Monetary Policy and the Transmission Mechanism: Evidence from Nigeria
Bibliographic record
Abstract
This paper is an attempt aimed at investigating the empirical relationship between measures of monetary policy and the bank asset (BKA) channel of the monetary transmission mechanism as well as the direction of causality between them. The impulse response function of the monetary variables to shocks in the monetary system were also examined. Using data for the period 1970-2010 and employing co-integration, error correction mechanism and variance decomposition techniques, the study found a positive and significant long run relationship between BKA, money supply (MNS), cash reserve ratio (CRR) and Minimum Rediscount Rate (MRR) as well as a uni-directional Granger causality from BKA and CRR to MNS respectively. The results of the variance decomposition of BKA to shocks emanating from CRR, MRR and MNS show that own shocks remain the dominant source of total variations in the forecast error of the variables. The authors recommend that monetary policies should be properly fashioned to accomplish their target objectives in the economy.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.004 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".