The estimated result obtained by the model is VECM at lag 2 with the results of the short-term estimate KURS t = - 0.257 KURS t-1 - 0.289 KURS t-2 - 0.029 TSB t-1, JUB t = 0.015 - 0.369 KURS t-2 - 0.208 JUB t-1- 0.202 JUB t-2, TSB t = 0.275 TSB t-1 + 0.353 TSB t-2 where t time period and long-term estimated results that the amount of money in circulation and the interest rate negatively affect the rupiah exchange rate. The data used is monthly data for the period 2007 - 2017.
This study aims to determine the influence on the estimated short-term and long-term relationships of the VECM (Vector Error Corrction Model), the casuality relationship of the three variables, and the length of response effect time when achieving stability.
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