Inflation in a Post- Monetary World. Review of Economic Dynamics, 1. pp. 173-219.10.1006/redy.1997.0006Search in Google Scholar