{
  "title": "Determinants of Inflation, Exchange Rate, and Output in Nigeria",
  "publication": "IMF Working Papers, November 1, 1998",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/determinants-of-inflation-exchange-rate-and-output-in-nigeria-2798",
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  "summary": "This paper presents a macroeconomic model of the Nigerian economy. The long-run relationships pertaining to the markets for money, foreign exchange, and (non-oil) output are estimated. Subsequently, dynamic equations are estimated for the price level, the real exchange rate, and output.",
  "sections": [
    {
      "heading": "Macroeconomic model and methodology",
      "content": "- Presents a macroeconomic model of the Nigerian economy.\n- Estimates long-run relationships for the markets for money, foreign exchange, and (non-oil) output.\n- Subsequently estimates dynamic equations for:\n  - the price level,\n  - the real exchange rate,\n  - output.\n- Methodology noted as applicable to other economies whose exports are insensitive to exchange rate movements (e.g., other oil-based economies)."
    },
    {
      "heading": "Key empirical findings",
      "content": "- Results help explain:\n  - the dramatic developments on the foreign exchange market during 1983-86 and 1992-94,\n  - the secular depreciation of the real exchange rate since 1985,\n  - the rise and fall of inflation during 1991-97."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Exchange rates, Foreign exchange, Monetary base, Money, Potential output, Production, Real exchange rates\n- Keywords: AFEM exchange rate, Africa, co-integration, constant returns to scale, excess demand, exchange rate, exchange rate movement, Exchange rates, GDP deflator, inflation, Monetary base, monetary policy, money demand function, money supply, Nigeria, nominal exchange rate, oil GDP, output, output gap, overvalued exchange rate, Potential output, price level, price level result, production function, Real exchange rates, Sub-Saharan Africa, WP\n\n---\n\n Content in this bundle\n\n- Determinants of Inflation, Exchange Rate, and Output in Nigeria - WP/98/160\n  - Determinants of Inflation, Exchange Rate, and Output in Nigeria - WP/98/160 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Determinants of Inflation, Exchange Rate, and Output in Nigeria - WP/98/160 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/determinants-of-inflation-exchange-rate-and-output-in-nigeria-2798"
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    "Authors: Louis Kuijs",
    "Published: November 1, 1998",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451981735.001",
    "Presents a macroeconomic model of the Nigerian economy.",
    "Estimates long-run relationships for the markets for money, foreign exchange, and (non-oil) output.",
    "Subsequently estimates dynamic equations for:",
    "Methodology noted as applicable to other economies whose exports are insensitive to exchange rate movements (e.g., other oil-based economies).",
    "Results help explain:",
    "Subject: Exchange rates, Foreign exchange, Monetary base, Money, Potential output, Production, Real exchange rates",
    "Keywords: AFEM exchange rate, Africa, co-integration, constant returns to scale, excess demand, exchange rate, exchange rate movement, Exchange rates, GDP deflator, inflation, Monetary base, monetary policy, money demand function, money supply, Nigeria, nominal exchange rate, oil GDP, output, output gap, overvalued exchange rate, Potential output, price level, price level result, production function, Real exchange rates, Sub-Saharan Africa, WP",
    "**Determinants of Inflation, Exchange Rate, and Output in Nigeria - WP/98/160**"
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