Nwaobi, Godwin (2012): Monetary Policies and Nigerian Economy:Simulations from Dynamic Stochastic General Equilibrium(DSGE)Model.
Download (102Kb) | Preview
Traditionally, the task of monetary management is usually performed by the monetary authority on behalf of government. However, a key challenge in monetary management is how to deal with uncertainty. Thus, the relevant policy questions must include how best the available instruments of monetary policy be deployed in shock prone mature stabilizers. Therefore, the basic thrust of this paper is to evaluate monetary policy - tradeoffs using a dynamic stochastic general equilibrium(DSGE)model estimated on data for Nigeria.
|Item Type:||MPRA Paper|
|Original Title:||Monetary Policies and Nigerian Economy:Simulations from Dynamic Stochastic General Equilibrium(DSGE)Model|
|Keywords:||dynamic; stochastic; general; equilibrium; dsge; nigeria; monetary management; shocks; var; monetary policy; fiscal policy; exchange rate; central bank|
|Subjects:||D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D50 - General
C - Mathematical and Quantitative Methods > C6 - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling > C68 - Computable General Equilibrium Models
C - Mathematical and Quantitative Methods > C6 - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling > C63 - Computational Techniques; Simulation Modeling
C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C50 - General
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies
|Depositing User:||GODWIN NWAOBI|
|Date Deposited:||17. Apr 2012 18:54|
|Last Modified:||11. Feb 2013 17:47|
An, S and F. Schorfhede (2007) “Bayesian Analysis of DSGE Models,”Econometric Reviews 26 (2) 113-172
Boirin, J. et.al (2010) “How has the Monetary Transmission Mechanism Evolved Overtime?” http://www.nber.org/papers/w15079
Buffie, E. et.al. (2004) “Exchange Rate Policy and the Management of Official and private Capital Flows in Africa”, IMF staff Papers 51 (126-160)
Canova, F. (2010) “Bridging DSGE Model and the data,” http://www.crei.cat/people/canova
Canova, F. et.al. (2011) “Multiple Filtering devices for the estimationof DSGE models,” Quantitative Economics, (2) 73-98.
Canova, F. et.al (2009) “Back to square one: Identification issues inDSGE models”, Journal of Monetary Economics, 56 (4) 431-449
Canova, F. et.al (2010) “Measurement with some theory: a new approach to evaluate DSGE models,” http://www.crei.cat/people/canova
CBN (2010) Monetary Policy Transmission in Nigeria, Abuja: Central bank of Nigeria.
Christiano, L. et.al. (2005) “Nominal Rigidities and the DynamicEffects of a Shock to Monetary Policy,” Journal of Political Economy, 113 (1-45)
Dridi, R. et.al (2007) “Indirect Inference and Calibration of DynamicStochastic General Equilibrium Models”, Journal of Econometrics, (136) 397-430
Del Negro, N. (2008) “Forming Priors for DSGE and how it affects theassessment of nominal rigidities,” Journal of Monetary Economics, (55) 1191-1208
Fernarde Z, V. J. (2009) “The Econometrics of DSGE models,” NBERWorking Paper, 14677
Guerron, Q.P. (2010) “What you match does matter: the effects of data on DSGE models”, Journal of Applied Econometrics, (25) 774-804.