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Monetary Policy towards Inclusive Growth in Nigeria

Monetary Policy towards Inclusive Growth in Nigeria


Abstract: This study examines how monetary policy can be tailored towards promoting inclusive growth in Nigeria. It also identifies the most effective monetary policy instruments that can bring about inclusive growth. The study utilizes the Structural Vector Autoregressive (SVAR) model for the analysis in the study. The estimated results show that monetary policy has an important but restricted role to play in driving inclusive growth and that this role largely emanates from the interest rate and money supply channels. These channels account for about 41.08 percent and 26.09 percent respectively of total variation of monetary policy contribution to inclusive growth in Nigeria. The results also indicate that one standard deviation shock to the monetary policy rate results in a peak in the unemployment rate, months after the shock. The study, therefore, recommends that monetary authority must combine both conventional and unconventional policies in order to achieve inclusive growth in Nigeria.

JEL classification: C32, E24, E52

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