摘要：Using a multi-model approach including Johansen and Autoregressive Distributed Lag (ARDL) techniques, the study assesses the prevalence of the channels of monetary policy transmission mechanism in Nigeria to determine the position of asset prices channel with emphasis on equity channel of Monetary Policy Transmission Mechanism (MPTM). The study covers all the four prominent channels of MPTM in Nigeria – Interest rate, exchange rate, credit and equity channels – over the period 1985Q1 to 2017Q4. The data was used from two perspectives: raw and normalized data such that four set of regressions were carried out and the best model determined based on the one that yield the lowest information criteria. Overall, the results return exchange rate channel as the most prevalent, while equity channel occupies third position. Consequently, the study suggests close monitoring of the market by the Central Bank of Nigeria (CBN) so as to be able to take proactive policy decisions since disruption in the market is likely to affect the general price level which is the primary mandate of the CBN.
