Effectiveness of monetary policy in stimulating economic growth in nigeria
Table Of Contents
Chapter ONE
1.1 Introduction1.2 Background of Study
1.3 Problem Statement
1.4 Objective of Study
1.5 Limitation of Study
1.6 Scope of Study
1.7 Significance of Study
1.8 Structure of the Research
1.9 Definition of Terms
Chapter TWO
2.1 Overview of Monetary Policy2.2 Historical Development of Monetary Policy
2.3 Theoretical Framework of Monetary Policy
2.4 Tools and Instruments of Monetary Policy
2.5 Transmission Mechanisms of Monetary Policy
2.6 Effectiveness of Monetary Policy on Economic Growth
2.7 Impact of Monetary Policy on Inflation
2.8 Relationship between Monetary Policy and Exchange Rates
2.9 Criticisms of Monetary Policy
2.10 Empirical Studies on Monetary Policy and Economic Growth
Chapter THREE
3.1 Research Design3.2 Research Approach
3.3 Data Collection Methods
3.4 Sampling Techniques
3.5 Data Analysis Methods
3.6 Research Ethics
3.7 Validity and Reliability
3.8 Limitations of Research Methodology
Chapter FOUR
4.1 Overview of Data Analysis4.2 Presentation of Findings
4.3 Analysis of Monetary Policy Measures
4.4 Impact of Monetary Policy on Economic Indicators
4.5 Comparison with Previous Studies
4.6 Discussion on Effectiveness of Monetary Policy
4.7 Policy Implications
4.8 Recommendations for Future Research
Chapter FIVE
5.1 Summary of Findings5.2 Conclusion
5.3 Implications for Policy and Practice
5.4 Contributions to Literature
5.5 Recommendations for Policy Makers
5.6 Areas for Future Research
Project Abstract
This study investigates the effectiveness of monetary policy in stimulating economy growth in Nigeria using AK production Function and Vector Autoregressive (VAR) model. The empirical evidence depicts that economic growth in Nigeria is influenced by money supply, electric power consumption, gross fixed capital formation and trade openness. This shows that monetary policy is effective in maintaining economic growth on the long run. The impulse response function revealed that economic growth (GDP) respond to itself and does not respond to other variables like Consumer Price Index (CPI), Broad Money Supply (M2), Interest Rate (IR), Exchange Rate (ER) in some period, while in some period economic growth (GDP) respond to itself and other variable. The Granger causality test showed that there exist unidirectional, bilateral and independence causality. Thus Nigerian government through its monetary authorities should fine-tune the economy by incorporating other policies that will influence economic growth not only in the long run but also, in the short run period. This will go a long way in contributing to higher sustainable economic growth.
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