Abstract This study examined the impact of monetary policy instruments on inflation targeting in Nigeria over the period of1980-2017. To achieve the objective of the study, annual time series data on inflation target rates (INFTR), monetary policy rate (MPR), commercial banks deposit rate (CBDR), commercial banks deposits with CBN (CBDC) and reserve requirements (RRQT) was collected from the database of the Central Bank of Nigeria (CBN) (2018). The data was analysed using the autoregressive d...
Abstract This study examines the long-run impact of interest rate, exchange rate and inflation on private sector investment to in Nigeria over a period of 1980 – 2018. To achieve the objectives, annual time series data on real interest rate (RINT), exchange rate (EXCR), inflation rate (INFL) and private sector investment (PSIV) were collected from the publications of the Central Bank of Nigeria (CBN) and was analysed using the Johansen co-integration model. The co-integration result reveals...
Abstract This study uses monthly data covering the period January, 2007 – September, 2018 to examine the response of monetary policy to inflation persistence in Nigeria. Persistence in three inflation indicators (core inflation, food inflation and headline inflation) were estimated using the univariate structural time series model (STSM) and Bayesian vector autoregressive (BVAR) model and the results were compared. Findings from the results of analysis reveal evidence of high inflation pers...
AbstractThis study uses annual data spanning over 1986 - 2018 to test the existence of random walk hypothesis in the Nigerian stock market. Findings from the study reveal that the three variables of the study are not stationary at level, but are stationary only at first difference. However, ASI and MCP that were stationary at levels when KPSS was employed with intercept and trend included in the estimation. This suggests that the Nigerian stock market follows a random walk and as such, stock ...
Abstract This study examines the impact of money supply on Economic Growth in Nigeria using time series data spanning 1980-2019. Data on currency in circulation (CIC), narrow money supply (M1), broad money supply (M2) and real gross domestic product (RGDP) were collected from the online database of the Central Bank of Nigeria (CBN) and were analyzed using the unrestricted Vector Autoregressive (VAR) model. Impulse response function (IRF) and Cholesky variance decomposition (VDC) were also obt...