Monetary policy and economic growth in Nigeria: Evidence from bounds and Bayer-Hanck cointegration techniques

This paper contributes to the monetary policy-economic growth debate by investigating whether policy stimulates economic in Nigeria. Using time series data from 1970 2018 and deploying autoregressive distributed lag (ARDL) model, bounds Bayer- Hanck (2013) cointegration tests, evidence main robustness checks show that (1) a significant long-run association exists, (2) percentage increase rate results 0.055 decline growth, on average, ceteris paribus. In other words, these findings confirm statistically inverse relation exists between Trade openness also exerts asymmetric contemporaneous (0.094) (-0.059) impacts at 1% 5% significance levels, respectively. Similarly, inflation contemporaneously reduces (-0.002) level while its are 10% Policy recommendations discussed.