Journal of International Money Finance 29 (4):615-641.Īizenman, J., dan H. The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration.

Assessing the emerging global financial architecture: Measuring the trilemma's configurations over time: National Bureau of Economic Research. A modern reincarnation of Mundell-Fleming's trilemma. Keywords: Trilemma Policy, Macroeconomics, Vector Error Correction Model (VECM), ForecastingĪizenman, J. This result recommends that there is a need for harmonization of policies undertaken by Bank Indonesia as the monetary authority and the government as a fiscal authority so as to achieve the level of financial stability that impacts on economic stability. Viewing the results of forecasting for the trilemma policy and macroeconomic variables show that the inflation rate is so high and the level of economic openness is very low.

Economic shocks and uncertainties in the world economy externally affect macroeconomic variables. The results show that the volatility of the trilemma policy adopted by Indonesia in the short and long term Affects the rate of economic growth and inflation. The method used is the vector error correction model (VECM). The research aims to see the effect of the policy volatility on macroeconomic variables in Indonesia. The trilemma policy is a hypothesis stating a Mundell-Fleming macroeconomic development framework in which there is a state that cannot simultaneously choose three policies because it must sacrifice one policy so that the realization of policies that leads to economic stability is desired.

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