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EXCHANGE RATE PASS-THROUGH, MONETARY POLICY, AND PRICE STABILITY IN NIGERIA.

CHAPTER ONE

 INTRODUCTION

 1.1 BACKGROUND OF THE STUDY 
The need for appropriate adjustment mechanism to structural imbalances in many developed countries, especially after the Great Depression of 1929-1933, culminated in extensive researches on exchange rate pass-through (ERPT) with the primary objective of determining a nominal anchor for inflation and inflation expectations. It is widely believed that an understanding of the impact of exchange rate movement on prices would help to gauge the appropriate monetary policy response to currency movements. The increased openness of most developed economies and the incidence of large fluctuations in nominal exchange rates have led to a need for a better understanding of the determinants of the transmission of exchange rate changes into import prices. Exchange rate pass-through refers to the change in domestic prices that can be attributed to a prior change in the nominal exchange rate. In other words, it is the effect of a change in the exchange rate on domestic prices. Balance of payment postulations normally assume a one-to-one response of import prices to exchange rates, which is known as complete exchange rate pass-through (Peter, 2003). A one-to-one response of import prices to exchange rate changes is known as complete ERPT while a less than one-to-one response is known as partial or incomplete ERPT. The rate of ERPT has important implications for the effect of monetary policy on domestic prices as well as for the transmission of macroeconomic shocks and the volatility of the real exchange rate.

Review project detailsComments
 
Number of Pages128 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
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