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EFFECTIVENESS OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH IN NIGERIA

ABSTRACT

 Effectiveness of monetary policy in stimulating economic growth This study investigates the effectiveness of monetary policy in stimulating economy growth in Nigeria using AK production Function and Vector Autoregressive (VAR) model. The empirical evidence depicts that economic growth in Nigeria is influenced by money supply, electric power consumption, gross fixed capital formation and trade openness. This shows that monetary policy is effective in maintaining economic growth on the long run. The impulse response function revealed that economic growth (GDP) respond to itself and does not respond to other variables like Consumer Price Index (CPI), Broad Money Supply (M2), Interest Rate (IR), Exchange Rate (ER) in some period, while in some period economic growth (GDP) respond to itself and other variable. The Granger causality test showed that there exist unidirectional, bilateral and independence causality. Thus Nigerian government through its monetary authorities should fine-tune the economy by incorporating other policies that will influence economic growth not only in the long run but also, in the short run period. This will go a long way in contributing to higher sustainable economic growth.

Review project detailsComments
 
Number of Pages81 pages
Chapter one (1)Yes  Introduction
Chapter two (2)Yes  Literature review
Chapter three (3) Yes methodology
Chapter  four (4) Yes  Data analysis
Chapter  five (5) Yes Summary,discussion & recommendations
ReferenceYes Reference
QuestionnaireYes Questionnaire
Appendixyes Appendix
Chapter summaryyes 1 to 5 chapters
Available documentPDF and MS-word format


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