The Development Economics Study Program, Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), held its first undergraduate thesis defense for an International Class student, Alya Faiza, on Friday, January 24, 2025.

Alya defended her undergraduate thesis titled “Does the Phillips Curve Occur in Indonesia? Evidence from Regional Data by Considering Uncertainty.” The panel of examiners consisted of Nur Fakhzan binti Marwan, Ph.D. (an alumna of the doctoral program at Durham University and currently the EMBA Program Coordinator and Senior Lecturer at UiTM Pahang, Malaysia), Muhammad Yusuf Indra Purnama, Ph.D., and Malik Cahyadin, Ph.D.

The study presents an empirical estimation of the Phillips Curve model at the provincial level in Indonesia, covering the periods before, during, and after the COVID-19 pandemic. During the defense, the external examiner expressed strong appreciation for Alya’s research quality and delivery. She also commended the undergraduate thesis examination process for including an international external examiner, noting it as a positive indicator of academic recognition for the international class program, which is one of UNS’s pilot initiatives.

With regard to the research findings, she provided several suggestions, including a deeper analysis of the provincial-level results and further elaboration on the non-significant effects of global economic indicators—such as trade openness—on inflation in Indonesia.

Additional feedback was given by other examiners concerning the need for deeper exploration of inter-provincial inflation differences, to better reveal the heterogeneity across regions in Indonesia. This, they noted, would strengthen the uniqueness and contextual value of the research. At the conclusion of the session, the Head of the Undergraduate Development Economics Program—who also served as one of the examiners—encouraged Alya to pursue her next level of education abroad.