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Cited by 11Monetary Policy and Economic ImpactEconomic theories and modelsMarket Dynamics and Volatility

The DOI matches its Crossref record; 20 of the 22 references it cites were found in a registry or an index.

Monetary Policy Shocks and Effectiveness of Channels of Transmission in Nigeria: A Dynamic Stochastic General Equilibrium Approach

Enisan, Akinlo Anthony, Tolulope, Apanisile Olumuyiwa·2019·Global Business Review
DOI 10.1177/0972150918825194
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Abstract

This study examines the effect of anticipated and unanticipated monetary policy shocks on the effectiveness of monetary policy transmission mechanism in Nigeria by estimating a sticky-price dynamic stochastic general equilibrium (DSGE) model using Bayesian estimation approach. Four major transmission channels (exchange rate, interest rate, credit and expectation) are considered due to the economic and financial conditions of Nigeria. The study employs quarterly data from 1986:1 to 2013:4 and data are sourced from World Development Indicator (online version). Results show that unanticipated monetary policy shock has short-run impact on monetary policy transmission channels, while anticipated monetary policy shock has long-run impact on the monetary policy transmission channels. The study, therefore, concluded that efforts should be directed at reducing the unanticipated monetary policy by announcing government policy at the beginning of the year so as to reduce people’s expectation.

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Crossref · 10.1177/0972150918825194

Cites

20 of 20 references verified0 citation errors · 0 not checkable

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Citations

Cites

Research works printed but not linked: 13

  1. Adebiyi M. A., 2011, Economic and Financial Review, 49, 1
  2. Adeoye B., 2014, British Journal of Arts and Social Sciences, 17, 14
  3. Apanisile O. T., 2013, International Journal of Economics and Finance, 5, 139
  4. Cevik S., 2012, Lost in transmission? The effectiveness of monetary policy transmission channels in the GCC countries
  5. Cheng K. C., 2006, ‘A VAR analysis of Kenya’s monetary policy transmission mechanism’: How does the Central Bank’s REPO rate affect the economy?
  6. Edoumiekumo S. G., 2013, JORIND, 11, 15
  7. Ireland P., 2005, The monetary transmission
  8. Lahura J., 2010, Determinants of investment grade status in emerging markets
  9. Li B. & Liu Q. (2013). Identifying Monetary Policy Behavior in China: A Bayesian DSGE Approach. Retrieved from https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AMES2014&paper_id=338
  10. Mordi C. N. O., 2013, Dynamic stochastic general equilibrium model for monetary policy analysis in Nigeria
  11. Ogun T. P., 2010, African Economic and Business Review, 8, 15
  12. Oyaromade R., 2002, The Nigeria Journal of Economic and Social Studies, 44, 187
  13. Peiris S. J., 2007, An estimated DSGE model for monetary policy analysis in low-income countries

Cited by

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Metadata

Authors
Enisan, A. A., & Tolulope, A. O.
Affiliations
Economics Department, Faculty of Social Sciences, Obafemi Awolowo University, Ile – Ife, Nigeria.
Venue
Global Business Review
Publisher
SAGE Publications
Published
2019-03-24
Volume
20
Issue
2
Pages
331-353
ISSN
  • 0972-1509 (ISSN-L)
  • 0973-0664
DOI
10.1177/0972150918825194
OpenAlex
W2924921941
Cited by
8
References
22
Citations by year
2025: 1 · 2024: 1 · 2023: 1 · 2022: 1 · 2021: 2 · 2019: 2
FWCI
2.69
Type
journal article
Language
en
Open access
closed
Licence
journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations
  • Global Business Review (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
Keywords
monetary policy shocks, monetary policy transmission, anticipated shocks, unanticipated shocks, exchange rate channel, interest rate channel, credit channel, expectations channel, price stickiness, Nigeria

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Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.