This study examined the dynamics of inflationary process in Nigeria over the period 1981 – 2015, using the bounds testing approach to cointegration. Empirical results indicated that inflation in Nigeria proxied by CPI exhibited a strong degree of inertia. The econometric results showed that...

This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...

This paper discusses the significance of Central Bank of Nigeria's (CBN) monetary aggregates in the implementation of monetary policy. The Analytical Balance Sheet and monetary survey are shown to be useful tools in the analysis of monetary and credit developments in the economy. It also...

The insights on the long run relationship amongst money supply and government revenues are of significant importance for monetary-fiscal policy formulation in a developing country like Nigeria. Taking into account the vital importance of these two variables, we empirically analyzed the long-run...

Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed...