Paper Title :Macroeconomic Policy and Output Performance in Nigeria: A Panacea for Macroeconomic Stability

Author :Adebayo .S. Adedokun, Reginald Ezeh

Article Citation :Adebayo .S. Adedokun ,Reginald Ezeh , (2019 ) " Macroeconomic Policy and Output Performance in Nigeria: A Panacea for Macroeconomic Stability " , International Journal of Management and Applied Science (IJMAS) , pp. 9-12, Volume-5,Issue-11

Abstract : Robust evidences exist that support the role of macroeconomic policy in stability of the economy. However, little known on the channels through which macroeconomic policy enhances output performance. This current study wasset to investigate the macroeconomic policy and output performance as a panacea for macroeconomic stability of Nigeria.The study identified three sub-divisions of macroeconomic policy; fiscal, monetary and trade policy and built an integrated model comprising of variables representing each of these classifications. The study relied on secondary data on GDP, inflation rate, exchange rate, government expenditure, trade openness and interest rate spanning between 1981 and 2016. The method of analysis involved the error correction technique. The results inter-alia,revealed thatmonetary policy, essentially the inflation rate, had a negative impact on Gross Domestic Product and thus, as inflation rate increased; the impact of it decimated the growth of output.The effect of interest rate also remained positive on output performance while spending were not directed at the productive sectors of the economy. Keywords - Growth, Macroeconomic Policy, Nigeria, Output

Type : Research paper

Published : Volume-5,Issue-11

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