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Determinants of Inflation, Exchange Rate, and Output in Nigeria

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  • Louis Kuijs

Abstract

This paper presents a macroeconomic model of the Nigerian economy. The long-run relationships pertaining to the markets for money, foreign exchange, and (non-oil) output are estimated. Subsequently, dynamic equations are estimated for the price level, the real exchange rate, and output. The results are instrumental in explaining the dramatic developments on the foreign exchange market during 1983-86 and 1992-94, the secular depreciation of the real exchange rate since 1985, and the rise and fall of inflation during 1991-97. The methodology could usefully be applied to other economies whose exports are insensitive to exchange rate movements (e.g., other oil-based economies).

Suggested Citation

  • Louis Kuijs, 1998. "Determinants of Inflation, Exchange Rate, and Output in Nigeria," IMF Working Papers 1998/160, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1998/160
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    Citations

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    Cited by:

    1. Furrukh Bashir, Farzana Yousaf, Huda Aslam, 2016. "Determinants of Inflation in Pakistan: Demand and Supply Side Analysis," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 1(1), pages 1-15, March.
    2. Apanisile Olumuyiwa Tolulope & Okunlola Charles Olalekan, 2017. "Growth Effect of Export Promotion on Non-oil Output in Sub-Saharan Africa (1970–2014)," Emerging Economy Studies, International Management Institute, vol. 3(2), pages 139-155, November.
    3. repec:gei:jnlfer:v:1:y:2016:i:1:p: is not listed on IDEAS
    4. Oatlhotse Madito & Nicholas M. Odhiambo, 2018. "The Main Determinants Of Inflation In South Africa: An Empirical Investigation," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 9(2).
    5. Perekunah. B. Eregha, 2022. "Asymmetric response of cpi inflation to exchange rates in oil-dependent developing economy: the case of Nigeria," Economic Change and Restructuring, Springer, vol. 55(2), pages 1091-1108, May.
    6. Koffie Ben Nassar, 2005. "Money Demand and Inflation in Madagascar," IMF Working Papers 2005/236, International Monetary Fund.
    7. Mr. Rodolphe Blavy, 2004. "Inflation and Monetary Pass-Through in Guinea," IMF Working Papers 2004/223, International Monetary Fund.
    8. nnamdi, Kelechi & ifionu, Ebele, 2013. "Exchange rate volatility and exchange rate uncertainty in Nigeria: a financial econometric analysis (1970- 2012)," MPRA Paper 48316, University Library of Munich, Germany, revised 2013.

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