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Money and output interaction in Nigeria: an econometric investigation using multivariate cointegration technique

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  • Godwin Nwaobi

    ()
    (Quantiative Economic Research Bureau)

Abstract

This paper derives and estimates a barro-type reduced form equation for domestic real output from a simple structural model of an open developing economy in which markets clear continuously and expectations are rational. The form in which open economy variables appeared was explicitly derived from an underlying structural model. The model was adapted to Nigerian Economy by according an important role to imported intermediate goods. The empirical result provided support for the open economy model of output determination in Nigeria.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 3 (2004)
Issue (Month): 30 ()
Pages: 1-10

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Handle: RePEc:ebl:ecbull:eb-04c50001

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Keywords: cointegration;

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References

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  1. Dr. Godwin Chukwudum Nwaobi, 2004. "Modelling Economic Fluctuations In Subsaharan Africa:A Vector Autoregressive Approach," Macroeconomics, EconWPA 0406008, EconWPA.
  2. Pagan, Adrian, 1986. "Two Stage and Related Estimators and Their Applications," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 53(4), pages 517-38, August.
  3. Sheehey, Edmund J., 1984. "Money and output in Latin America : Some tests of a rational expectations approach," Journal of Development Economics, Elsevier, Elsevier, vol. 14(1), pages 203-218.
  4. Attfield, C. L. F. & Demery, D. & Duck, N. W., 1981. "A quarterly model of unanticipated monetary growth, output and the price level in the U.K. 1963-1978," Journal of Monetary Economics, Elsevier, Elsevier, vol. 8(3), pages 331-350.
  5. Attfield, Clifford L F & Duck, Nigel W, 1983. "The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 15(4), pages 442-54, November.
  6. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 12(2-3), pages 231-254.
  7. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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Cited by:
  1. Nwaobi, Godwin C, 2009. "Inflation,Unemployment and Nigerian Families: An empirical investigation," MPRA Paper 14596, University Library of Munich, Germany.

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