Analisis Inkonsistensi Waktu Kebijakan Moneter di Indonesia: Periode Sebelum dan Sesudah Penerapan Kerangka Kebijakan Penargetan Inflasi (ITF).

This study aimed to compare the level of conservatism, the asymmetry of the policy preferences of Indonesian bank or time inconsistency problem monetary policy in Indonesia and the effect of applying the policy inflation targeting framework (ITF) in the period before (1995-2004) and after (2005-2014) implementation inflation targeting framework (ITF) in Indonesia. This research is descriptive and associative. The type of data in this research is secondary data and estimates. The data is time-serie, from the first quarter of 1995 to the fourth quarter of 2014. Data variables expectation gap GDP obtained from forecasting using ARIMA model and variant data obtained from the GDP gap estimated using GARCH. Data processed by multiple linear regression model, with the prerequisite test stationarity test and classical assumption test, t test and F test. The results of this study show that (1) Bank Indonesia has not been conservative in the period before (1995-2004) and implementation of the ITF policy has been conservative in the period after (2005-2014) the implementation of ITF policies. (2) There is a preference or asymmetry of time-inconsistency problem monetary policy in Indonesia in the period before (1995-2004) ITF policy implementation and there are no preferences or asymmetry of time inconsistency problem (time-inconsisntency) in the period after (2005- 2014) ITF implementation. (3) There is no effect of ITF policy application to the decline in the inflation rate in Indonesia.