Economics, Econometrics and Finance
8 years ago

Monetary policy in Nigeria impacts inflation dynamics, real-GDP, and FX reserves.

Economics bulletin
Time-Varying VAR with Stochastic Volatility and Monetary Policy Dynamics in Nigeria
Bala Dahiru Abdullahi

Paper Summary

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The article examines how monetary policy affects inflation, real-GDP, and foreign-exchange reserves in Nigeria from 1970 to 2014. The researchers used a flexible model to capture changes and nonlinearities in the economy. They found that monetary policy has a significant impact on inflation dynamics, but less influence on real-GDP and FX reserves. The way shocks affect the economy and the transmission mechanism also change over time.