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Product Category: Projects
Product Code: 00002005
No of Pages: 74
No of Chapters: 5
File Format: Microsoft Word
Price :
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ABSTRACT
This
research work tries to investigate the effectiveness of macroeconomic policy in
promoting economic growth in
TABLE OF CONTENTS
CHAPTER
ONE
1.1 Introduction
1.2 Statement of problems
1.3 Significance of the study
1.4 Aim and objectives of the study
1.5 Research methodology
1.6 Statement of hypothesis
1.7 Scope/limitation of the study
1.8 Chapterization of the study
References
CHAPTER
TWO: LITERATURE REVIEW
2.1 Introduction
2.2 Conceptual
overview of macroeconomic policy
2.3 Major goals
of macroeconomic policy
2.3.1 Economic
growth
2.3.2 Full
employment
2.3.3 Economic
equity
2.3.4 Stabilizing
balance of payment
2.3.5 Price
stability
2.4 Types of
macroeconomic policy
2.4.1 Monetary policy
2.4.2 Fiscal policy
2.5 Monetary
versus fiscal policy
2.5.1 Keynesian
range
2.5.2 The classical
for monetarist range
2.5.3 The
intermediate range
References
CHAPTER THREE:
MACROECONOMIC POLICY IN NIGERIA (1993-2007)
3.1 Introduction
3.2 Policy implementation
agencies
3.3 Monetary
and fiscal policies in Nigeria: between1994-2007
3.4 The
global financial crisis
3.5 Problems
of macroeconomic policy in Nigeria
3.6 Policy
recommendations
References
CHAPTER FOUR:
DATA PRESENTATION, ANALYSIS AND
INTERPRETATION
4.1 Introduction
4.2 Methods of
analysis
4.2.1 Regression
analysis
4.2.2 Correlation
technique
4.2.3 Hypothesis
test
4.2.4 Durbin Watson
test
4.3 Sources of
data
4.3.1 Model specification
and hypothesis
4.3.2 Apriori
expectation
4.3.3 Specification
bias
4.4 Data
presentation
4.5 Interpretation
of result
References
CHAPTER FIVE:
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of
finings
5.2 Conclusion
5.3 Recommendations
5.4 Area for
further research
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO
THE STUDY
It has been
historically evidenced that market mechanism does not ensure general
equilibrium and stability in the economy. As a result, macroeconomic
problems-business cycles, inflation, deflation, stagflation and unemployment
continue to arise time and again. Therefore, government is forced to adopt
policy measures to redress the problems as and when they arise. If governments
are to intervene in the economy, there still remains the problem of selecting
the appropriate instruments of achieving the targets they set for themselves.
Macroeconomics,
which was introduced by Ragnar Frisch in 1933 during the period of great
depression globally, applies to the study of relations between broad economic
aggregates. It refers to the study of the performance of the national economy
as well as the policies used to improve that performance. Policy on the other
hand, according to the Oxford Advanced Learner's Dictionary means plan action
agreed or chosen by a political party, business etc.
Macroeconomic
polices therefore, can be defined as government actions designed to affect the
performance of the economy as a whole. It can also be defined as a programme of
action undertaken to control, regulate and manipulate macroeconomic variables
to achieve the macroeconomic goals of the society. In the words of Brooks and
Evans, "Macroeconomic policy can be thought of as an attempt by the
authorities to achieve particular target levels of certain major economic
aggregates". A macroeconomic policy is, infact an instrument of policing
the economy (if one may use that phrase) to achieve certain economic goals. As
regards the scope of macroeconomic policy, it encompasses all major economic
variables. Macroeconomic variables include both real and monetary variable.
Real variables include, Gross National Product (GNP), Total Employment,
Aggregate Expenditure, Saving and Investment Government Expenditure as well as
tax and Non-Tax Revenue, Exports and Imports and the balance of Payment,
Monetary Variables include supply of money, demand for money, supply of credit,
bank deposit as well as interest rate. Accordingly, there are two kinds of
tools or measure to control and regulate the macroeconomic variables namely;
monetary measure and fiscal measure.
Some economist
believes that "The need for macroeconomic policy arises because the
economic system does not adjust appropriately to the shocks to which it is
constantly subjected". However, the role of macroeconomic policy did not
remain confined to controlling business cycles, it was extended far beyond.
Before and after
Nigeria got her independence in 1960, the Nigerian economy can be characterized
as an economy that has witnessed a variety of macro economic policies, not all
have however, succeeded in achieving the laid down objectives of the
macroeconomic polices. In the past few years, the Nigerian economy has
witnessed serious macroeconomic problems, characterized by slow down in
economic activities, low capacity utilization, growing unemployment, heavy debt
burden, accelerated inflation, intensified exchange rate depreciation, as well
as high and perverted regime of interest rates.
1.2 STATEMENT OF
PROBLEMS
The motive of any
development effort is to bring about improvement in the standard of living of the
people. It is to this end that macroeconomic objectives are directed.
Therefore, it follows that there is a functional and significant relationship
between macroeconomic policies and stated objectives. The economy of developing
countries like
1.3 SIGNIFICANCE OF THE STUDY
It is hoped that
this research work will be practically and theoretically significant as it will
contribute to and move the frontiers of knowledge. There is no doubt that this
study will benefit quite a number of people.
In -the first instance, the research work will be extremely
important to students in their academic pursuit. Secondly, experts and policy
makers will find it a good and
useful companion in their effort to formulate policies. Furthermore, this
research work will equally be germane to the state, in that it will enhance
effective and efficient formulation and implementation of policies with a
view to achieving macroeconomic
objectives.
1.4 AIM AND OBJECTIVES OF THE STUDY
In the literature of macroeconomic theory, some serious prepositions have
been made as to the effectiveness or otherwise of macroeconomic policy
especially in the developing countries
like
i.
To highlight the extent to
which money supply affect the Gross Domestic Product (GDP)
ii.
To asses the macroeconomic policies put in place in
Nigerian economy from 1993-2007; to see if it has any positive or negative
effects on the Nigerian economy.
iii.
To evaluate the effect of major macroeconomic variable on
the Gross Domestic Product (GDP).
1.5 RESEARCH METHODOLOGY
This consists of
the following:
1.5.1 SOURCES OF
DATA
This research
work is limited to secondary source of data. The secondary data shall be
obtained basically from Central Bank of Nigeria (CBN) various publications,
National Bureau of Statistic (NBS) and other relevant publication for a period
of fifteen (15) years (that is 1993-2007).
1.5.2 METHOD OF
DATA ANALYSIS
After the data
needed must have obtained, it shall be analyzed via the use of statistical and
econometric methodology such as simple regression, multiple regression and
variance analysis. The study will also go further to conduct the test of
significant standard error and F-test
1.5.3 MODEL SPECIFICATION
In a linear
multiple regression model, the dependent or explained variable (Y) is related
to a number of independent or explanatory variables; X1,X2,X3........
Xn by the following expression
Yt = βo + β1X1 + β2X2
+ µ ... βnXn where βo is the intercept and βl,β2,β3.........
βn are unknown parameters called the population regression,
coefficient and µ is the random or stochastic variable
Using linear
regression model, the functional relationship between gross domestic product
(GDP) Government expenditure and money supply is estimated as follows;
GDP= F(MOS, Govt.
Exp)
Where GDP is the
dependent variable
MOS = Money
Supply
MODEL
GDP =
F(GOVERNMENT EXPENDITURE, MONEY SUPPLY)
GDP = βo +β1X1
+ β2X2 + Ut
1.6 STATEMENT
OF HYPOTHESIS
Ho: Money
Supply and Government Expenditure does not have significant effect on the gross
domestic product (GDP).
H1: Money Supply and Government Expenditure
has a significant effect on gross domestic product (GDP).
1.7 SCOPE/LIMITATION
OF THE STUDY
The study will
cover macroeconomic policies in
period of fifteen
years, starting from 1993 to 2007.
The limitation of
this study are those conceptual problems which the research work would
encounter. These include time and inadequacy of funds for the research.
Another
limitation is that of inadequate and inaccurate database in less developed
countries in which
1.8 CHAPTERIZATION OF THE STUDY
This study will be divided into five chapters .
In the first chapter, which is the introduction, various objectives
intended to be achieved in carrying out this research work will be looked at.
In addition, the research hypothesis as well as the scope and limitation of the
study will be stated among other things.
Chapter two, which is the literature review examine the two macroeconomic
policies (monetary policy and fiscal policy) in detail, as well as its impacts
in promoting economic growth in
In Chapter three, which is the structural composition, the macroeconomic
policy as it affect
Chapter four contains data analysis. The data to be analyzed will be
obtained from secondary data majorly from the CBN publication. These data will be analyzed through the use of the
statistical Package for Social Science (SPSS) with the use of econometrics
technique, specifically, regression analysis.
The summary, conclusion and recommendation will be presented in chapter five.
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