– Econometric Analysis on Impact of Monetary Policy on Economic Growth –
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This study examined the impact of monetary policy on the growth of Nigeria economy between the period of 1985 and 2015 with the objective of finding out the impact of various monetary policy instruments (money supply, interest rate and monetary rate) in enhancing economic growth of the country within the period considered.
To identify the stationarity characteristics of the data employed in the empirical investigation, various advanced econometric techniques like Augmented Dickey Fuller Unit Root Test, Johansen co integration test and Error Correction Mechanism (ECM) were employed and the following information surfaced.
Some of the variables were stationary at level while other variables became stationary after first difference. Hence they were integrated of order zero and one.
The cointegration result indicated that there is long run relationship among the variable with 1 cointegrating vectors.
The result of the error correction mechanism (ECM) test indicates that only broad money supply exerted significant impact on economic growth in Nigeria while other variables did not.
1.1 Background of the Study
Countries all over the world are supposed to achieve certain objectives for them to be said to be doing well. Some of these objectives include price stability, high rate of employment, a desirable and sustainable rate of economic growth and balance of payment equilibrium.
Government uses their organs and the private sector to achieve these goals. Nigeria as a developing economy has since independence in 1960, been striving to achieve these. One of the channels of doing this is through the instrumentality of monetary policy.
Monetary policy is one of the key drivers of economic growth through its impact on economic variables. This policy employs central bank’s control of the supply of money as instrument for achieving desired economic goals.
As asserted by Salvin (1991), monetary policy is the use of open market operations, change in discount rate, change in reserve requirement and other measures available to the monetary authorities to control the rate of growth of money supply.
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