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This paper reviews the historical performance of monetary policy in Nigeria and discusses the relative merits of alternative monetary policy strategies that Nigeria could adopt in the future, once the many operational issues that today obstruct the conduct of monetary policy have been addressed. An analysis of external and fiscal dominance in Nigeria reveals that none of the candidate strategies is particularly appealing although, on various grounds, a long-run target for inflation combined with a free float seems to be the ultimate option. The paper shows how to design and operationalize such a regime in Nigeria when account is taken for the emerging market features of the economy.

Foreign exchange rates --- Inflation (Finance) --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Finance: General --- Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Monetary economics --- Currency --- Inflation targeting --- Emerging and frontier financial markets --- Price stabilization --- Prices --- Financial services industry --- Government policy --- Nigeria

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This paper provides estimates of output multipliers for spending in clean energy and biodiversity conservation, as well as for spending on non-ecofriendly energy and land use activities. Using a new international dataset, we find that every dollar spent on key carbon-neutral or carbon-sink activities can generate more than a dollar’s worth of economic activity. Although not all green and non-ecofriendly expenditures in the dataset are strictly comparable due to data limitations, estimated multipliers associated with spending on renewable and fossil fuel energy investment are comparable, and the former (1.1-1.5) are larger than the latter (0.5-0.6) with over 90 percent probability. These findings survive several robustness checks and lend support to bottom-up analyses arguing that stabilizing climate and reversing biodiversity loss are not at odds with continuing economic advances.

Macroeconomics --- Economics: General --- International Economics --- Energy --- Natural Resources --- Environmental Conservation and Protection --- Bayesian Analysis: General --- National Government Expenditures and Related Policies: General --- Environment and Growth --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Sustainable Development --- Renewable Resources and Conservation: General --- Energy and the Macroeconomy --- Environmental Economics: General --- Alternative Energy Sources --- Nonrenewable Resources and Conservation: General --- Ecological Economics: Ecosystem Services --- Biodiversity Conservation --- Bioeconomics --- Industrial Ecology --- Climate --- Natural Disasters and Their Management --- Global Warming --- Economic & financial crises & disasters --- Economics of specific sectors --- Environmental management --- Conservation of the environment --- Climate change --- Financial crises --- Economic sectors --- Environment --- Renewable energy --- Renewable resources --- Non-renewable resources --- Environmental protection --- Greenhouse gas emissions --- Currency crises --- Informal sector --- Economics --- Renewable energy sources --- Natural resources --- Greenhouse gases --- Energy conservation --- United States --- Business logistics --- Clean energy. --- Green movement. --- Expenditures, Public. --- Macroeconomics. --- Economics: General. --- International Economics. --- Energy. --- Natural Resources. --- Environmental Conservation and Protection. --- Bayesian Analysis: General. --- National Government Expenditures and Related Policies: General. --- Environment and Growth. --- Agricultural and Natural Resource Economics. --- Environmental and Ecological Economics: General. --- Sustainable Development. --- Renewable Resources and Conservation: General. --- Energy and the Macroeconomy. --- Environmental Economics: General. --- Alternative Energy Sources. --- Nonrenewable Resources and Conservation: General. --- Ecological Economics: Ecosystem Services. --- Biodiversity Conservation. --- Bioeconomics. --- Industrial Ecology. --- Climate. --- Natural Disasters and Their Management. --- Global Warming. --- Economic & financial crises & disasters. --- Economics of specific sectors. --- Environmental management. --- Conservation of the environment. --- Climate change. --- Financial crises. --- Economic sectors. --- Environment. --- Renewable energy. --- Renewable resources. --- Non-renewable resources. --- Environmental protection. --- Greenhouse gas emissions. --- Currency crises. --- Informal sector. --- Economics. --- Renewable energy sources. --- Greenhouse gases. --- Energy conservation. --- Environmental aspects. --- United States.

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This paper provides estimates of output multipliers for spending in clean energy and biodiversity conservation, as well as for spending on non-ecofriendly energy and land use activities. Using a new international dataset, we find that every dollar spent on key carbon-neutral or carbon-sink activities can generate more than a dollar’s worth of economic activity. Although not all green and non-ecofriendly expenditures in the dataset are strictly comparable due to data limitations, estimated multipliers associated with spending on renewable and fossil fuel energy investment are comparable, and the former (1.1-1.5) are larger than the latter (0.5-0.6) with over 90 percent probability. These findings survive several robustness checks and lend support to bottom-up analyses arguing that stabilizing climate and reversing biodiversity loss are not at odds with continuing economic advances.

United States --- Business logistics --- Clean energy. --- Green movement. --- Expenditures, Public. --- Environmental aspects. --- United States. --- Macroeconomics. --- Economics: General. --- International Economics. --- Energy. --- Natural Resources. --- Environmental Conservation and Protection. --- Bayesian Analysis: General. --- National Government Expenditures and Related Policies: General. --- Environment and Growth. --- Agricultural and Natural Resource Economics. --- Environmental and Ecological Economics: General. --- Sustainable Development. --- Renewable Resources and Conservation: General. --- Energy and the Macroeconomy. --- Environmental Economics: General. --- Alternative Energy Sources. --- Nonrenewable Resources and Conservation: General. --- Ecological Economics: Ecosystem Services. --- Biodiversity Conservation. --- Bioeconomics. --- Industrial Ecology. --- Climate. --- Natural Disasters and Their Management. --- Global Warming. --- Economic & financial crises & disasters. --- Economics of specific sectors. --- Environmental management. --- Conservation of the environment. --- Climate change. --- Financial crises. --- Economic sectors. --- Environment. --- Renewable energy. --- Renewable resources. --- Non-renewable resources. --- Environmental protection. --- Greenhouse gas emissions. --- Currency crises. --- Informal sector. --- Economics. --- Renewable energy sources. --- Greenhouse gases. --- Energy conservation. --- Agricultural and Natural Resource Economics --- Alternative Energy Sources --- Bayesian Analysis: General --- Biodiversity Conservation --- Bioeconomics --- Climate change --- Climate --- Conservation of the environment --- Currency crises --- Ecological Economics: Ecosystem Services --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Energy and the Macroeconomy --- Energy conservation --- Energy --- Environment and Growth --- Environment --- Environmental and Ecological Economics: General --- Environmental Conservation and Protection --- Environmental Economics: General --- Environmental management --- Environmental protection --- Financial crises --- Global Warming --- Greenhouse gas emissions --- Greenhouse gases --- Industrial Ecology --- Informal sector --- International Economics --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Natural Disasters and Their Management --- Natural Resources --- Natural resources --- Non-renewable resources --- Nonrenewable Resources and Conservation: General --- Renewable energy sources --- Renewable energy --- Renewable Resources and Conservation: General --- Renewable resources --- Sustainable Development

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After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in the price of oil and other commodities, notably food. Although inflation remained lower and growth higher in inflation targeting countries than elsewhere, almost everywhere price stability seemed in jeopardy as consumer prices kept surging and central banks struggled to maintain expectations anchored. The rapid drop in energy and food prices that later accompanied the world slowdown helped avert the worse, but inflation stayed high in many inflation targeting countries. This paper uses a small open-economy DSGE model to design the correct monetary policy response to a protracted supply shock of the kind observed today, and explains how to choose optimal policy horizons under such shock. Using a version of the model with Kalman learning, the paper also evaluates the implications of a loss of target credibility, showing how rules must be adjusted when the authorities' commitment to low inflation has been eroded. The appropriate response to future evolutions of the price of oil, including to a large downward correction as recently observed, is also evaluated.

Business & Economics --- Industries --- Petroleum products --- Inflation (Finance) --- Prices. --- Petroleum --- Petroleum industry and trade --- Prices --- Finance --- Natural rate of unemployment --- Banks and Banking --- Investments: Energy --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Energy: Demand and Supply --- Energy: General --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment & securities --- Monetary economics --- Banking --- Oil prices --- Oil --- Inflation targeting --- Monetary policy --- Banks and banking --- United States

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Zonder onderwerpscode: economie