Transmisi kebijakan moneter melalui jalur perumahan di Indonesia

Abstract

After subprime mortgage crisis in the USA, The housing market is become more concerned by monetary policy makers. They must understand the role of the housing sector in the money transmission mechanism to find the goal, price stability, and sustainable employment as well as economic growth. The central bank of Indonesia (Bank Indonesia) states there are 5 channels that transmit the monetary policy to the real sector. It is includes channels through interest rates, credits, exchange rates, assets, and expectation. This paper proposes the other channel, the housing sector, as the 6th channel that transmit monetery policy. It is focus to the direct and indirect sub-channel of housing to the economy and analyzing the role of housing in the monetary transmission mechanism.