Price Volatility, Population Dynamics and Employment Nexus: Evidence from Nigeria

Olujobi Oluwatosin Michael and Joseph Adetokunbo Abu
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Olujobi Oluwatosin Michael: Department of Economics, College of Social and Management Sciences Achievers University Owo, Ondo State Nigeria
Joseph Adetokunbo Abu: Department of Economics, College of Social and Management Sciences Achievers University Owo, Ondo State Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 5, 1541-1554

Abstract: This study investigates how Nigerian employment is impacted by changes in population dynamics and price movements. How the influence of price volatility and price expectations in the rate of inflation as a key measures of the general price level. The investigation used an estimating technique called the autoregressive distributive lag (ARDL) model to assess the long- and short-term relationships between population dynamics, employment as measured by labor, and price fluctuations as proxy by the consumer price index. The dependent variable in the model is labor force, which is a proxy for employment, while the regress variables are the consumer price index, foreign direct investment, population growth rate, and tax revenue. Additionally, the ADRL bound test verified that there isn’t actually a long-term association. While the Augmented Dickey Fuller unit root cointegration test verified variables are stationary at level and at first difference, there is a correlation between employment, as measured by the labor force, price changes, as measured by the consumer price index, foreign direct investment, population growth rate, and tax revenue. The study’s findings indicate that price rises, as determined by the consumer price index, have a short- and long-term marginally positive impact on employment. Additionally, the population has a short-term and minimal negative influence on jobs. In addition, the research recommends that the government implement measures to help slow down population growth in order to control the labor supply and, consequently, lower unemployment rates, also suggest a much symmetric inflation objectives that will improve the management of both fiscal and monetary policies inter-temporal sustainability in Nigeria .

Date: 2024
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