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Results indicated that an NCM-type monetary policy is generally ineffective in anchoring interest rates or aggregate demand and may be conducted at a considerably high cost in terms of output loss and financial instability.These findings and their policy implications are not entirely surprising given the institutional features of the Nigerian economy.
Inflation and Macroeconomic Effects of Inflation Targeting in Asia: Time-Series and Cross-Country Analysis (Thesis, Doctor of Philosophy (Ph D)).
Recently, from 2014 the economy ushered in a new spell of moderate inflation with average annual inflation being 16%.
We identify Ghana’s foremost macroeconomic problem as inflation persistence.Over the next decade, with the adoption of open market operations (OMO), average inflation dropped to 28%.Similarly, prior to the formal adoption of inflation targeting (IT) in 2007, average inflation further declined to 15% between 20.Moreover, monetary policy focus should be on long-run output expansion and short-run price-stability, rather than the converse.This would have the benefit of moderating poverty and unemployment.They generally suggest that the use of interest rate policies tended to create more problems than it can solve.Hence, to avert the associated problems, there is a need for other instruments which the central bank can control effectively.Finally, the cost and benefit analysis of monetary policy in Nigeria is investigated by estimating a NCM-type Phillips curve.To understand the dynamics and source of inflation the standard NCM-type Phillips curve is augmented with supply factors.However, the optimality of a monetary policy approach depends critically on its effectiveness and costs; which would differ between developing and developed countries.This thesis investigates the effectiveness and costs of an NCM-type monetary policy in Nigeria.