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This study examined the impact of monetary policy on economic growth in Nigeria. The secondary data used include the Money supply, economic growth, Credit to the private sector, Interest rate and Exchange rate. The Vector Error Correction model (VECM) was adopted as the estimation technique of...
Persistent link: https://www.econbiz.de/10014078028
This paper evaluates whether fiscal and foreign exchange policy shocks can explain both credit and credit supply in Venezuela. Empirical evidence suggests that between 65 and 90 percent of credit growth is linked to the buildup of banks' deposits caused by the monetary effects of fiscal...
Persistent link: https://www.econbiz.de/10011660860
In 2001, the Fed has lowered interest rates in a series of cuts, starting from 6.5 per cent at the end of 2000 to 2.0 per cent by early November. This paper asks, whether the Federal Reserve Bank has been surprising the markets, taking as given the conventional view about the effect of monetary...
Persistent link: https://www.econbiz.de/10011408451
This chapter reviews and synthesizes our current understanding of the shocks that drive economic fluctuations. The chapter begins with an illustration of the problem of identifying macroeconomic shocks, followed by an overview of the many recent innovations for identifying shocks. It then...
Persistent link: https://www.econbiz.de/10014024291
autoregressive models. We suggest a likelihood ratio test for over-identification in a sub-system and derive the asymptotics for …
Persistent link: https://www.econbiz.de/10005702745
Persistent link: https://www.econbiz.de/10010191084
systems of times series can be fruitfully exploited for identification purposes in SVARs. We show by means of a Monte Carlo …
Persistent link: https://www.econbiz.de/10010482469
Traditional ways of analyzing the effects of monetary policy shocks via structural vector autoregressions require the use of unrealistic identifying assumptions: they either do not allow for a response of output and prices on impact of the shock, or they exclude contemporaneous values of these...
Persistent link: https://www.econbiz.de/10011382001
process. I propose a new identification argument that identifies the SVAR up to shock orderings using the autocovariance … select among shock orderings; this selection does not impact inference asymptotically. The identification scheme performs …
Persistent link: https://www.econbiz.de/10011926201
compared with two less structural approaches for identification of monetary policy shocks. The first assumes that shocks can be …
Persistent link: https://www.econbiz.de/10011583125