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Revision of the small macro-econometric model of the Nigerian economy

Samuel Olofin (), Olusanya Olubusoye, Afees Salisu (), Alarudeen Aminu, Uwatt Uwatt and Micheal Adebiyi
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Samuel Olofin: Centre for Econometric and Allied Research, University of Ibadan
Alarudeen Aminu: Centre for Econometric and Allied Research, University of Ibadan.
Uwatt Uwatt: Monetary Policy Department, Central Bank of Nigeria, Nigeria.
Micheal Adebiyi: Monetary Policy Department, Central Bank of Nigeria, Nigeria.

No 32, Working Papers from Centre for Econometric and Allied Research, University of Ibadan

Abstract: The first operational small-scale macro-econometric model of the Nigerian Economy was developed in 2013. Ever since, the country had witnessed significant changes owing to oil price shock which culminated into internal and external imbalances. To address these challenges among others, informed the revision of the model. Thus, in the revised model, provisions are made for unemployment and the role of expectations and uncertainty surrounding the oil and foreign exchange markets. By simulating three alternative policy scenarios using oil price, monetary policy rate and cash reserve ratio, some striking results are obtained with implications for monetary policy in Nigeria.

Keywords: Macro-econometric models; Policy simulation; Nigerian economy (search for similar items in EconPapers)
JEL-codes: C50 E27 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-afr and nep-mac
Date: 2017-10
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