NFLASI DI INDONESIA PADA PERIODE 2011-2015: ANALISIS SERTIFIKAT BANK INDONESIA, SERTIFIKAT BANK INDONESIA SYARIAH, PASAR UANG ANTAR BANK, PASAR UANG ANTAR BANK SYARIAH, FINANCE TO DEPOSIT RATIO DAN LOAN TO DEPOSIT RATIO

This study aims to examine the effect of monetary policy transmission through conventional and sharia systems to the inflation rate in Indonesia from January 2011 to December 2015. The approach used is Vector Error Correction Model (VECM)quantitative method using Eviews 8 program. The data used was secondary data from the official website of Bank Indonesia and the Financial Services Authority (Otoritas Jasa Keuangan/OJK). The result of the research shows that in the long run, conventional monetary policy transmission has an
effect on inflation rate in Indonesia, namely the interest rate of Bank Indonesia Certificates which has a positive and significant effect to the inflation rate in Indonesia. Interbank money market variables have negative and significant influence on the inflation rate. While the loan to deposit ratio variable doesn't have any effect on inflation rate. On the sharia side, the results show that in the long run, the sharia monetary policy transmission has an effect on inflation in Indonesia, namely Bank Indonesia Sharia Certificate that has significant negative effect and sharia money market has significant positive effect,whilst finance to deposit ratio doesn't.

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