IN NIGERIA
ABSTRACT
This study set out to investigate the impact of monetary policy on economic growth in Nigeria. The study made use of time series data between the period 1980 to 2018. More so, an econometric approach of ordinary least square was used to analyze the data and the result revealed that broad money supply, gross fixed capital formation and labour force had a positive and significant impact on economic growth in Nigeria. The empirical result also indicated that interest rate, exchange rate and monetary policy rate are statistically insignificant within the period of the analysis. The study had an explanatory power of 92.20 per cent. The study recommended that the government should maintain the existing level of money supply and also ensure that the rate of capital accumulation is kept at the current level in Nigeria.
TABLE OF CONTENT
TITLE PAGE – – – – – – – i
CERTIFICATION – – – – – – – ii
DEDICATION – – – – – – – iii
ACKNOWLEDGEMENT – – – – – iv
ABSTRACT – – – – – – – v
TABLE OF CONTENT – – – – – – vi
LIST OF TABLES – – – – – – x
CHAPTER ONE: INTRODUCTION
- Background of the study – – – – 1
- Statement of the problem – – – – 4
- Objective of the study – – – – 6
- Research Hypotheses – – – – 6
- Significance of the Study – – – – 7
- Scope of the Study – – – – 7
- Organization of the Study – – – – 8
CHAPTER TWO: LITERATURE REVIEW AND THEORETICAL ISSUES
2.1 Literature Review – – – – – 9
2.2 Empirical literature – – – – – 16
2.3 Conceptual Framework – – – – 19
2.4 Theoretical Framework – – – – 22
2.4.1 The Classical View of Monetary Policy – – 22
2.4.2 Keynesian View of Monetary Policy – – 23
2.4.3 The Monetarist View of Monetary Policy – 23
2.4.4 Neo-classical growth theory – – – – 25
2.4.5 Endogenous growth theory – – – – 27
2.5 An Overview of Monetary Policy in Nigeria – 30
2.6 How Monetary Policy Affects Economic Growth 33
2.7 Monetary Policy Instrument – – – – 35
2.8 Gap in Literature – – – – – 37
CHAPTER THREE: RESEARCH METHODOLOGY
- Research Design – – – – – 39
- Model specification – – – – – 39
- Estimation technique – – – – – 41
- Economic a priori Criteria – – – – 41
- Statistical Criteria – – – – – 41
- Economic Criteria – – – – – 42
3.4 Sources of data – – – – – 43
- Limitations of the Study – – – – 43
CHAPTER FOUR: PRESENTATION OF RESULT, ANALYSIS ANS DISCUSSION OF FINDINGS
4.1 Presentation of result – – – – – 45
4.2 Analysis of result – – – – – 46
4.2.1 Economic apriori criteria – – – – 46
4.2.2 Statistical criteria – – – – – 46
4.2.3 Econometric criteria – – – – – 47
4.3 Test of hypothesis – – – – – 49
4.3.1 Restatement of hypothesis one – – – 48
4.3.2 Restatement of hypothesis two – – – 48
4 3.3 Restatement of hypothesis three – – – 49
4.4 Discussion of findings – – – – 49
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings – – – – 51
5.2 Conclusion – – – – – – 52
5.3 Policy recommendations – – – – 53
REFERENCES – – – – – 55
APPENDIX – – – – – – 61
