An Econometric Analysis of the Nigerian Consumer Price Index
AbstractA theoretical model of the inflationary process in Nigeria is developed using monetary aggregates, the exchange rate, and the implicit cost of holding idle cash balances. Parameter estimation is accomplished using quarterly data for 1970:1 through 1993:4 and a nonlinear ARMAX procedure. Equations are estimated using M1 and M2 money suypply measures. Empirical traits for both equations are similar, but out-of- sample simulations with the M2 version generate lower infaltion forecasts than those of the M1 equation.
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Bibliographic InfoPaper provided by EconWPA in its series Development and Comp Systems with number 0407010.
Length: 15 pages
Date of creation: 27 Jul 2004
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Inflation; Nigeria; Developing Country Macroeconometrics;
Find related papers by JEL classification:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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