The study looked at how interest rates and the US dollar exchange rate affect inflation in Indonesia from 1984 to 2014. They found that interest rates have a negative impact on the amount of money in circulation, while the US dollar exchange rate has a positive impact. Interest rates also have a positive effect on inflation, as does the US dollar exchange rate. However, the amount of money in circulation does not directly affect inflation. Overall, interest rates and the US dollar exchange rate do not influence inflation through the money supply.