Monetary Policy Transmission and Industrial Sector Growth: Empirical Evidence From Nigeria:

SAGE Open

Hillary Chijindu Ezeaku¹ 

关键词: industrial output;    monetary policy;    credit channel;    interest rate channel;    Johansen cointegration;    error correction model;   

DOI  :  10.1177/2158244018769369

学科分类：社会科学、人文和艺术（综合）

来源: Sage Journals

【 摘 要 】

The goal of this study is to assess the industry effects of monetary policy transmission channels in Nigeria within the period 1981-2014. Techniques of analysis employed in the study are the Johansen cointegration and the error correction model (ECM). Our regression estimates reveal that the private sector credit, interest rate, and exchange rate channels have negative effects on real output growth, both in the long run and in the short run. The results further show that, relatively, the degrees of the established effects are higher in the long run than in the short run. We employed the Johansen cointegration approach to determine the nature of relationship that exists between our dependent variable and the independent variables. The results show that, in the Nigerian case, monetary policy transmission channels jointly have a long-run relationship with real output growth of the industrial sector, and disequilibrium in the system is corrected at the speed of 72.2% annually.

【 授权许可】

CC BY