期刊名称：Journal of Economics and Sustainable Development
印刷版ISSN：2222-2855
电子版ISSN：2222-2855
出版年度：2014
卷号：5
期号：1
页码：11-20
语种：English
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：This paper established that interest rate, inflation, and money supply had negative effects on Nigeria’s economic growth in the short run, while in the long run; exchange rate had significant positive effects. A combination of Breusch-Godfrey Serial Correlation, White Heteroskedasticity, Ramsey Reset, Dickey-Fuller unit root was used for preliminary analysis. Ordinary Least Square (OLS) was used for short run estimate, while a combination of Johansen Co-Integration, Granger Causality Tests and impulse response analysis were used for long run estimation. Our model shows that the four monetary policy variables have 88% joint probability of affecting level economic growth as well as explained 84% of economic growth Nigeria experience for the period 1980-2012. The paper concludes that for sustainable economic growth to be achieved, monetary authority must devise short term strategies to manage periodic volatility in interest rate, money supply and inflation, while medium and long term strategies must be adopted to stabilize the value of the domestic currency.
