Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/142089 
Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] CBN Journal of Applied Statistics [ISSN:] 2476-8472 [Volume:] 06 [Issue:] 1 [Publisher:] The Central Bank of Nigeria [Place:] Abuja [Year:] 2015 [Pages:] 29-47
Verlag: 
The Central Bank of Nigeria, Abuja
Zusammenfassung: 
It is considered inapt for central banks to adjust reserve money (quantity of money) and interest rate (price of money) at the same time. Thus, necessitates the need for a choice instrument. Enough evidence abounds in microeconomic theory on the undesirability of manipulating both price and quantity simultaneously in a free market structure. The market, in line with the consensus among economists, either controls the price and allows quantity to be determined by market forces, or influence quantity, leaving prices in the hands of the forces of demand and supply. This paper is, therefore, an attempt to examine the optimal monetary policy instrument for Nigeria between 1981Q1 to 2013Q2 using a bounds testing approach to cointegration. The result indicates the superiority of monetary instrument, followed by combined instrument and then interest rate instrument. The study therefore suggests that the CBN should lay more emphasis on monetary instrument particularly if output growth or stability is the primary goal of monetary policy.
Schlagwörter: 
Optimal monetary policy
ARDL
interest rate
monetary aggregate
cointegration
JEL: 
C53
E43
E47
E52
Dokumentart: 
Article

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.