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Inflation,Unemployment and Nigerian Families: An empirical investigation


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  • Nwaobi, Godwin C


At present, the world economy is at a cross road. The Nigerian economy is therefore undergoing it most severe economic crisis since the Biafra war of the sixties. Currently, she is experiencing a staggering rate of inflation (well up to the double digit) as well as experiencing a severe recession (as the unemployment rate has risen astronomically). Consequently, a basic thesis of this proposal is that stagflation has caused and will continue to cause considerable hardship for many Nigerian families and poses a serious threat to the mental health of a substantial proportion of the population. It is therefore the aim of this research to document in a systematic way how families that have experienced varying degrees of “inflation crunch” have adjusted to or tried to adapt to this pressure. In other words, this phased research project proposes to provide information that will be useful to policy makers (government) who must weigh the costs and benefits of the current inflationary pressures as well as severe recession. Essentially, the result will be an emergence and evolution of corrective policy measures and strategies (as adequate and functional).

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14596.

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Date of creation: 10 Apr 2009
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Handle: RePEc:pra:mprapa:14596

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Keywords: inflation; unemployment; stagflation; inflationcrunch; nigeria; economy; world; depression; recession; targeting; phillipscurve; monetarypolicy; rationalexpectations; keynesiantheory; newclassicals; wages; prices; NAIRU;

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  1. Godwin Nwaobi, 2004. "Money and output interaction in Nigeria: an econometric investigation using multivariate cointegration technique," Economics Bulletin, AccessEcon, vol. 3(30), pages 1-10.
  2. Ajakaiye, O. & Ojowu, O., 1994. "Exchange Rate Depreciation and the Structure of Sectoral Prices in Nigeria Under an Alternative Pricing Regime," Papers, African Economic Research Consortium 25, African Economic Research Consortium.
  3. repec:ebl:ecbull:v:3:y:2004:i:30:p:1-10 is not listed on IDEAS
  4. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," NBER Working Papers 5893, National Bureau of Economic Research, Inc.
  5. Mcaleer, M. & Mckenzie, C.R., 1990. "Keynesian And New Classical Models Of Unemployment Revisited," Papers, Tilburg - Center for Economic Research 9006, Tilburg - Center for Economic Research.
  6. Laura Papi & G. C. Lim, 1997. "An Econometric Analysis of the Determinants of Inflation in Turkey," IMF Working Papers 97/170, International Monetary Fund.
  7. Pesaran, M H, 1982. "A Critique of the Proposed Tests of the Natural Rate-Rational Expectations Hypothesis," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 92(367), pages 529-54, September.
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