Does Policy Switching Matter in Determining Output in Nigeria?

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dc.contributor.authorOdeleye, A.T.
dc.contributor.authorIwegbu, O.
dc.date.accessioned2020-05-30T18:41:07Z
dc.date.available2020-05-30T18:41:07Z
dc.date.issued2016
dc.description.abstractThis study examines the performance of Nigeria’s economy under the interest rate, exchange rate and price stability regime in the Pre-SAP, Post-SAP before democratic dispensation; and Post-SAP during democratic dispensation. It leans on the assumptions of the McKinnon-Shaw theory. The study employs the Chow test and Quandt-Andrews Unknown Breakpoint Test to establish that there were truly varying regimes as stated above. Descriptive analyses are used in this study to understand the nature of various monetary policy regimes in Nigeria. Also, ARDL model was used to examine the overall impact of monetary policy on Nigerian since her independence and OLS was used to determine the effect of various monetary policy regimes in Nigeria. It was discovered that exchange rate policy and the interest rate fixing policy adopted in Nigeria since her independence on average, enhanced the economy. Also, exchange rate policy and interest rate policy which are components of macroeconomic policy have significant impact on economic growth in the first regime (Pre-SAP; 1960-1985). However, monetary policy regime in period 2 (Post-SAP before Democratic Dispensation; 1986-1999) was ineffective but monetary policy was effective in this third regime (Post-SAP after Democratic Dispensation; 2000-2015). We, therefore recommend that the government should develop various palliative measures in order to counter the short run shocks that might arise while implementing monetary policy.en_US
dc.identifier.citationOdeleye, A.T. & Iwegbu, O. (2016). Does Policy Switching Matter in Determining Output in Nigeria. Nigerian Journal of Contemporary Public Policy Issues, 10(1), 1 – 30.en_US
dc.identifier.issn0795-0330
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/8336
dc.language.isoenen_US
dc.publisherNigerian Journal of Contemporary Public Policy Issuesen_US
dc.relation.ispartofseries10;1
dc.subjectMonetary policy regimesen_US
dc.subjectChow testen_US
dc.subjectARDLen_US
dc.subjectQuandt-Andrews unknown breakpoint testen_US
dc.subjectMarshall-Lerner conditionsen_US
dc.subjectPurchasing Power Parityen_US
dc.titleDoes Policy Switching Matter in Determining Output in Nigeria?en_US
dc.typeArticleen_US
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