Electronic Theses and Dissertation

Price stability and economic growth are the main goals of macroeconomics. The central bank can influence the economy to achieve the desired condition through its monetary policy. This study aims to analyze the effect of monetary variables and the COVID-19 pandemic on the growth of inflation stability in six ASEAN countries (Indonesia, Thailand, Malaysia, Singapore, Vietnam, and the Philippines), using ARDL analysis of panel data. The results show that the monetary money supply variable is effective in maintaining inflation stability according to the theory, while the interest rate variable has a positive effect on inflation (contrary to the theory) meaning that it is not effective in maintaining inflation stability in the long term. and the short term, and the dummy COVID-19 variable has a direct effect on inflation. inflation. The implication of the results of this study is the need for balanced coordination between monetary policy, fiscal policy, and policy in the real sector in order to increase the effectiveness of monetary policy. Keywords: Inflation, Money Supply, Interest Rate, Dummy COVID-19