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Corresponding Author:
Oluremi Ogun, University of Ibadan, Ibadan, Nigeria

Monetary Aspects of Business Cycles in an Open Developing Economy.

Volume 69 - Issue 1, February 2016
(pp. 69-92)
JEL classification: C13, E32, E58, F41
Keywords: Business Fluctuations and Cycles, Central Banks and their Policies, Causality, Open Economy Macroeconomics

Abstract

This paper investigated the influence of selected monetary actions on the real economy of Nigeria. A Monetarist framework and a causality approach were employed in the analysis. The analysis covered nominal and real specifications and, level and order of integration. Whereas, the outcome of the experiments involving nominal specifications was mixed, real expressions firmly upheld monetary actions as the key driver of economic activities. The influences of both the price level and exogenous variables were palpable.

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