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i Dutse International Journal of Social and Economic Research (DIJSER) Center for Social and Economic Research, Federal University Dutse P.M.B 7156, Dutse, Jigawa State, Nigeria Vol. 1 No. 1 June, 2018 ISSN: 2645 -3169 ii Dutse International Journal of Social and Economic Research (DIJSER) is a publication of: Center for Social and Economic Research, Federal University Dutse Jigawa State – Nigeria. For Online Access: http://fud.edu.ng/dijser.html Language: English Frequency: Bi-annual Printed by: KABOD LIMITED NL 7 Lokoja Road, Kaduna State, Nigeria. +234(0)8030628933 [email protected] ISSN: 2645 -3169 Copy rights: All rights of this publication are reserved. No part of this Journal may be reproduced, stored in a retrieval system or transmitted in any form by any means without prior permission of the publisher, except for academic purposes. Note: The articles published in this Journal do not in any way reflect the views or position of DIJSER. Authors are individually responsible for all issues relating to their articles. Except for publication and copy rights, any issue arising from an article in this Journal should be addressed directly to the Author. ii ABOUT DIJSER DIJSER is a peer-reviewed and professional journal that publishes review and scholarly research articles in all areas of social and economic arena. The journal is a forum for scholars from around the globe to share their research experiences for the advancement of social and economic issues. As a multi-disciplinary journal, it focuses on social and economic development issues ranging from society, culture, politics, education, gender, poverty, inequality, social security, health and to other socio-economic aspects of the society in general. iii EDITORIAL BOARD Prof. Ummu A. Jalingo Department of Economics, Bayero University Kano, Nigeria. Prof. Ibrahim Ahmed Kiyawa Department of Economics, Federal University Dutse, Jigawa - Nigeria. Prof. Salisu A. Abdullahi Department of Sociology, Federal University Dutse, Jigawa - Nigeria. Prof. Amina Bashir Department of English, Federal University Dutse, Jigawa - Nigeria. Prof. Khalid Suleiman Department of Sociology, Usman Danfodio University Sokoto, Nigeria. Prof. Habu Muhammad Fagge Department of Political Science, Bayero University Kano, Nigeria. Prof. Muhammad Liman Department of Accounting, Bayero University Kano, Nigeria. Prof. Hassan Bulami Department of Economics, University of Maiduguri, Nigeria. Prof. Mohd Zaini Abd Karim Department of Economics, Universiti Utara Malaysia iv CALL FOR PAPERS DIJSER invites review and scholarly research articles from authors all over the globe. The journal is accepting papers all year around for consideration into publication in its bi-annual journal. There is no specific deadline for submission, articles submitted up to 31st May will be published in July issue, while articles submitted up to 31st October will be published in December issue. DIJSER publishes peer-reviewed original research papers, case studies, review articles and technical notes relating to social-economic issues. The journal allows free access to its contents, which attracts more readers and citations to articles published in DIJSER. AUTHOR GUIDELINES Authors are highly encouraged to read the following guidelines carefully before submitting the manuscript: 1. The Journal accepts only original and innovative submissions written in English on the understanding that the work has not been unpublished and is not being considered for publication elsewhere. 2. The Original Research article should include Title, Authors‘ names and their affiliations, Abstract, Keywords, Introduction, Literature Review, Methodology, Results & Discussion, Conclusions, and References. The complete paper should have a more than of five-six sections. 3. When submitting papers for potential publication in the DIJSER, please submit an original editable file in MS-WORD format. All figures, images, tables, appendices, references etc., should be embedded into the original file. The entire manuscript should not exceed 15 pages long. 4. Authors accept the terms of Honor Code and Plagiarism Statement for Paper Submission, and that the paper is original research contribution with the references properly cited in the manuscript using APA referencing style. 5. Manuscripts should be type written in Times New Roman, font size 12, Title shall be in a font size 14. All section titles shall be in font size 12, bold face in capital letters. Subtitles in each section shall be in font size 12, bold face lower case followed by a colon. Double spacing all portions of the manuscript and margins 2.5 cm each side. 6. The full formatted manuscript should be submitted electronically in a single MS- Word file attachment to [email protected] . Each submission of an article attracts a nonrefundable assessment and review fee of N3,000. Manuscripts that passed the assessment and review process may be sent back to authors for a minor or major correction. Final accepted manuscripts for publication in DIJSER are subject to a payment of N15,000 publication fees. Both payments should be made into the following Bank Account at any branch of the Fidelity Bank nationwide. Note in making the payment, after the depositor name, this account number should be added - 1100008649 (e.g. Author’s name/ 1100008649). Account Name: FUD Microfinance Bank Account Number: 4011006737 Fidelity Bank v EDITORIAL CONTACT The Editor in Chief Prof. Ummu A Jalingo, Director CSER, Journal of Social and Economic Research, Center for Social and Economic Research, NDIC Building, Federal University Dutse, Ibrahim, Aliyu By-pass, P.M.B 7156, Jigawa State, Nigeria. Email: or [email protected] Managing Editor Abubakar Hassan, Research Assistant, Center for Social and Economic Research, NDIC Building, Federal University Dutse, Ibrahim, Aliyu By-pass, P.M.B 7156, Jigawa State, Nigeria. Email: [email protected] For Manuscript Submission/ Inquiry: Email: [email protected] Phone Number: +2348030676264 vi Dutse International Journal of Social and Economics Research Vol. 1, No. 1 June 2018 Modelling Monetary Policy Impact on Nigerian Economy: An ARDL approach *Abubakar Hassan1 & Prof. Ummu A Jalingo2 1Department of Economics & Development Studies, Federal University Dutse. 2Department of Economics, Bayero University Kano *Corresponding Author‘s email: [email protected] Abstract: This paper is set up to model the impact of monetary policy on economic growth in Nigeria using annual time series data covering the periods of 1985 to 2016. The paper applies the ARDL bounds testing co-integration approach in investigating the long -run and short -run dynamics between monetary policy and economic growth. The results of the Bound test for conintegration show that there is no long-run relationship between growth rate of real GDP and monetary policy variables in the case of Nigeria. But, in the short run, broad money supply (M2) was found to be positively related to real GDP and the relationship is statically significant at 5% level. Similarly, Cash reserve ratio (CRR) and loan to deposit ratio (LDR) were found to have positive and negative impact on real GDP, respectively. And these findings are consistent with the theoretical expectations and lend empirical support to the monetarists view that ‗money matters at least in the short run‘. The implication of these findings is that, the monetary policy has an impact on real GDP in Nigeria, at least in the short run. Thus, the study concluded that the CBN can use its monetary policy to stabilize output and price in the short run. In line with these findings, the study recommended that the monetary authority should use the quantity-based anchor (M2) when it want to stabilize economic activities in the country. Keywords: Monetary Policy, Money Supply, Interest Rate, Co-integration, Nigeria. JEL Classification: C51, E52, E58, F43 1.0 Introduction The investigation into the relationship between monetary policy variables and real macroeconomic variables is one of the oldest areas in the history of macroeconomic theory. This area has attracted the interest of many academicians, economists as well as policy makers even though it is one of those areas where extensive theoretical and empirical researches have been carried out. Quoting some pioneering researchers in this field, Bernanke and Gertler (1995) asserted that ―the impact of monetary policy on the real economic variables has been a contentious area of debate in macroeconomics‖. The main reason for this is that- there is a serious dispute among the vast majority of economists and even among the theoretical thinkers about the actual and magnitude of monetary policy impact on real economic activities and how it is transmitted. Some believe that money does not matter and monetary policy is ineffective of influencing real economic variables such as employment, and real output (economic growth). While others claim that money matters and monetary policy can influence real economic activities at least in the short run and again there are those in between these two opponents who believe that the link between money and output is actually reverse causation not the other way round. 1 Dutse International Journal of Social and Economics Research Vol. 1, No. 1 June 2018 Various schools of economic thoughts identify a number of different channels of transmission mechanism of monetary policy. The monetarists led by the Milton Friedman posit that money matters and argue that monetary policy is transmitted through either
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