Analysis of the Effect of Macroeconomic Variables to Joint Stock Price Index with Monetary Policy as Moderating Variables in Indonesia

This research is intended to know the influence of
the macroeconomic variables to join the stock price index and
detect the possibility of flypaper effect occurrences at joint stock
price index with monetary policy as moderating variable in
Indonesia. This research population is Indonesia, and 17 of them
were selected to be the samples for this research through a
purposive sampling technique. Estimates conducted by the
multiple regression analysis and moderating variable test. The
data used in this study were secondary, consisted of Economic
Growth, Inflation, and World Oil Prices to joint-stock price
index with an interest rate as the monetary policy for the year
2000-2017. This research shows that Based on the partial test (ttest),
the Economic Growth variable has no significant effect. In
contrast, the Inflation and World Oil Price variables have a
significant effect on the variables of the Joint Stock Price Index
in Indonesia. The SBI Interest Rate as a monetary policy variable
cannot moderate the relationship between Economic Growth,
Inflation, and World Oil Prices on the Joint Stock Price Index in
Indonesia.