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Full-Text Articles in Social and Behavioral Sciences
Transition To Full-Fledged Inflation Targeting: A Proposed Programme For Implementation By The Central Bank Of Nigeria, Michael O. Ojo
Transition To Full-Fledged Inflation Targeting: A Proposed Programme For Implementation By The Central Bank Of Nigeria, Michael O. Ojo
CBN Occasional Papers
This paper attempts to provide an input into addressing these issues, especially as regards resolving the technical, administrative and practical problems for a transition to inflation targeting as a framework for monetary policy in Nigeria. Specifically, the main purpose of this paper is to outline proposals that would permit the CBN transit successfully to full-fledged inflation targeting (FFIT) for its monetary policy operations. Following the introduction (Section 1), the paper is organized as follows: Section 2 examines the conceptual framework, focusing on the essential elements and modalities of different monetary policy frameworks. Section 3 contains an overview of the experiences …
An Analysis Of The Monetary Policy Transmission Mechanism And The Real Economy In Nigeria, Eddy C. Ndekwu
An Analysis Of The Monetary Policy Transmission Mechanism And The Real Economy In Nigeria, Eddy C. Ndekwu
CBN Occasional Papers
The study is an empirical analysis which seeks to explain the monetary policy transmission mechanism to the real economy in Nigeria. It examines the process by which the interest rate policy of the Central Bank of Nigeria actually affects the structure of interest rates, credit, aggregate demand and output production and, hence, changes in inflation rate. In the analysis, we review the paradigm of the channels of monetary policy transmission mechanism by studying over two and-half dozen cases of empirical studies in the economic literature. By applying vector auto-regression (VAR) with dynamic logarithmic form and the ordinary least squares (OLS) …
Monetary Policy Rule: A Broad Monetary Conditions Index For Nigeria, Yaaba N. Baba
Monetary Policy Rule: A Broad Monetary Conditions Index For Nigeria, Yaaba N. Baba
CBN Journal of Applied Statistics (JAS)
To determine the relative importance of both the domestic and external influences on monetary policy formulation, this paper constructs a broad monetary conditions index for Nigeria. It brings together the three key channels of monetary transmission, namely interest rate, exchange rate and credit channels. The result gives dominance to exchange rate channel, followed by credit channel and interest rate channel. The resultant monetary conditions index traces fairly well the policy direction of the Central Bank of Nigeria for the studied period, hence can serve as an adequate gauge of monetary policy stance of the Bank.