A balance sheet approach in evaluating Central Bank behaviour: econometric results from quarterly data

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Periodical article

Title:	A balance sheet approach in evaluating Central Bank behaviour: econometric results from quarterly data
Author:	Odedokun, M.O.
Year:	1990
Periodical:	The Nigerian Journal of Economic and Social Studies
Volume:	32
Issue:	1
Pages:	45-67
Language:	English
Geographic term:	Nigeria
Subjects:	central banks monetary policy
Abstract:	A sector flow-of-funds model is used in this study to explain the use of policy instruments by the Central Bank of Nigeria in terms of the variables reflecting the state of the economy, which the bank seeks to control. Quarterly data were employed for the period 1970 to 1982, giving 50 observations. The author found that the conventional policy goals of price stability, a high level of employment/economic growth, and external balance did not feature prominently in the use of aggregate monetary policy instruments. Instead, the aggregate monetary policy considerations were dominated by financial factors (including government demand for funds and deposit flows), the ideologies of the ruling government, and the need to follow the political directives of those in power. App., bibliogr., notes.