The Impact of Monetary Policy on Economic Growth and Price Stability in Kenya...iosrjce
The government of Kenya’s economic blueprint dubbed ‘Kenya Vision 2030’ acknowledges the
importance of maintaining a stable macro-economic environment. Despite Kenya implementing monetary
policy aimed at achieving stable prices and fostering economic growth, the economy has been reporting low
economic growth and high rates of inflation. These implies there is still a point of disconnect between what
Central bank of Kenya Pursues and the outcome of the objectives. In this study, structural vector autoregresion
(SVAR) model is estimatedto trace the effects of monetary policy shocks on economic growth and prices in
Kenya. Three alternative monetary policy instruments were put into use i.e. broad money supply (M3), interbank
lending rate (ILR) and the real effective exchange rate (REER). The study found evidence that monetary policy
innovations carried out on the quantity-based nominal anchor (M3) has modest effects on economic growth and
prices with a very fast speed of adjustment. Innovations on the price-based nominal anchors (ILR and REER)
have relative and fleeting effects on real GDP. The study recommended that Central Bank of Kenya should
place more emphasis on the use of the quantity-based nominal anchor rather than the price-based nominal
anchor
The Impact of Monetary Policy on Economic Growth and Price Stability in Kenya...iosrjce
The government of Kenya’s economic blueprint dubbed ‘Kenya Vision 2030’ acknowledges the
importance of maintaining a stable macro-economic environment. Despite Kenya implementing monetary
policy aimed at achieving stable prices and fostering economic growth, the economy has been reporting low
economic growth and high rates of inflation. These implies there is still a point of disconnect between what
Central bank of Kenya Pursues and the outcome of the objectives. In this study, structural vector autoregresion
(SVAR) model is estimatedto trace the effects of monetary policy shocks on economic growth and prices in
Kenya. Three alternative monetary policy instruments were put into use i.e. broad money supply (M3), interbank
lending rate (ILR) and the real effective exchange rate (REER). The study found evidence that monetary policy
innovations carried out on the quantity-based nominal anchor (M3) has modest effects on economic growth and
prices with a very fast speed of adjustment. Innovations on the price-based nominal anchors (ILR and REER)
have relative and fleeting effects on real GDP. The study recommended that Central Bank of Kenya should
place more emphasis on the use of the quantity-based nominal anchor rather than the price-based nominal
anchor
Adopting Inflation Targeting for Monetary Policy: Practical Issues for Nigeriaiosrjce
IOSR Journal of Humanities and Social Science is a double blind peer reviewed International Journal edited by International Organization of Scientific Research (IOSR).The Journal provides a common forum where all aspects of humanities and social sciences are presented. IOSR-JHSS publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes etc.
This paper analysed the forecasting ability of yield-curve as a predictor of the short-run fluctuations in economic activities in Namibia. The study employed the techniques of unit root, cointegration, impulse response functions and forecast error variance decomposition on the quarterly data covering the period 1996 to 2015. The results revealed a negative relationship between the term structure of interest rates and economic activities, though statistically insignificant. This suggests that the yield-curve has no forecasting ability as a predictor of economic activity in Namibia.
T. Dergiades, C. Milas, T. Panagioditis
IHU, Greece, University of Liverpool, UK , University of Macedonia, Greece, LSE, UK and RCEA, Italy.
November 2015. Open Seminar at Eesti Pank
EFFECTIVE MONETARY POLICY AS A RECIPE FOR MACROECONOMIC STABILITY IN NIGERIApaperpublications3
Abstract: The basic objective of this paper was to investigate effective monetary policy as a recipe for macroeconomic stability in Nigeria, using annual time series data from 1981 to 2014. The paper employs OLS methodology with all the BLUE assumption. The results show that considering the magnitude, 1% increase in RGDP (proxy for economic growth) is brought about by 0.86% increase in narrow money supply (M1), 0.63% increase in broad money supply (M2), 258% decrease in inflation rate (INFLARATE), 1276.3% increase in lending rate (LEDRATE), and 143.9% increase in gross fixed capital formation. This implies that an increase in lending rate and other related variables will lead to a significant increase in real GDP, proxy for economic growth in Nigeria. The estimated value of R2 (goodness of fit) of 0.67 or 67% shows that 67% systematic variation in Real GDP is caused by variation in narrow money supply, broad money supply, inflation rate, lending rate, and gross fixed capital formation. This indicates that indeed, monetary policy has an effect on macroeconomic stability in Nigeria. The study seems to suggest that concerted efforts should be made by the government to focus on increment in narrow and broad money supplies which will aid in the financing of the country’s monetary growth, balancing the price increase, stimulating increased spending, and further enhancing the country’s macroeconomic variables.
Empirical Analysis of Fiscal Dominance and the Conduct of Monetary Policy in ...AJHSSR Journal
The study empirically investigates fiscal dominance and the conduct of monetary policy in
Nigeria, using quarterly data from 1986Q1 to 2016Q4. It adopts the vector error correction mechanism (VECM)
and cointegration technique to analyze the data and make inference. The findings reveal that there is no
evidence of fiscal dominance in Nigeria. The empirical results show that budget deficit, domestic debt and
money supply have no significant influence on the average price level. However, budget deficit and domestic
debt are shown to have significant influence on money supply, but only in the short-run. The policy implication
is that the government should enforce fiscal discipline through the appropriate institution and the Central Bank
should be given autonomy to perform the primary function of long-term price stability, among other functions.
The objective of this study is to identify the determinants of inflation in West Africa, mainly in the WAEMU zone, in order to contribute to improving the conduct of monetary policy. The equation of the exchange of the Quantitative Theory of the Currency and the generalized method of moments (MMG) in dynamic panel is used. Annual data concerning six countries in West Africa and range from 1991 to 2015. The results of the estimation show that in addition to the economic growth rate and the money supply, the devaluation has a significant effect on inflation. As we can see, inflation is not systematically a monetary phenomenon in West Africa. The authorities must therefore seek to determine the optimal threshold for the rate of increase of the money supply.
Adopting Inflation Targeting for Monetary Policy: Practical Issues for Nigeriaiosrjce
IOSR Journal of Humanities and Social Science is a double blind peer reviewed International Journal edited by International Organization of Scientific Research (IOSR).The Journal provides a common forum where all aspects of humanities and social sciences are presented. IOSR-JHSS publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes etc.
This paper analysed the forecasting ability of yield-curve as a predictor of the short-run fluctuations in economic activities in Namibia. The study employed the techniques of unit root, cointegration, impulse response functions and forecast error variance decomposition on the quarterly data covering the period 1996 to 2015. The results revealed a negative relationship between the term structure of interest rates and economic activities, though statistically insignificant. This suggests that the yield-curve has no forecasting ability as a predictor of economic activity in Namibia.
T. Dergiades, C. Milas, T. Panagioditis
IHU, Greece, University of Liverpool, UK , University of Macedonia, Greece, LSE, UK and RCEA, Italy.
November 2015. Open Seminar at Eesti Pank
EFFECTIVE MONETARY POLICY AS A RECIPE FOR MACROECONOMIC STABILITY IN NIGERIApaperpublications3
Abstract: The basic objective of this paper was to investigate effective monetary policy as a recipe for macroeconomic stability in Nigeria, using annual time series data from 1981 to 2014. The paper employs OLS methodology with all the BLUE assumption. The results show that considering the magnitude, 1% increase in RGDP (proxy for economic growth) is brought about by 0.86% increase in narrow money supply (M1), 0.63% increase in broad money supply (M2), 258% decrease in inflation rate (INFLARATE), 1276.3% increase in lending rate (LEDRATE), and 143.9% increase in gross fixed capital formation. This implies that an increase in lending rate and other related variables will lead to a significant increase in real GDP, proxy for economic growth in Nigeria. The estimated value of R2 (goodness of fit) of 0.67 or 67% shows that 67% systematic variation in Real GDP is caused by variation in narrow money supply, broad money supply, inflation rate, lending rate, and gross fixed capital formation. This indicates that indeed, monetary policy has an effect on macroeconomic stability in Nigeria. The study seems to suggest that concerted efforts should be made by the government to focus on increment in narrow and broad money supplies which will aid in the financing of the country’s monetary growth, balancing the price increase, stimulating increased spending, and further enhancing the country’s macroeconomic variables.
Empirical Analysis of Fiscal Dominance and the Conduct of Monetary Policy in ...AJHSSR Journal
The study empirically investigates fiscal dominance and the conduct of monetary policy in
Nigeria, using quarterly data from 1986Q1 to 2016Q4. It adopts the vector error correction mechanism (VECM)
and cointegration technique to analyze the data and make inference. The findings reveal that there is no
evidence of fiscal dominance in Nigeria. The empirical results show that budget deficit, domestic debt and
money supply have no significant influence on the average price level. However, budget deficit and domestic
debt are shown to have significant influence on money supply, but only in the short-run. The policy implication
is that the government should enforce fiscal discipline through the appropriate institution and the Central Bank
should be given autonomy to perform the primary function of long-term price stability, among other functions.
The objective of this study is to identify the determinants of inflation in West Africa, mainly in the WAEMU zone, in order to contribute to improving the conduct of monetary policy. The equation of the exchange of the Quantitative Theory of the Currency and the generalized method of moments (MMG) in dynamic panel is used. Annual data concerning six countries in West Africa and range from 1991 to 2015. The results of the estimation show that in addition to the economic growth rate and the money supply, the devaluation has a significant effect on inflation. As we can see, inflation is not systematically a monetary phenomenon in West Africa. The authorities must therefore seek to determine the optimal threshold for the rate of increase of the money supply.
Der zehnte Volkshilfe Sozialbarometer untersucht die Bedeutung von Armut aus der Sicht von Kindern und Jugendlichen. Außerdem wurde erhoben, wie Armut erfolgreich bekämpft wurde.
IMPACT OF FISCAL POLICY AND MONETARY POLICY ON THE ECONOMIC GROWTH OF NIGERIA...AJHSSR Journal
ABSTRACT: This research work focused on the impact of fiscal and monetary policy on Nigeria‟s economic
growth between 1980 and 2016. In the study, variables such as government expenditure and taxation revenue
were used to proxy fiscal policy while the broad money supply was employed as a proxy for monetary policy.
The other variable employed as controlled variable is interest rate. The unit root test confirmed that all the
variables were not stationary at levels but were stationary at first difference. Also, the Johansen cointegration
test confirmed that a long run relationship exists between fiscal policy, monetary policy and economic growth in
Nigeria. The empirical results reported using the ordinary least squares technique suggested that fiscal policy
has positive and significant impact on economic growth, and monetary policy has positive impact on economic
growth as well. We, therefore, conclude that both fiscal and monetary policies have positive and significant
impact on Nigeria‟s economic growth between 1980 and 2016. To this end, we recommend that the Federal
Government of Nigeria should focus on using the fiscal policy instruments to stimulate the economy in the
desired direction in order to sustain economic growth process. We also call on the Central Bank of Nigeria to
consistently embark on appropriate and effective monetary policy to boost the economy. Furthermore, since
interest rate is observed to negatively impact economic growth, efforts should be made as lowering the cost of
borrowing in the commercial banks and other financial institutions in order to boost investment and increase
economic growth in the country.
American Research Journal of Humanities & Social Science (ARJHSS) is a double blind peer reviewed, open access journal published by (ARJHSS).
The main objective of ARJHSS is to provide an intellectual platform for the international scholars. ARJHSS aims to promote interdisciplinary studies in Humanities & Social Science and become the leading journal in Humanities & Social Science in the world.
Dynamic Impact of Money Supply on Inflation: Evidence from ECOWAS Member Statesiosrjce
According to the monetarists, inflation is essentially a monetary phenomenon in the sense that a
continuous rise in the general price level is due to the rate of expansion in money supply far in excess of the
money actually demanded by economic units. But the link between changes in money supply and inflation is not
instantaneous. This study, therefore, assessed this dynamic linkage between money supply and inflation in
ECOWAS member states; West African Monetary Zone (WAMZ) and West African Economic Monetary Union
(WAEMU) for the period 1980-2012. The stationary properties of the series are explored both at univariate and
panel sense using KPSS and ADF; IPS and LLC. The results revealed that money supply and inflation are
stationary at the level for individual countries and at panel sense. The random effect model for ECOWAS
member states shows that the impact of money supply on inflation is effective in the current and first period.
While the impact is effective in the first period for WAMZ, WAEMU experiences the impact in current period.
The finding also reveals that there are significant specific-country effects on the variables. This implies that the
objective of macroeconomic convergence is yet to be achieved. The paper, therefore recommends that inflation
should be used as an operational guide in evaluating the effectiveness of monetary policy and also a strong
monetary cooperation programme among ECOWAS member states should be evolved.
Using a series of econometric techniques, the study analysed interaction between monetary policy and private sector credit in Ghana. This study made use of monthly dataset spanning January 1999 to December 2019 of credit to the private sector (PSC) and broad money supply (M2). The results reveal that there exists cointegration, a long run stationary relation between monetary policy and private sector credit. This implies, increases in credit should prompt long-term increases in monetary policy. It is not surprising that growth in the private sector might have a stronger effect on monetary policy. The Error Correction Test is statistically significant and that all the variables demonstrate similar adjustment speeds. This implies that in the short run, both money supply and credit are somewhat equally responsive to their last period’s equilibrium error. There is unidirectional causation from private sector credit to monetary policy. It can be said that, there is an interaction between money supply and private sector credit. Thus, credit to private sector holds great potential in promoting economic growth. It can be recommended to the government to increase the credit flow to the private sector because of its strategic importance in creating and generating growth of the economy.
Effect of Government Policies on Price Stability in Nigeriaijtsrd
This study examined the effect of monetary and fiscal policies on price stability in Nigeria using a data rich framework spanning from 1986 2020. The main problem with the macro economic policies that prompted this study was the fact that despite the series of the CBN Monetary Policy Committee decisions and government tax and expenditure implementation there is apparently no useful effect on inflation price . The study employed Auto regression Distributed Lag ARDL Bound Test for Co integration of data analysis depending upon the time series properties of the data that confer mixed order of integration in addition to the conduct of the unit root test and Error Correction Model ECM estimation. The ADF test revealed that LNCPI, EXR, GSDMD, GEXP, GTX and M2 were stationary at 1 1 while RIR, MPR and BOP at 1 0 . Pesaran, Shin and Smith 2001 established that the ARDL bounds technique allows a mixture of 1 1 and 1 0 variables as regressors. Hence, we proceed to perform the ARDL bounds test for integration. The results of the ARDL bounds revealed that the null hypotheses were all rejected implying that a long run effect exists among monetary and fiscal policies variables and CPI in a multivariate framework. ECM coefficient of 0.2942 conforms with expectation. Durbin Watson statistic 0f 1 9925 revealed that the model seems not to have any case of autocorrelation. The result of our analysis shows that fiscal policy rather than monetary policy exerts a more potent effect on price stability in Nigeria. The study recommends that both monetary and fiscal policies should be complementary in order to be effective in taming inflation in Nigeria. Onehi, Damian Haruna | Ibenta, Steve Nkem | Adigwe, Patrick, K. | Emejulu, Ikenna Justin "Effect of Government Policies on Price Stability in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-1 , February 2023, URL: https://www.ijtsrd.com/papers/ijtsrd52766.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/52766/effect-of-government-policies-on-price-stability-in-nigeria/onehi-damian-haruna
Monetary Policy Variables and Agricultural Development in NigeriaAJHSSR Journal
ABSTRACT : The goal of any country's monetary policy is to maximize economic production ; thus, the
monetary authorities of that country use monetary policy variables to regulate the money supply, interest rates,
and other aspects of the money market. From 1999-2017, when the Central Bank of Nigeria (CBN) employed a
wide range of monetary policy variables to stimulate the economy, this study employs the multiple regression
technique to examine the relationship between agricultural output, government spending, money supply, and
inflation rate in Nigeria. This research found that financial policy measures can be used to affect agriculture,
which would have a positive knock-on effect on agricultural development and, ultimately, Nigeria's economic
growth and development. Both tools of monetary policy have the potential to promote agricultural growth with
the right policies in place.
KEYWORDS : Agricultural Output, Government Spending, Inflation Rateand Money Supply.
QUALITY ASSURANCE FOR ECONOMY CLASSIFICATION BASED ON DATA MINING TECHNIQUESIJDKP
Researchers in the quality assurance field used traditional techniques for increasing the organization income and take the most suitable decisions. Today they focus and search for a new intelligent techniques in order to enhance the quality of their decisions. This paper based on applying the most robust trend in computer science field which is data mining in the quality assurance field. The cases study which is discussed in this paper based on detecting and predicting the developed and developing countries based on the indicators. This paper uses three different artificial intelligent techniques namely; Artificial Neural Network (ANN), k-Nearest Neighbor (KNN), and Fuzzy k-Nearest Neighbor (FKNN). The main target of this paper is to merge between the last intelligent techniques applied in the computer science with the quality assurance approaches. The experimental result shows that proposed approaches in this paper achieved the highest accuracy score than the other comparative studies as indicates in the experimental result section.
Financialization, Rentier Interests, and Central Bank PolicyConor McCabe
Financialization, Rentier Interests, and Central Bank Policy
Gerald Epstein
Department of Economics and Political Economy Research Institute (PERI)
University of Massachusetts, Amherst
December, 2001; this version, June, 2002
Rania Al-Mashat - Minister of Tourism
ERF 24th Annual Conference
The New Normal in the Global Economy: Challenges & Prospects for MENA
July 8-10, 2018
Cairo, Egypt
The Nigerian Government both previous and present has introduced several policies and programmes to reduce or proffer remedial measures to militate against the negative impact of high inflationary levels on the Nigerian economy. All these measures have not led to a productive result as the inflation rate has continued to sour higher over the years. This paper aimed at examining the economic influence of the determinant factors that influence inflationary trends that are multi-dimensional and dynamic which continue to defy solutions. The data used for this work was sourced from the National Bureau of Statistics and Central Bank of Nigeria, from 1983 to 2020. The ordinary least square approach was used to analyze the data and the result shows that consumer’s price index, interest rate and total export has a positive effect on Nigeria inflation, but only the Consumer’s Price Index (CPI) have a statistically significant effect on the Nigeria inflation at 99% confidence interval. Result also shows that the exchange rate, foreign reserve, money supply, real GDP, real income and total imports has a negative effect though not statistically significant on the Nigeria inflation rate. The result of the granger causality test shows exchange rate and total imports to granger cause Nigeria inflation. It is recommended that Government should improve locally manufacture products to meet international demands to reduce total imports.
MACROECONOMIC FOCUS AND INDUSTRY ANALYSIS .docxsmile790243
MACROECONOMIC FOCUS AND INDUSTRY ANALYSIS 1
MACROECONOMIC FOCUS AND INDUSTRY ANALYSIS 2
Milestone Two
Macroeconomic Focus and Industry Analysis
NOTE: highlighted any change you made. Know which one is revised. Thanks.
Note: See all highlighted on yellow comments and revised it.THANKS.
Macroeconomic Focus and Industry Analysis
Macroeconomic forecast of the monetary school of thought.
From a monetarist perspective, regulation of the flow and circulation of money is important in determining and influencing preferred economic conditions in the United States. Reducing the circulation of money in the economy has many effects on the macroeconomic environment and determines the activities of other stakeholders in the financial market. From a monetarist school of thought, the government has sole responsibility to both country and citizens in ensuring favorable monetary policies are implemented that are akin to the prevailing economic conditions through the control of inflation and prevention of deflation in the country (Fair, 2011).
Reducing the supply of money in the economy has effects on the macro-economic Cory Kanth:
This point is not clear. It needs clarification in terms of better explanation.
environment as earlier mentioned. Reducing money circulation has both short run and a long run effect that shift practices in the economic environment. For instance, consumer spending is affected by the implementation of monetary policies. When the government implements monetary policies that do not favor money circulation, consumer spending capabilities are significantly reduced (Fair, 2011). The reduction in the spending is due to the reduced flow of money in the financial market which limits the funds accessible to consumers in the market. This policy is usually exercised in a bid to control inflation in the market where prices go up due to increased demand catalyzed by the availability of money in the hands of the spenders.
Reducing the growth of money circulation from a monetary perspective is empirical in determining the cost of labor. When there is a circulation of money in the market, individuals can opt for willing unemployment due to the availability of funds through other sources other than the low paying jobs (Gnimassoun & Mignon, 2015). Further analysis on the effect of reducing money circulation is the government stabilizes the prices of labor meaning little choice is left for personnel who may discriminate employment due to reduced wages or low salaries.
Investment spending is a factor directly affected by the increase in interest rates. This is because investors avoid high lending rates due to high interests that are amassed over operational periods. Moreover, increased lending rates affect investment spending since capital and ...
Rethinking The Current Inflation Target Range In South Afric.docxzmark3
Rethinking The Current Inflation Target Range In South
Africa
Lumengo Bonga-Bonga, Ntsakeseni Letitia Lebese
The Journal of Developing Areas, Volume 53, Number 2, Spring 2019, pp.
13-27 (Article)
Published by Tennessee State University College of Business
DOI:
For additional information about this article
Access provided by Ebsco Publishing (11 Sep 2018 13:19 GMT)
https://doi.org/10.1353/jda.2019.0018
https://muse.jhu.edu/article/702993
https://doi.org/10.1353/jda.2019.0018
https://muse.jhu.edu/article/702993
T h e J o u r n a l o f D e v e l o p i n g A r e a s
Volume 53 No. 2 Spring 2019
RETHINKING THE CURRENT INFLATION
TARGET RANGE IN SOUTH AFRICA
Lumengo Bonga-Bonga
Ntsakeseni Letitia Lebese
University of Johannesburg, South Africa
ABSTRACT
Critics argue that inflation targeting is not an appropriate monetary policy framework for
developing countries. They maintain that developing countries are more susceptible to the negative
effects of external shocks due to the uncertainty perceived by investors with respect to their
political and economic stability. It is in this line that this paper assesses whether the 3%-6%
inflation target is the optimal inflation target band in South Africa. To determine the optimal level
of inflation target in South Africa, this paper follows the methodology developed by Ball and
Mankiw (2002), which rests on the premise that there is a short run trade-off between inflation and
unemployment. Ball and Mankiw (2002) show that there exists a level of unemployment that is
consistent with stable inflation. The unemployment level that corresponds with a stable inflation is
known as the non-accelerating inflation rate of unemployment (NAIRU). Thus, this paper uses an
expectations-augmented Phillips curve to estimate a time-varying NAIRU for South Africa from
1980 to 2015. We use the headline inflation rate and the official unemployment rate based on the
narrow definition to evaluate the appropriateness of the current inflation target range. Quarterly
data from 1980 to 2015 sourced from Quantec is used to this end. The results of the empirical
analysis indicate that, if South Africa were to put in place an inflation target range based on the
NAIRU, it would have to target an inflation rate that ranges from 1.4 to 11.5 percent. This range is
different to the official inflation target of 3% to 6% adopted by the South African Reserve Bank
(SARB). Furthermore, this paper finds that the Phillips curve is not vertical in South Africa, as
actual inflation does not depend solely on inflation expectations. The policy implication of the
findings of this paper is that the South African Reserve Bank should think about revising its current
inflation target, as it is too narrow for an emerging economy. The current low range of inflation
target could have a negative effect on output and unemployment.
Rethinking The Current Inflation Target Range In South Afric.docxaudeleypearl
Rethinking The Current Inflation Target Range In South
Africa
Lumengo Bonga-Bonga, Ntsakeseni Letitia Lebese
The Journal of Developing Areas, Volume 53, Number 2, Spring 2019, pp.
13-27 (Article)
Published by Tennessee State University College of Business
DOI:
For additional information about this article
Access provided by Ebsco Publishing (11 Sep 2018 13:19 GMT)
https://doi.org/10.1353/jda.2019.0018
https://muse.jhu.edu/article/702993
https://doi.org/10.1353/jda.2019.0018
https://muse.jhu.edu/article/702993
T h e J o u r n a l o f D e v e l o p i n g A r e a s
Volume 53 No. 2 Spring 2019
RETHINKING THE CURRENT INFLATION
TARGET RANGE IN SOUTH AFRICA
Lumengo Bonga-Bonga
Ntsakeseni Letitia Lebese
University of Johannesburg, South Africa
ABSTRACT
Critics argue that inflation targeting is not an appropriate monetary policy framework for
developing countries. They maintain that developing countries are more susceptible to the negative
effects of external shocks due to the uncertainty perceived by investors with respect to their
political and economic stability. It is in this line that this paper assesses whether the 3%-6%
inflation target is the optimal inflation target band in South Africa. To determine the optimal level
of inflation target in South Africa, this paper follows the methodology developed by Ball and
Mankiw (2002), which rests on the premise that there is a short run trade-off between inflation and
unemployment. Ball and Mankiw (2002) show that there exists a level of unemployment that is
consistent with stable inflation. The unemployment level that corresponds with a stable inflation is
known as the non-accelerating inflation rate of unemployment (NAIRU). Thus, this paper uses an
expectations-augmented Phillips curve to estimate a time-varying NAIRU for South Africa from
1980 to 2015. We use the headline inflation rate and the official unemployment rate based on the
narrow definition to evaluate the appropriateness of the current inflation target range. Quarterly
data from 1980 to 2015 sourced from Quantec is used to this end. The results of the empirical
analysis indicate that, if South Africa were to put in place an inflation target range based on the
NAIRU, it would have to target an inflation rate that ranges from 1.4 to 11.5 percent. This range is
different to the official inflation target of 3% to 6% adopted by the South African Reserve Bank
(SARB). Furthermore, this paper finds that the Phillips curve is not vertical in South Africa, as
actual inflation does not depend solely on inflation expectations. The policy implication of the
findings of this paper is that the South African Reserve Bank should think about revising its current
inflation target, as it is too narrow for an emerging economy. The current low range of inflation
target could have a negative effect on output and unemployment ...
Similar to Effects of inflation targeting policy on inflation rates and gross domestic product in ghana (20)
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
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Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Business update Q1 2024 Lar España Real Estate SOCIMI
Effects of inflation targeting policy on inflation rates and gross domestic product in ghana
1. European Journal of Business and Management www.iiste.org
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Effects of Inflation Targeting Policy on Inflation Rates and Gross
Domestic Product in Ghana
Albert Puni
Department of Administration, University of Professional Studies, Accra, P.O. Box LG 149, Legon
Bright Addiyiah Osei
Research Centre, University of Professional Studies, Accra, P.O.Box LG 149, Legon
Email:bright.osei@upsamail.edu.gh
Charles Barnor
Department of Banking and Finance, University of Professional Studies, Accra, P.O. Box LG 149, Legon
Abstract
Inflation targeting has been widely adopted in both developed and developing economies. The Bank of Ghana
(BOG) formally adopted an inflation targeting regime as a major monetary policy framework in May 2007,
becoming the second African country to do so after South Africa. This research paper sought to investigate the
effect of inflation targeting policy on inflation rates and gross domestic product. The research adopted the
quantitative method by comparing the effect of inflation targeting policy on inflation rates and gross domestic
product in the pre inflation targeting period (2000-2006) and the post inflation targeting period (2007-2013). The
resultsrevealed that there was a significant difference between the mean inflation rates for the two periods. The
inflation rate for the post inflation targeting period is significantly less than the pre-inflation targeting period. It
was also revealed that inflation targeting did not have a statistically significant effect on economic growth in
Ghana. The study concluded that policy makers are encouraged to explore other policy alternative including
inflation targeting regime to maximize production in the economy.
Keywords: Inflation Targeting Policy, Inflation Rates, Gross Domestic Product
1.0 Introduction
One of the primary responsibilities of Central Banks is to use various monetary policies to achieve some degree
of price stability in an economy. This is true because whether central banks are governed by Monetarist or by
Keynesian economists, price stability enable planners and policy makers plan within long time horizon. The
price stability responsibility drive of central banks have been revealed in the works of Volcker (1983),
Greenspan (1996, p.1), and Blinder (1994, p.7).Greenspan (1996, p.1), believes that the objective of central
banks is to achieve price stability; a situation in which the economic agents no longer take account of the
prospective change in the general price level in their economic decision making.
Many economists believe that, inflation arises when the money in circulation in an economy is more than the
supply of goods and service.According to Lovoie (1996, p.535), “inflation is mainly an excess demand
phenomenon, induced by an excess supply of money”. In other words, inflation can be termed as a situation
where too much money is following too few goods. The root causes of inflation are largely attributed to fiscal
deficit-financing by government through the printing of money. To arrest the above situation, policy makers in
recent times have resorted to monetary inflation targeting strategy, which is a departure from the previous fiscal
policy inflation targeting regime. To affirm the above departure by central banks, Debelle, Masson, Savastano,
and Sharma (1998, p.2) have reiterated that “if fiscal dominance exists, inflationary pressures of a fiscal origin
will undermine the effectiveness of monetary policy by obliging the central bank to accommodate the demands
of the government, say, by easing interest rates to achieve fiscal goals”.
The term inflation targeting entered into mainstream economics when in 1990 New Zealand embarked on a
wide-range economic and governmental reforms that sought to define performance measures and systems of
accountability for all government departments. The reforms initiated under the Reserve Bank Act of 1989
established three policy frameworks dubbed inflation targeting.
The first framework established dialogue between the central bank and the government concerning criteria of
measuring the central bank’s performance. The main yardstick established under the first framework was price
stability or inflation targeting. The second framework granted the Reserve Bank power to pursue its assigned
goal without government interference (that is the Reserve Bank must be independent). The last framework
established means of accountability whereby the goal is made public and the Governor of the Reserve Bank is
held accountable for the bank’s performance.
According to Rochon and Rossi (2006) since the adoption of inflation targeting in New Zealand in 1990 and
Canada in 1991, a number of countries have now adopted an inflation targeting regime.In fact the Keynesian
economists believe that inflation targeting is the best alternative when it comes to influencing inflation
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expectations.As the name suggests,inflation targeting puts price stability as the primary objective of the central
bank, and the inflation target provides what is known as the nominal anchor for monetary policy
framework.Because the policy framework clearly specifies the inflation objectives and a clear commitment to
achieving them, it helps to anchor the public’s inflation expectations,as well as the expectations of future
inflation to influence prices and wages thereby improving the general economy.The above situation leads many
Central Banks to believe that the best contribution that monetary policy can make to growth is to provide a low
and stable inflation environment that is conducive to sustainable long-term growth.
Inflation targeting regime proponents have argue that, the policy strategy leads to more credible, transparent,
accountable and a better management of inflation. Kydland and Prescott (1977) and Gordon (1983) have all
attested to the above assertion by saying that, the more independent central banks are the more they are able to
reduce the rate of inflation. Contrary to the above, inflation targeting policy strategy is not universally shared as
more central banks have not moved to adopt the strategy. In the United States, the debate over the adoption of
inflation targeting policy option has resulted in many economists like Friedman (2004) and Mishkin (2004)
saying that, inflation targeting places too much emphasis oninflation rates to the detriment of other monetary
goals. Stigliz (2008) has also stated that, inflation targeting is being put to the test, and it will almost certainly
fail.
According to Epstein (2002) during the last decade, central banks in developing countries have also increasingly
adopted monetary policy approaches that focus on lowering the rate of inflation with little regard to their impact
on "real factors" such as poverty, employment, investment or economic growth. The reason for the adoption of
inflation targeting in developing countries is that, over time, as inflation rises the cost of goods and services
increase, and the value of the local currency falls because consumers are not able to purchase the same quantity of
goods and services they previously could. Drawing from this, it is relevant to control inflation in order to reduce
the unit of a currency that is used to purchase fewer goods as time progresses.
The Bank of Ghana (BOG) formally adopted an inflation target in May 2007, becoming the second African
country to do so after South Africa. The adoption of inflation targeting policy regime has therefore increased
transparency and accountability of the BOG, which has now resorted to publishing inflation reports. It must
however be noted that almost seven (7) years after the adoption of inflation targeting by the BOG little research
has been conducted to review the effectiveness of this policy in stabilizing the general price level. However as
the policy of inflation targeting spreads, many policy makers are asking, is inflation targeting the best policy
option for Ghana? On several forums, the BOG has justified the inflation targeting policy regime, saying that it
is the best policy option towards tackling Ghana’s two decades inflation challenges. This assertion is however
not surprising since the BOG is the custodian of the policy. Based on the above arguments, conducting research
into Ghana’s inflation targeting policy is the only justifiable option that can reveal scientifically, the effects of
inflation targeting policy on inflation rates, and how significantly it has affected GDP growth.
In addition, the authors also believe that many researches on inflation targeting policy regime have tended to be
concentrated in the industrialized economies. Among these researches are Walsh (2009), Mishkin and Schmidt-
Hebbel (2007), Sheridan (2005), Vega and Winkelried (2005) and Wu (2004). Though other studies have given
evidence from developing countries perspectives, these have been concentrated in the Latin American regions.
Little evidence has however been obtained from an African perspective. Moreover, many of this empirical
evidence have focused on the effects of inflation targeting policy regime on inflation rates and inflation
expectations. Hardly have most researches relate the effects of inflation targeting policy regime on GDP growth.
The authors believethat, by researching into the effects of inflation targeting policy regime on inflation rates and
GDP growth in a specific environment (Ghana) will bridge the gap in knowledge between evidence in the
industrialized world, and other developing countries. This will therefore contribute to the existing knowledge in
the field of inflation targeting. This study has been organized into six sections, this include the introduction,
theoretical and empirical literature review, methodology, results, discussion, and finally recommendation and
conclusion.
2.0 Literature Review
Inflation is the condition of generalized excess demand, in which too much money chases too few goods.
Similarly Lovoie (1996) defined “inflation as mainly an excess demand phenomenon, induced by an excess
supply of money”(p.535).
Both definitions above are causal. In the first case inflation is traced to demand in the goods market; in the
second inflation is explained as the result of a change in the money supply. In recent discussions Friedman (1970)
has popularized the monetarist causal definition as follows;“Inflation is always and everywhere a monetary
phenomenon… and can be produced only by a more rapid increase in the quantity of money than in output”
(p.24).
It can be deduced from the definitions above that inflation occurs in an economy when too much money is
chasing too few goods and services over a period of time.
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2.1Theories of Inflation
2.1.1 Monetarist View
According to Johnson (1982, p.239) the monetarist view of inflation is associated with and ultimately causally
dependent on a rate of increase of money supply significantly in excess of the rate of growth of real output; the
difference between the two rates being the rate of inflation. The theory, it should be noted, does not assert that
inflation is attributable to monetary ignorance or mismanagement; monetary expansion and the consequential is
a method of taxing the holder of money to which may well be driven by political circumstances, in full
knowledge of what they are doing. The theory rests on the proposition that there is a stable relation between real
income and the amount of real purchasing power the public wants to hold in monetary form; that this money-to-
income relation is inversely related to the expected rate of inflation, the erosion of the purchasing power of
money through inflation constituting an important element of the cost of holding money; and that in the long run
people will come to expect the rate of inflation induced by the authorities through their policy respect to
monetary expansion.
The assumption that the public form expectations about inflation, adjust them in the light of experience and acts
on these expectations in its behavior, is a crucial difference between the quantity approach to inflation and the
currently dominant Keynesian approach.
2.1.2Keynes’ view of the functions of a central bank
According to Keynes’s General Theory (1936, p.159) money is neither in the short run nor the long run, neutral.
Keynes general theory, therefore, suggested that any monetary policy framework that dictated the quantity of
money or the rate of interest in a system will impact directly on real economic outcome. Consistent with the
above therefore, Keynes suggested that central banks have two primary functions. The first function is the
provision of liquidity in the system, and the second function is the determination of inflation rate.
With the above suggestions in mind, Keynes (1930) stated that “bank credit is the pavement along which
production travels, and the bankers if they knew their duty, would provide the transport facilities to just the
extent that is required in order that the production powers of the community can be employed at their full
capacity” (p. 220).
The above view implies that central banks are expected to extend credit into the economic system as cheaply as
possible so long as the economy has significant idle resources. The second function of the central bank suggested
by Keynes (1930) is that, the central bank must ensure financial stability and orderliness in the nation’s financial
markets thereby ensuring that money and output are in equilibrium both in the short and long runs.
2.1.3 Elements of Inflation Targeting
“Inflation targeting is a recent monetary policy strategy that encompasses five mainelements; a public
announcement of medium-term numerical targets for inflation,an institutional commitment to price
stability as the primary goal of monetary policy, to which other goals are subordinated, an information
inclusive strategy in which many variables, and not just monetary aggregates or the exchange rate, are
used for deciding the setting of policy instruments, increased transparency of the monetary policy
strategy through communication with the public and markets about the plans, objectives, and decisions
of the monetary authorities, and increased accountability of the central bank for attaining its inflation
objectives”. (Mishkin 2001, pp.117-27)
The advantages associated with inflation targeting is that, the concept is considered to be transparent and the
cooperation among stakeholder eliminates uncertainties concerning future inflation rates. Another advantage
associated with inflation targeting is that the system is flexible and the central bank can act well before any
incidence of inflation happens. Lastly the policy framework increases accountability on the part of the central
bank since all stakeholders are aware of the central bank’s goals. Among the inflation targeting participants,
inflation rate of zero and two percent is considered appropriate.
2.2 Empirical Literature Review
In various studies, Vega and Winkelried (2005), Batini and Laxton (2007) and Schmidt-Hebbel (2007) all
revealed that there were significant and positive effects of inflation targeting among inflation targeting samples
that included developing countries. For example in their study, Vega and Winkelried (2005), sampled 109
inflation targeting countries of which 23 are developing countries, using the propensity scoring methodology
they revealed lower inflation rates when inflation targeting policies were implemented. This is however
consistent with earlier conclusions of Corbo et al. (2000), Neumann and von Hagen (2002), and Petursson (2004).
In a recent study, Goncalvas and Salles (2008), revealed that inflation lowered from 17% to 6.55% among
inflation targeting developing countries between the pre and post inflation era. Consistent with the above Ball
and Sheridan (2005) concluded that there were statistically and economically significant reductions in inflation
among sampled inflation targeting countries surveyed.
3.0 Methodology
This study uses the quantitative research method and the nature of the research design is causal. Secondary data
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was collected from the Bank of Ghana (BOG) on monthly inflation rates from 2000 to 2007(April), representing
the pre-inflation targeting policy era; and 2007 (May) to 2013 representing the post-inflation targeting policy era.
The choice of the particular months is as result of the Bank of Ghana announcing officially in May 2007 that it
was now practicing inflation targeting. Annual Gross Domestic Product (GDP) was also collecting for the pre
and post inflation targeting policy era.
3.1 Population and Sampling
The study population was all monthly inflation rates and annual GDP at purchase value from 2000 to 2013.The
total sample size of the study is eight years (2003-2010). Since inflation targeting policy started in 2007, a seven
year sample (2000 -2006) was taken for the pre-inflation era, and corresponding seven years (2007-2013) was
also sample for the post inflation.
3.2 Data Analysis
The data obtained was analyzed using tests of mean differences and regression. The first analytical technique of
t-test was employed to ascertain the differences in mean inflation between the pre and post-inflation targeting
period. Regression was used to ascertain the effect of pre-inflation on GDP as well as the effect of post-inflation
on GDP. A dummy variable was used to capture the effect of inflation targeting on economic growth. Thus, the
model specified to capture the effect of inflation targeting on economic growth for this study is of the form:
1 2 (1)t tY Inf ITα β β ε= + + +
Where Y represents economic growth, inf represents annual inflation rate. IT represents the dummy variable
for the inflation targeting. It takes a value of 0 from 200-2006 and a value of one from 2007 to 2013. All the
results are assessed at the 5% level of significance.
4.0 Presentation of Results
This section presents the results from the t-tests and the regressions from the data collected.
To achieve the research objective of whether there is significant difference between the inflation rate for the pre
and post inflation targeting policy periods, table 5.1 revealed there is significant difference between the mean
inflation rates for the two periods at the 5% level of significance. The inflation rate for the post inflation
targeting period is significantly less than the pre-inflation targeting period.
Table 5.1Paired Samples Test of Pre and Post Inflation Targeting
Mean Std Dev Std Error T-value(p-value)
Pre IT –Post IT 2.05 0.2989 0.08291 24.77(0.000)
This is supported by inflation figures over the period which had consistent decline in inflation to the point of the
consistently witnessing single digit inflation over a period of over fourteen (14) months. It must be noted that
single-digit inflation was never achieved during the period of the post inflation targeting.
Table 5.2:Effect of Inflation Targeting on GDP
Dependent Variable: GDP_GROWTH
Method: Least Squares
Sample: 2000 2013
Included observations: 14
Variable Coefficient Std. Error t-Statistic Prob.
INFLATION -0.110813 0.087699 -1.263565 0.2325
IT 2.115329 1.528880 1.383581 0.1939
C 7.437998 2.104813 3.533805 0.0047
R-squared 0.405453 Mean dependent var 6.615010
Adjusted R-squared 0.297353 S.D. dependent var 2.887917
S.E. of regression 2.420768 Akaike info criterion 4.793456
Sum squared resid 64.46128 Schwarz criterion 4.930397
Log likelihood -30.55419 Hannan-Quinn criter. 4.780779
F-statistic 4.750740 Durbin-Watson stat 2.344252
Prob(F-statistic) 0.027283
To determine the inflation rate after the inflation targeting policy and its effects on GDP from 2000 to 2013, a
test of hypothesis was conducted using the model specified in the methodology. Even though the results
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indicated that a reduction in inflation will lead to an increase in economic growth, inflation did not contribute
significantly to the GDP. In addition, the dummy variable introduced to capture the effect of inflation targeting
on economic growth, did not statitistically affect economic.
5.0 Discussion of Results
The specific objective of this study is to evaluate the effect of inflation targeting policy on inflation rates and its
effect on GDP growth. From the results above, it can be said that inflation targeting policy has positive effect on
inflation rates in Ghana. Since during the inflation targeting policy regime, inflation reduced substantially.
Though inflation did not reduce to the ranges between zero and two percent as prescribe by proponents of
inflation targeting regime, in the Ghanaian situation the reduction was statistically significant.
The above scenario is however consistent with the very objective of inflation targeting policy which suggests
that, inflation targeting puts price stability as the primary objective of the central bank, and the inflation target
provides what is known as the nominal anchor for monetary policy framework.Because the policy framework
clearly specifies the inflation objectives and a clear commitment to achieving them, it helps to anchor the
public’s inflation expectations,as well as the expectations of future inflation to influence prices and wages
thereby improving the general economy. The above situation leads many Central Banks to believe that the best
contribution that monetary policy can make to growth is to provide a low and stable inflation environment that is
conducive to sustainable long-term growth. The Ghanaian results is also consistent which research conducted by
Walsh (2009) which revealed that inflation was lower among inflation targeting countries than for their
counterparts in the non-inflation targeting countries.
Similarly the study compared GDP growth in pre and post inflation targeting policy periods. In the Ghanaian
situation the reduction in inflation rates associated with inflation targeting did not have a significant effect on
GDP growth for both periods. This therefore suggests that a reduction in inflation does not necessarily translate
into economic growth.
6.0 Conclusion and Policy Implication
The study investigated the effect of inflation targeting on inflation rates and gross domestic product in Ghana
using seven (7) years pre-inflation period (2000-2006) and seven (7) years post inflation period (2007-2013) data.
Using a quantitative method the study investigated the causal effects of inflation targeting policy on gross
domestic product. The study assessed the effect of inflation targeting policy on inflation rates and gross domestic
product. The study found that inflation targeting policy has an effect on inflation rates since the reduction in
inflation rate during the post inflation period is statistically significant. In the case of inflation targeting and
gross domestic product, inflation targeting does not have substantial effect on gross domestic product, since the
result is not statistically significant.
Policy makers are encouraged to critically consider the issue of inflation targeting in Ghana. Though inflation
targeting is able to stabilize prices to some extent, it does not fully translate into economic growth. Policy
makers are encouraged to explore other policy option including the current inflation targeting policy option
currently pursed.
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other than those inseparable from gaining access to the internet itself. Paper version
of the journals is also available upon request of readers and authors.
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Book publication information: http://www.iiste.org/book/
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9. Business, Economics, Finance and Management Journals PAPER SUBMISSION EMAIL
European Journal of Business and Management EJBM@iiste.org
Research Journal of Finance and Accounting RJFA@iiste.org
Journal of Economics and Sustainable Development JESD@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Industrial Engineering Letters IEL@iiste.org
Physical Sciences, Mathematics and Chemistry Journals PAPER SUBMISSION EMAIL
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Journal of Mathematical Theory and Modeling MTM@iiste.org
Advances in Physics Theories and Applications APTA@iiste.org
Chemical and Process Engineering Research CPER@iiste.org
Engineering, Technology and Systems Journals PAPER SUBMISSION EMAIL
Computer Engineering and Intelligent Systems CEIS@iiste.org
Innovative Systems Design and Engineering ISDE@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Control Theory and Informatics CTI@iiste.org
Journal of Information Engineering and Applications JIEA@iiste.org
Industrial Engineering Letters IEL@iiste.org
Journal of Network and Complex Systems NCS@iiste.org
Environment, Civil, Materials Sciences Journals PAPER SUBMISSION EMAIL
Journal of Environment and Earth Science JEES@iiste.org
Journal of Civil and Environmental Research CER@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Life Science, Food and Medical Sciences PAPER SUBMISSION EMAIL
Advances in Life Science and Technology ALST@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Biology, Agriculture and Healthcare JBAH@iiste.org
Journal of Food Science and Quality Management FSQM@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Education, and other Social Sciences PAPER SUBMISSION EMAIL
Journal of Education and Practice JEP@iiste.org
Journal of Law, Policy and Globalization JLPG@iiste.org
Journal of New Media and Mass Communication NMMC@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Historical Research Letter HRL@iiste.org
Public Policy and Administration Research PPAR@iiste.org
International Affairs and Global Strategy IAGS@iiste.org
Research on Humanities and Social Sciences RHSS@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Journal of Arts and Design Studies ADS@iiste.org