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The effectiveness of monetary policy in achieving economic growth: the case of Nigeria, 1980-2009

Omankhanlen, A. E (2011) The effectiveness of monetary policy in achieving economic growth: the case of Nigeria, 1980-2009. E u r o E c o n o m i c a, 3 (29). pp. 133-146. ISSN 1582-8859

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Abstract

This study investigates the Effectiveness of Monetary policy in achieving Economic Growth: The case of Nigeria for the period 1980-2009. Monetary policy has become a major tool in economic management in Nigeria because of the dominance of the financial sector in its economic activities. This study employed the Ordinary Least square method in carrying out the research. From the various test carried out it was find out that monetary policy rate (MPR) (formerly minimum rediscount rate (MRR)),exchange rate and treasury bill investment have negative impact on GDP. Also it is seen that during the period under review that the manipulation of monetary policy instruments have not proven to be effective in achieving economic growth. It is therefore recommended that the monetary authorities should strengthen the working mechanism of the monetary policy instruments to ensure their success in helping to achieve the desired macroeconomic growth. In addition the policy instrument should be a well coordinated optimal mix of instruments.

Item Type: Article
Uncontrolled Keywords: Monetary Policy, Economic growth, GDP
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 04 Jul 2017 12:43
Last Modified: 04 Jul 2017 12:43
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/8539

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