ANALYSIS OF THE IMPACT OF MONETARY POLICY INNOVATIONS IN NIGERIA
ABSTRACT This study examined the implications of monetary policy refinements on price stability and other key macroeconomic variables such as output gap, exchange rate, interest rate, and the Central Bank of Nigeria (CBN) operating target-reserve money. It estimated the traditional and innovation-induced- ‘elevated’ monetary policy rule for Nigeria using Markov-switching to track state-dependent variables in order to accommodate structural breaks or multiple-state phenomena. In addition, it employed a non- linear ...
Read more