Indonesian Monetary Policy Research: A Bibliometric Mapping and Future Research Agenda

Abstract

This study aims to map and examine the development of research on Indonesian monetary policy using bibliometric analysis. The study analyzes scientific publications related to Indonesian monetary policy to identify dominant research themes, keyword relationships, thematic clusters, and temporal developments in the literature. Bibliographic data were analyzed using VOSviewer through network and overlay visualizations. The findings indicate that Indonesia, monetary policy, inflation, central bank, and exchange rate are among the most prominent and interconnected research themes. The network visualization demonstrates that exchange-rate dynamics play an important bridging role between domestic monetary policy and external economic conditions. The overlay visualization further reveals a gradual shift from conventional monetary variables toward dynamic econometric approaches, financial-market issues, policy reaction functions, and emerging sustainability-related themes. These findings suggest that research on Indonesian monetary policy has become increasingly diverse and interconnected, reflecting the changing complexity of Indonesia's macroeconomic and financial environment. The study also identifies opportunities for future research, particularly concerning monetary policy transmission, financial stability, global economic shocks, green finance, climate risk, and sustainable economic growth. By providing a comprehensive visualization of the intellectual and thematic structure of the literature, this study contributes to a better understanding of the evolution of Indonesian monetary policy research and provides directions for future empirical and interdisciplinary studies.

Keywords: Indonesian monetary policy; bibliometric analysis; inflation; exchange rate; central bank; VOSviewer; financial stability.

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