Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/191681
Authors: 
Essien, Sunday N.
Manya, Garba A.
Arigo, Mary O. A.
Bassey, Kufre J.
Ogunyinka, Suleiman F.
Ojegwo, Deborah G.
Ogbuehi, Francisca
Year of Publication: 
2016
Citation: 
[Journal:] CBN Journal of Applied Statistics [ISSN:] 2476-8472 [Volume:] 7 [Year:] 2016 [Issue:] 1 [Pages:] 209-231
Abstract: 
This paper examines the link between unemployment and monetary policy in Nigeria using a vector autoregressive (VAR) framework for the period 1983q1 - 2014q1. The paper investigates the effect of structural change by identifying three structural breakpoints and incorporating them into the VAR model as dummy variables. The results show that a positive shock to policy rate raises unemployment over a 10 quarter period. In addition, all the variables used as proxy in the model jointly Granger cause unemployment, implying the existence of a dynamic relationship between monetary policy and unemployment in Nigeria.
Subjects: 
Investment
Monetary Policy Rate
Money supply
Unemployment
JEL: 
E24
E51
E52
Document Type: 
Article
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