Building Dynamic Stochastic General Equilibrium Models for Monetary Policy Analysis

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dc.contributor.authorMordi, Charles N. O.
dc.contributor.authorAdebiyi, Michael A.
dc.date.accessioned2018-03-26T10:52:02Z
dc.date.available2018-03-26T10:52:02Z
dc.date.issued2011-03
dc.description.abstractDynamic 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.en_US
dc.description.provenanceSubmitted by Samuel A. Oyeboade (adeoluwa81@gmail.com) on 2018-03-22T12:38:11Z No. of bitstreams: 1 Pages from CBN Economic and Financial Review Volume 49 No 1 March 2011-2 Charles N.O. Mordi and Michael A. Adebiyi, Ph.D.pdf: 631268 bytes, checksum: 797ac326105fd9e555747b9436e9d195 (MD5)en
dc.description.provenanceApproved for entry into archive by Ifeanyichukwu Ohaju (ifohaju@gmail.com) on 2018-03-26T10:48:16Z (GMT) No. of bitstreams: 1 Pages from CBN Economic and Financial Review Volume 49 No 1 March 2011-2 Charles N.O. Mordi and Michael A. Adebiyi, Ph.D.pdf: 631268 bytes, checksum: 797ac326105fd9e555747b9436e9d195 (MD5)en
dc.description.provenanceApproved for entry into archive by Ifeanyichukwu Ohaju (ifohaju@gmail.com) on 2018-03-26T10:51:47Z (GMT) No. of bitstreams: 1 Pages from CBN Economic and Financial Review Volume 49 No 1 March 2011-2 Charles N.O. Mordi and Michael A. Adebiyi, Ph.D.pdf: 631268 bytes, checksum: 797ac326105fd9e555747b9436e9d195 (MD5)en
dc.description.provenanceMade available in DSpace on 2018-03-26T10:52:02Z (GMT). No. of bitstreams: 1 Pages from CBN Economic and Financial Review Volume 49 No 1 March 2011-2 Charles N.O. Mordi and Michael A. Adebiyi, Ph.D.pdf: 631268 bytes, checksum: 797ac326105fd9e555747b9436e9d195 (MD5) Previous issue date: 2011-03en
dc.description.sponsorshipCentral Bank of Nigeriaen_US
dc.identifier.citationMordi, C.N.O., & Adebiyi, M.A. (2011). Building Dynamic Stochastic General Equilibrium Models for Monetary Policy Analysis. Economic and Financial Review, 49(1). 1-24.en_US
dc.identifier.issn1957-2968
dc.identifier.urihttp://repo.cbn.gov.ng/jspui/handle/123456789/152
dc.language.isoenen_US
dc.publisherResearch Department, Central Bank of Nigeria.en_US
dc.relation.ispartofseriesEconomic and Financial Review;Vol 49, No. 1
dc.subjectDSGE Models,en_US
dc.subjectMonetary Policy Analysisen_US
dc.subjectImpulse Response Functionsen_US
dc.subjectForecastingen_US
dc.subjectNigeriaen_US
dc.titleBuilding Dynamic Stochastic General Equilibrium Models for Monetary Policy Analysisen_US
dc.typeArticleen_US

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