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

Year 2013, Volume: 3 Issue: 2, 143 - 152, 01.06.2013

Joseph Ayoola Omojolaibi

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

Year 2013, Volume: 3 Issue: 2, 143 - 152, 01.06.2013

Joseph Ayoola Omojolaibi

Abstract

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Details

Other ID JA94SM25JE
Journal Section Research Article
Authors

Joseph Ayoola Omojolaibi This is me

Publication Date June 1, 2013
Published in Issue Year 2013 Volume: 3 Issue: 2

Cite

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.
AMA Omojolaibi JA. Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?. IJEEP. June 2013;3(2):143-152.
Chicago Omojolaibi, Joseph Ayoola. “Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?”. International Journal of Energy Economics and Policy 3, no. 2 (June 2013): 143-52.
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 J. A. Omojolaibi, “Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?”, IJEEP, vol. 3, no. 2, pp. 143–152, 2013.
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 2013), 143-152.
JAMA 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, 2013, pp. 143-52.
Vancouver Omojolaibi JA. Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?. IJEEP. 2013;3(2):143-52.