Browsing by Author "Mordi, Charles N. O."
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Item Building Dynamic Stochastic General Equilibrium Models for Monetary Policy Analysis(Research Department, Central Bank of Nigeria., 2011-03) Mordi, Charles N. O.; Adebiyi, Michael A.Dynamic Stochastic General Equilibrium (DSGE) models are powerful tools that provide a coherent framework for policy discussion and analysis. In principle, they can help to identify sources of fluctuations, answer questions about structural changes, help to forecast and predict the effect of policy changes, and perform counterfactual experiments. Against this background, this paper aims at providing an insightful discussion on DSGE models by developing a simplified version of the models to explain the behavior of key macroeconomic variables in Nigeria namely: the growth rate of gross domestic product (GDP), headline inflation, exchange rate and the monetary policy rate. The estimated results highlight the central role of expectations in the transmission of shocks and policy impulses in DSGE models. The main lesson that we derive from the study is that management of expectations provides an effective approach to controlling inflation.Item Challenges of Exchange Rate Volatility in Economic Management in Nigeria(Central Bank of Nigeria, 2006-07) Mordi, Charles N. O.This article looks into the overriding objective of the exchange rate management to achieve a realistic and stable exchange rate consistent with internal and external balance.Item The challenges of monetary union: risks and pitfalls and how to respond to them(Central Bank of Nigeria, Research Department., 2002-12) Mordi, Charles N. O.The purpose of this paper is to x-ray the challenges of monetary union with a focus on the risks and pitfalls and how to respond to them, paying particular attention to their relevance to the proposed second monetary union in West Africa. To accomplish this task, the rest of the paper has been divided into four sections. In section II define a monetary union and briefly review its main features/characteristics and the rationale for forming a monetary union. It also examine the benefi ts and costs of monetary union, as has been espoused in the vast literature on economic and monetary integration in the world economy in section Ill.Item A Dynamic Stochastic General Equilibrium (DSGE) Model of Exchange Rate Pass-Through to Domestic Inflation in Nigeria(2012) Adebiyi, Micheal; Mordi, Charles N. O.This study employs a Bayesian framework of DSGE model to estimate the pass-through effect of exchange rate to domestic inflation in Nigeria using a quarterly data for the period 1980 to 1998. The response of inflation rate to exchange rate shock is found to be positive and statistically significant in the short run. It shows a small and incomplete pass-through of exchange rate to domestic inflation in Nigeria with almost zero in quarter 1 (0.09), rose to 0.18 in quarter 2 and declined to 0.07 and 0.01 in quarters 3 and 4, respectively. This is lower than the findings obtained elsewhere by other authors. The low pass-through is attributed in part to the low, stable, and predictable inflation rate arising from the improved credibility of the policy environment.Item The Global Economic Crisis and the Nigerian Financial System: The Way Forward(2013-09-16) Mordi, Charles N. O.This is a Paper delivered by the Director of Research Mr. C. N. O. Mordi at the 14th Seminar for Finance Correspondents and Business Editors, At Benue Hotels, Makurdi, July 16, 2009 on the The Global Economic Crisis and the Nigerian Financial System: The Way Forward. The paper highlighted the features of the Nigeria Economy; discussed the impacts of the Financial crisis on the Nigerian Financial System; Nigeria’s Response to Stabilize the Financial Sector and how to mitigate future occurrences