An Empirical Analysis Of The Impact Of Monetary Policy On Economic Growth Of Nigeria (1990 - 2011)

ABSTRACT

According to Uremadu, S.O. (2000), monetary policy refers to the credit control measures adopted by the central bank of a country. It also means policy employing central banker's control of money as an instrument for achieving the objective of general economic policy. Besides it is seen as any conscious action undertaken by monetary authorities to change the quality, availability or cost of money in a bid to influence the economy generally. In general terms, monetary policy refers to a combination of measures designed to regulate the value, quantity, supply and cost of money in an economy, in consonance with the expected level of economic activity (Okwu et al, 2011; Adesoye et al, 2012). For most economies, the objectives of monetary policy include price stability, maintenance of balance of payment equilibrium, promotion of full-employment, exchange rate stability, low inflation rate, interest rate stability and output growth and sustainable development (Folawewo, A. and osinubi, T. 2006).