Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?

Joseph Ayoola Omojolaibi

EN

Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?

Abstract

This study examines the effects of crude oil price changes on economic activity in an oil dependent economy-Nigeria. A small open economy structural vector autoregressive (SVAR) technique is employed to study the macroeconomic dynamics of domestic price level, economic output, money supply and oil price in Nigeria. The sample covers the data from 1985:q1 to 2010:q4. The Impulse Response Functions (IRFs) and the Forecast Error Variance Decompositions (FEVDs) results suggest that domestic policies, instead of oil-boom should be blamed for inflation. Also, oil price variations are driven mostly by oil shocks, however, domestic shocks are responsible for a reasonable portion of oil price variations

Keywords

Oil price, Monetary policy, Fiscal policy, Inflation, Nigeria

Details

Primary Language

English

Subjects

-

Journal Section

-

Authors

Joseph Ayoola Omojolaibi This is me

Publication Date

June 1, 2013

Submission Date

June 1, 2013

Acceptance Date

-

Published in Issue

Year 2013 Volume: 3 Number: 2

IZ

https://izlik.org/JA67EL68ZW

Cite

RIS / Bibtex

APA

Omojolaibi, J. A. (2013). Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria? International Journal of Energy Economics and Policy, 3(2), 143-152. https://izlik.org/JA67EL68ZW

AMA

1.Omojolaibi JA. Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria? IJEEP. 2013;3(2):143-152. https://izlik.org/JA67EL68ZW

Chicago

Omojolaibi, Joseph Ayoola. 2013. “Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?”. International Journal of Energy Economics and Policy 3 (2): 143-52. https://izlik.org/JA67EL68ZW.

EndNote

Omojolaibi JA (June 1, 2013) Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria? International Journal of Energy Economics and Policy 3 2 143–152.

IEEE

[1]J. A. Omojolaibi, “Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?”, IJEEP, vol. 3, no. 2, pp. 143–152, June 2013, [Online]. Available: https://izlik.org/JA67EL68ZW

ISNAD

Omojolaibi, Joseph Ayoola. “Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?”. International Journal of Energy Economics and Policy 3/2 (June 1, 2013): 143-152. https://izlik.org/JA67EL68ZW.

JAMA

1.Omojolaibi JA. Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria? IJEEP. 2013;3:143–152.

MLA

Omojolaibi, Joseph Ayoola. “Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?”. International Journal of Energy Economics and Policy, vol. 3, no. 2, June 2013, pp. 143-52, https://izlik.org/JA67EL68ZW.

Vancouver

1.Joseph Ayoola Omojolaibi. Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria? IJEEP [Internet]. 2013 Jun. 1;3(2):143-52. Available from: https://izlik.org/JA67EL68ZW