Journal
JOURNAL OF AFRICAN BUSINESS
Volume 21, Issue 2, Pages 193-214Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/15228916.2019.1625021
Keywords
Financial development; DSGE; transmission channels; Taylor's rule
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The study examines the effect of financial development on the effectiveness of monetary policy transmission channels in Nigeria by estimating a sticky-price DSGE model using Bayesian estimation approach. Four major transmission channels are considered due to the economic and financial conditions of Nigeria. The study employs quarterly data from 2004:1 to 2016:4 and data are sourced from World Development Indicator (online version). Results show that financial development in the period under study has positive effect on monetary policy transmission channel. While credit channel is the most active channel in stimulating output, expectation channel is the most active in stabilizing prices.
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