MANAGING MONETARY POLICY IN AN ENVIRONMENT OF FISCAL POLICY DOMINANCE IN THE NIGERIAN ECONOMY

ABSTRACT 
This study sets out to examine managing monetary policy in an environment chocked up with huge fiscal deficits and public debt, high inflation rate etc, (which gives rise to fiscal dominance), in Nigerian setting during the period 1980 to 2004.

To accomplish this, statistical hypotheses were stated empirically. In chapter two, of the study, the review of various monetary policies in Nigeria was highlighted. Also there were emphasis on the fiscal policy and arguments on which of the two policies actually dominates.

The theoretical frame work was formulated and presented in chapter three.
While in the forth chapter, the model developed in chapter three was specified and estimated by  the ordinary least square (OLS) technique and the Cochrane-Orcutt as a corrective measure for auto-correlation, using the annual data for the period under study.

The fifth chapter concludes with the findings of the study which are;
Firstly, the results of the model showed that the specified variables which includes; banking system holdings of public domestic debt outstanding, domestic public debt, total government expenditure and inflation rate were all significant in explaining the systematic variation in the level of money supply with the exception of the domestic public debt.

Secondly after the application of the corrective mechanism i.e. the Cochrane-orcutt measure, all variables were statistically significant except that of total government expenditure. And all the variables conformed to Apriori specification.

The study there fore points to the need for a prudent fiscal policy and monetary authorities should place more emphasis on monetary actions than on fiscal action in their drive towards stabilization of the economy.

TABLE OF CONTENT
Title page
Certification
Dedication
Acknowledgementi
Abstract  
Tables of content

List of figures

CHAPTER ONE
Introduction 

1. 1. Background to the study 
   2. Statement of problem 
   3. Objective of the study 
   4.  Hypotheses 
   5. Scope of the study 
   6. Types of data
   7. Sources of data 
   8. Justification of study
   9. Definition of terms 

CHAPTER TWO

REVIEW OF LITERATURE
2.1 Introduction 
2.2 Role of the Autonomy of the Central Bank 
2.3 Appraisal of monetary policy management 
 Since the 197
2.4 Fiscal dominance or Monetary management
2.5 Financing fiscal Deficits 
2.6 Monetary and Fiscal policy conflicts 
2.7 Monetary policy and Fiscal behavior in Nigeria 

CHAPTER 3
3.1 Theoretical Framework 
3.2 Methodology 
3.3 Model Specification 
3.4 Method of Data Analysis  28
3.5 Data Requirements 

CHAPTER 4
4.0 Presentation and Interpretation of results …………………………     29
4.1 Results ………………………………

CHAPTER FIVE
5.1 Summary of findings ……………………………………………..   
5.2 Recommendations and conclusion ……………………………….
Reference