I have create a new content type name with blog which have default fields(node title and body) Steps are given below.
First create a view(jump menu) for monthly archive.
Select post date of node one for drop-down text and second for link. All settings are given in screenshot.
Settings for jump menu

Settings for post date(first)

Settings for post date(Second)

Now add a page where display list of node based on drop-down value selection
Follow Page settings

Contextual filter settings for year

Contextual filter settings for year

Select a region for your monthly archive block. Here I am adding views export code that will help you better.
Views export code
$view = new view();
$view->name = 'monthly_archives';
$view->description = '';
$view->tag = 'default';
$view->base_table = 'node';
$view->human_name = 'Monthly Archives';
$view->core = 7;
$view->api_version = '3.0';
$view->disabled = FALSE; /* Edit this to true to make a default view disabled initially */
/* Display: Master */
$handler = $view->new_display('default', 'Master', 'default');
$handler->display->display_options['title'] = 'Monthly Archives';
$handler->display->display_options['use_more_always'] = FALSE;
$handler->display->display_options['access']['type'] = 'perm';
$handler->display->display_options['cache']['type'] = 'none';
$handler->display->display_options['query']['type'] = 'views_query';
$handler->display->display_options['exposed_form']['type'] = 'basic';
$handler->display->display_options['pager']['type'] = 'none';
$handler->display->display_options['style_plugin'] = 'jump_menu';
$handler->display->display_options['style_options']['hide'] = TRUE;
$handler->display->display_options['style_options']['path'] = 'created_1';
$handler->display->display_options['style_options']['choose'] = 'Select Month';
$handler->display->display_options['row_plugin'] = 'fields';
/* Field: Content: Title */
$handler->display->display_options['fields']['title']['id'] = 'title';
$handler->display->display_options['fields']['title']['table'] = 'node';
$handler->display->display_options['fields']['title']['field'] = 'title';
$handler->display->display_options['fields']['title']['label'] = '';
$handler->display->display_options['fields']['title']['alter']['word_boundary'] = FALSE;
$handler->display->display_options['fields']['title']['alter']['ellipsis'] = FALSE;
/* Sort criterion: Content: Post date */
$handler->display->display_options['sorts']['created']['id'] = 'created';
$handler->display->display_options['sorts']['created']['table'] = 'node';
$handler->display->display_options['sorts']['created']['field'] = 'created';
$handler->display->display_options['sorts']['created']['order'] = 'DESC';
/* Filter criterion: Content: Published */
$handler->display->display_options['filters']['status']['id'] = 'status';
$handler->display->display_options['filters']['status']['table'] = 'node';
$handler->display->display_options['filters']['status']['field'] = 'status';
$handler->display->display_options['filters']['status']['value'] = 1;
$handler->display->display_options['filters']['status']['group'] = 1;
$handler->display->display_options['filters']['status']['expose']['operator'] = FALSE;
/* Filter criterion: Content: Type */
$handler->display->display_options['filters']['type']['id'] = 'type';
$handler->display->display_options['filters']['type']['table'] = 'node';
$handler->display->display_options['filters']['type']['field'] = 'type';
$handler->display->display_options['filters']['type']['value'] = array(
'blog' => 'blog',
);
/* Display: Block */
$handler = $view->new_display('block', 'Block', 'block');
$handler->display->display_options['defaults']['style_plugin'] = FALSE;
$handler->display->display_options['style_plugin'] = 'jump_menu';
$handler->display->display_options['style_options']['hide'] = TRUE;
$handler->display->display_options['style_options']['path'] = 'created_1';
$handler->display->display_options['style_options']['choose'] = 'Select Month';
$handler->display->display_options['style_options']['default_value'] = TRUE;
$handler->display->display_options['defaults']['style_options'] = FALSE;
$handler->display->display_options['defaults']['row_plugin'] = FALSE;
$handler->display->display_options['row_plugin'] = 'fields';
$handler->display->display_options['defaults']['row_options'] = FALSE;
$handler->display->display_options['defaults']['fields'] = FALSE;
/* Field: Content: Post date */
$handler->display->display_options['fields']['created']['id'] = 'created';
$handler->display->display_options['fields']['created']['table'] = 'node';
$handler->display->display_options['fields']['created']['field'] = 'created';
$handler->display->display_options['fields']['created']['label'] = '';
$handler->display->display_options['fields']['created']['alter']['alter_text'] = TRUE;
$handler->display->display_options['fields']['created']['alter']['text'] = '<a href="archive/[created_1]">[created]</a>';
$handler->display->display_options['fields']['created']['element_label_colon'] = FALSE;
$handler->display->display_options['fields']['created']['date_format'] = 'custom';
$handler->display->display_options['fields']['created']['custom_date_format'] = 'F Y';
/* Field: Content: Post date */
$handler->display->display_options['fields']['created_1']['id'] = 'created_1';
$handler->display->display_options['fields']['created_1']['table'] = 'node';
$handler->display->display_options['fields']['created_1']['field'] = 'created';
$handler->display->display_options['fields']['created_1']['label'] = 'link path';
$handler->display->display_options['fields']['created_1']['exclude'] = TRUE;
$handler->display->display_options['fields']['created_1']['alter']['alter_text'] = TRUE;
$handler->display->display_options['fields']['created_1']['alter']['text'] = 'archive/[created_1]';
$handler->display->display_options['fields']['created_1']['element_label_colon'] = FALSE;
$handler->display->display_options['fields']['created_1']['date_format'] = 'custom';
$handler->display->display_options['fields']['created_1']['custom_date_format'] = 'Y/m';
/* Display: Page */
$handler = $view->new_display('page', 'Page', 'page_1');
$handler->display->display_options['defaults']['title'] = FALSE;
$handler->display->display_options['title'] = 'Monthly Archives';
$handler->display->display_options['defaults']['style_plugin'] = FALSE;
$handler->display->display_options['style_plugin'] = 'default';
$handler->display->display_options['defaults']['style_options'] = FALSE;
$handler->display->display_options['defaults']['row_plugin'] = FALSE;
$handler->display->display_options['row_plugin'] = 'fields';
$handler->display->display_options['defaults']['row_options'] = FALSE;
$handler->display->display_options['defaults']['fields'] = FALSE;
/* Field: Content: Title */
$handler->display->display_options['fields']['title']['id'] = 'title';
$handler->display->display_options['fields']['title']['table'] = 'node';
$handler->display->display_options['fields']['title']['field'] = 'title';
$handler->display->display_options['fields']['title']['label'] = '';
$handler->display->display_options['fields']['title']['alter']['word_boundary'] = FALSE;
$handler->display->display_options['fields']['title']['alter']['ellipsis'] = FALSE;
/* Field: Content: Body */
$handler->display->display_options['fields']['body']['id'] = 'body';
$handler->display->display_options['fields']['body']['table'] = 'field_data_body';
$handler->display->display_options['fields']['body']['field'] = 'body';
$handler->display->display_options['fields']['body']['label'] = '';
$handler->display->display_options['fields']['body']['element_label_colon'] = FALSE;
$handler->display->display_options['defaults']['arguments'] = FALSE;
/* Contextual filter: Content: Created year */
$handler->display->display_options['arguments']['created_year']['id'] = 'created_year';
$handler->display->display_options['arguments']['created_year']['table'] = 'node';
$handler->display->display_options['arguments']['created_year']['field'] = 'created_year';
$handler->display->display_options['arguments']['created_year']['default_action'] = 'default';
$handler->display->display_options['arguments']['created_year']['default_argument_type'] = 'raw';
$handler->display->display_options['arguments']['created_year']['default_argument_options']['index'] = '1';
$handler->display->display_options['arguments']['created_year']['summary']['number_of_records'] = '0';
$handler->display->display_options['arguments']['created_year']['summary']['format'] = 'default_summary';
$handler->display->display_options['arguments']['created_year']['summary_options']['items_per_page'] = '25';
/* Contextual filter: Content: Created month */
$handler->display->display_options['arguments']['created_month']['id'] = 'created_month';
$handler->display->display_options['arguments']['created_month']['table'] = 'node';
$handler->display->display_options['arguments']['created_month']['field'] = 'created_month';
$handler->display->display_options['arguments']['created_month']['default_action'] = 'default';
$handler->display->display_options['arguments']['created_month']['default_argument_type'] = 'raw';
$handler->display->display_options['arguments']['created_month']['default_argument_options']['index'] = '0';
$handler->display->display_options['arguments']['created_month']['summary']['number_of_records'] = '0';
$handler->display->display_options['arguments']['created_month']['summary']['format'] = 'default_summary';
$handler->display->display_options['arguments']['created_month']['summary_options']['items_per_page'] = '25';
$handler->display->display_options['path'] = 'archive/%/%';