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Abstract
There is the global recognition of the importance of expectations in the conduct of monetary policy, which can be attributed to the growth of financial markets, and the fact that economic fundamentals are driven, by expectations of the market agents. In an ever changing economic and financial environment, the CBN would require all the information it can get to respond to these changes in accordance with its policy objectives. Some of such information can be sourced from the bond market. The study seeks to examine the extent to which the information on private sector expectations of inflation which is contained in the yield curve that can improve inflation forecast. This would consequently increase the information set available to the CBN to forecast future inflation. The study is predicated on the premises that are enunciated in the Expectations Theory of Term Structure of Interest Rates. The theory suggests that interest rates and prices are driven by expectations.VAR model was estimated using quarterly data on security prices, inflation, MPR, and exchange rate for the period of 2006-2013. The study finds that: (i) there is information about private sector expectation embedded in the yield curves (ii) the proxy for expectation (treasury bills with 90 days maturity) has a significant effect on inflation in Nigeria (iii) the yield spread can indeed improve inflation forecast in Nigeria. The study concludes that the information embedded in the prices of securities can improve inflation forecast and monetary policy in Nigeria. From these findings, the study recommends that CBN should increase effectiveness and efficiency of monetary policy through the inclusion of the yield curve in modeling inflation in Nigeria. Furthermore, government in collaboration with the Central Bank of Nigeria should take effective measures to improve liquidity in the bond market which often disrupt the information signals found in security prices.
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SIMILAR ECONOMICS FINAL YEAR PROJECT RESEARCH TOPICS
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1. N-POWER PROGRAMME AS A TOOL FOR REDUCING UNEMPLOYMENT IN NIGERIA
» CHAPTER ONE INTRODUCTION Background of the Study Entrepreneurship education as a functional education which can be used as a panacea for unemployment,...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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2. EFFECT OF ADDITIONAL MONETARY TIGHTENING ON EXCHANGE RATE VOLATILITY IN NIGERIA
» Abstract CBN typically intervenes directly in the foreign exchange market to ensure that the value of the Naira is stable. However, direct foreign exc...Continue Reading »Item Type & Format: Project Material - Ms Word | 108 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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3. THE IMPACT OF THE CABOTAGE ACT ON LOCAL CAPACITY DEVELOPMENT: A STUDY OF SELECTED INDIGENOUS SHIPPING COMPANIES
» ABSTRACT In 2003 the cabotage law was enacted with provisions to empower local investors to take control of the domestic shipping trade and from it de...Continue Reading »Item Type & Format: Project Material - Ms Word | 108 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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4. THE EFFECT OF GOVERNMENT FUNDING ON THE PROMOTION AND DEVELOPMENT OF SME ENTERPRISES IN NIGERIA
» CHAPTER ONE 1.0 INTRODUCTION The dynamic role of small and medium enterprises as engine of growth in developing countries has been recognized as obser...Continue Reading »Item Type & Format: Project Material - Ms Word | 56 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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5. GRADUATE UNEMPLOYMENT IN NIGERIA: A CASE OF SOKOTO METROPOLIS, SOKOTO
» ABSTRACT This study attempt to examine the graduate unemployment in Nigeria: A case study of Sokoto Metropolis, Sokoto State. It seeks to identify the...Continue Reading »Item Type & Format: Project Material - Ms Word | 84 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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6. THE IMPACT OF NATIONAL POVERTY ERADICATION PROGRAMME (NAPEP) ON ECONOMIC DEVELOPMENT OF NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The concept of poverty and material deprivation is a critical one in contemporary social discussi...Continue Reading »Item Type & Format: Project Material - Ms Word | 63 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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7. CONTRIBUTIONS OF INFORMAL SECTOR TO THE SOCIO-ECONOMIC DEVELOPMENT OF KADUNA NORTH LOCAL GOVERNMENT OF KADUNA STATE, NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 Background to the study The informal sector covers a wide range of activities that originate from two reasons; According ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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8. APPRAISAL OF THE ECONOMIC IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF DIAMOND BANK)
» CHAPTER ONE 1.1 BACKGROUND OF THE STUDY Before the emergence of modern banking system, banking operation was manually done which lead to a slow down i...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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9. ANALYSIS OF MULTIDIMENSIONAL POVERTY AND INEQUALITY IN NIGERIA: EVIDENCE FROM THE CORE WELFARE INDICATOR SURVEY DATA
» CHAPTER ONE INTRODUCTION 1.1 Background to the study Poverty and inequality are among the most crucial problems facing developing economies today (Boa...Continue Reading »Item Type & Format: Project Material - Ms Word | 134 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT
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10. GLOBALSED FINANCIAL FLOWS, CAPITAL MARKET DEEPENING, AND ECONOMIC GROWTH: THE NIGERIAN EXPERIENCE
» CHAPTER 1 b INTRODUCTION 1.1 Background of t h e Study A consensus seems to have emerged amongst economists that economic growth is inextricably tied ...Continue Reading »Item Type & Format: Project Material - Ms Word | 127 pages | Instant Download | Chapter 1-5 | ECONOMICS DEPARTMENT