Evaluating adverse effects of supply shocks on monetary policy: evidence from Nigeria

Simple item page
dc.contributor.authorNarkorji, Musa
dc.contributor.authorYakubu, Jibrin
dc.contributor.authorAdamu, Yusuf
dc.date.accessioned2018-07-20T12:06:04Z
dc.date.available2018-07-20T12:06:04Z
dc.date.issued2012-09
dc.description.abstractThis paper applied structural VAR to identify supply shocks (defined as sudden impulses to crude oil prices) for the Nigerian economy from l990 Q1 to 2011 Q4. Results indicated that oil price modeled as supply shocks statistically influences some key macroeconomic variables and consequently shapes monetary policy direction. Price of crude oil exerted influence on monetary policy role, real GDP and real non-oil GDP. The effect of oil price shock on inflation, real oil GDP and nominal interest role was not significant. Developments in the foreign exchange market and real GDP comparatively exerted more influence on the monetary policy directive; reason adduced to this is the volatility of the exchange rate and the fact that inflation eventually is on off shoot of GDP. The monetary policy direction should therefore focus on those variables with high level of volatility as their influence impact heavily on economic activities. The effect of oil price shock was more pronounced on real GDP with longer lag effects on the monetary policy rote. Also, variations in real gross domestic product were explained by the activities of the monetary authorities indicating that reduced interest rate impact strongly on gross domestic product.en_US
dc.description.provenanceSubmitted by Joseph Longshak (jelongshak@cbn.gov.ng) on 2018-07-20T10:46:34Z No. of bitstreams: 1 Evaluating Adverse Effects of Supply Shocks on Monetary Policy Evidence from Nigeria.pdf: 7223524 bytes, checksum: 80eb3b8643bf81e5ac59e03d585077bf (MD5)en
dc.description.provenanceApproved for entry into archive by Ifeanyichukwu Ohaju (ifohaju@gmail.com) on 2018-07-20T11:58:04Z (GMT) No. of bitstreams: 1 Evaluating Adverse Effects of Supply Shocks on Monetary Policy Evidence from Nigeria.pdf: 7223524 bytes, checksum: 80eb3b8643bf81e5ac59e03d585077bf (MD5)en
dc.description.provenanceApproved for entry into archive by Ifeanyichukwu Ohaju (ifohaju@gmail.com) on 2018-07-20T12:05:53Z (GMT) No. of bitstreams: 1 Evaluating Adverse Effects of Supply Shocks on Monetary Policy Evidence from Nigeria.pdf: 7223524 bytes, checksum: 80eb3b8643bf81e5ac59e03d585077bf (MD5)en
dc.description.provenanceMade available in DSpace on 2018-07-20T12:06:04Z (GMT). No. of bitstreams: 1 Evaluating Adverse Effects of Supply Shocks on Monetary Policy Evidence from Nigeria.pdf: 7223524 bytes, checksum: 80eb3b8643bf81e5ac59e03d585077bf (MD5) Previous issue date: 2012-09en
dc.description.sponsorshipCentral Bank of Nigeriaen_US
dc.identifier.citationNarkorji, M., Yakubu, J., and Adamu, Y. (2012). Evaluating adverse effects of supply shocks on monetary policy: evidence from Nigeria, Economic and Financial review (EFR), 50 (3) Part A: 125-152en_US
dc.identifier.issn1957-2968
dc.identifier.urihttp://repo.cbn.gov.ng/jspui/handle/123456789/266
dc.language.isoenen_US
dc.publisherResearch Department, Central Bank of Nigeriaen_US
dc.relation.ispartofseriesVolume 50;Number 3
dc.subjectSupply shocken_US
dc.subjectMoney Supplyen_US
dc.subjectStructural VARen_US
dc.subjectCrude Oil Pricesen_US
dc.titleEvaluating adverse effects of supply shocks on monetary policy: evidence from Nigeriaen_US
dc.typeArticleen_US

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
Evaluating Adverse Effects of Supply Shocks on Monetary Policy Evidence from Nigeria.pdf
Size:
6.89 MB
Format:
Adobe Portable Document Format
Description:
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.61 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

Economic and Financial Review