Monetary policy and unemployment in Nigeria : is there a dynamic relationship?

Sunday N. Essien, Garba A. Manya, Mary O. A. Arigo, Kufre J. Bassey, Suleiman F. Ogunyinka, Deborah G. Ojegwo, and Francisca Ogbuehi

This paper examines the link between unemployment and monetary policy in Nigeria using a vector autoregressive (VAR) framework for the period 1983q1 - 2014q1. The paper investigates the effect of structural change by identifying three structural breakpoints and incorporating them into the VAR model as dummy variables. The results show that a positive shock to policy rate raises unemployment over a 10 quarter period. In addition, all the variables used as proxy in the model jointly Granger cause unemployment, implying the existence of a dynamic relationship between monetary policy and unemployment in Nigeria.

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Year of publication:	June 2016
Authors:	Essien, Sunday N. ; Manya, Garba A. ; Arigo, Mary O. A. ; Bassey, Kufre J. ; Ogunyinka, Suleiman F. ; Ojegwo, Deborah G. ; Ogbuehi, Francisca
Published in:	CBN journal of applied statistics. - Abuja : Central Bank of Nigeria, ISSN 2476-8472, ZDB-ID 2854997-1. - Vol. 7.2016, 1, p. 209-231
Subject:	Investment \| Monetary Policy Rate \| Money supply \| Unemployment \| Geldpolitik \| Monetary policy \| Arbeitslosigkeit \| Nigeria \| Geldmenge

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	hdl:10419/191681 [Handle]
Classification:	E24 - Employment; Unemployment; Wages ; E51 - Money Supply; Credit; Money Multipliers ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011534885