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Impact of Monetary Policy on Industrial Growth in Nigeria

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  • Owolabi A. Usman

    ()

  • Adegbite Tajudeen Adejare

    ()

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    Abstract

    The study empirically examines the impact of monetary policy on industrial growth in Nigerian economy, in line with the objectives of this study, secondary data were obtained from central bank of Nigeria statistical bulletin covering the period of 1970 to 2010. In concluding the analysis, multiple regressions were employed to analyze data on such variables, manufacturing output, Treasury Bills, Deposit & leading and Rediscount Rate for Nigeria over the period 1970 to 2010 were all found have significant effects on the industrial Growth with the Adjusted R2 of 0.8156 (81.56%). Following the outcome of this study, it is therefore concluded that Rediscount Rate, and Deposit have significant positive effect on industrial output but Treasury Bills has the negative impact on industrial output. All the variables are statistically significant. It is order to improve economic growth; it is recommended that government should develop the industrial sectors of the economy through its capital expenditure. With this, capital expenditure on produtives activities and social overheads capital will contribute positively to industrial growth which will invariably enhance economic growth.

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    Bibliographic Info

    Article provided by Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences in its journal International Journal of Academic Research in Business and Social Sciences.

    Volume (Year): 4 (2014)
    Issue (Month): 1 (January)
    Pages: 18-31

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    Handle: RePEc:hur:ijarbs:v:4:y:2014:i:1:p:18-31

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    Web page: http://hrmars.com/index.php/pages/detail/IJARBSS

    Related research

    Keywords: Monetary policy; Deposits; Inflation; Industrial output; Rediscount rate; Nigerian Economy;

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    1. Gertler, M. & Gilchrist, S., 1992. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," Working Papers, C.V. Starr Center for Applied Economics, New York University 92-08, C.V. Starr Center for Applied Economics, New York University.
    2. Dedola, Luca & Lippi, Francesco, 2000. "The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2508, C.E.P.R. Discussion Papers.
    3. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    4. Swanson, Norman R., 1998. "Money and output viewed through a rolling window," Journal of Monetary Economics, Elsevier, Elsevier, vol. 41(3), pages 455-474, May.
    5. Frederic S. Mishkin, 1995. "Symposium on the Monetary Transmission Mechanism," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 3-10, Fall.
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