11 this equation is based on the fact that 1 n n n

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11. This equation is based on the fact that 1 n n n = + and 1 + θ = (1 + π * ) (1 + n ). Notice that * * * m k ψ = and it represents the ratio of money balance to capital stock. That is it gives the portfolio composition of the individual asset in steady state. References Balakrishnan, P. (1991), “Money, Output and Price Level” Economic and Political Weekly , Vol. 26, No. 24, pp. 1472-1474. Bessler, D. A. (1984), “Relative Prices and Money: A Vector Autoregression on Brazilian Data” American Journal of Agricultural Economics , Vol. 66, No. 1, pp. 25-30. Central Bank of Nigeria, (2008), “Statistical Bulletin”. 50 Years Special Anniversary Edition . Central Bank of Nigeria. (2008), “Annual Report and Statement of Accounts”. Year ended 31 December 2007 . Engle, R. F. and Granger, C. W. J. (1987), Cointegration and Error Correction: Representation, Estimation and Testing. Econometrica 55: 251-276. Fischer, S. (1983), “Inflation and Growth” NBER Working Paper Series No. 1235. Georgios, K. (1993), “Do Standards of Living Converge? Some Cross-Country Evidence”. Economic Letters. Vol. 43, No. 2, pp. 149-155. Ghosh, A. and Philips, S. (1998), “Warning: Inflation May Be Harmful to Your Growth” International Monetary Fund Staff Papers , Vol. 45, No. 4, pp. 672-710. Grauwe, P. And Magdalena, P. (2005), “Is Inflation Always and Everywhere a Monetary Phenomenon?” The Scandinavian Journal of Economics , Vol. 107, No. 2, pp. 239-259. Hadjimichalakis, M. G. (1971), “Equilibrium and Disequilibrium Growth with Money—the Tobin Models” The Review of Economic Studies , Vol. 38, No. 4 pp. 457-479. Ireland, P. N. (1994), “Money and Growth: An Alternative Approach” The American Economic Review , Vol. 84, No. 1. pp. 47-65. Iyoha, M. A. (1969), “An Econometric Analysis of the Main Determinants of Nigeria Money Supply, 1950- 1965.” Nigerian Journal of Economic and Social Studies, Johansen, S. 1988. Statistical Analysis of Cointegration Vectors. Journal of Economics Dynamic and Control 12: 231-254.
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Money Supply, Inflation and Economic Growth in Nigeria 163 Johansen, S. (1995), Likelihood-based Inference in Cointegrated Vector Autoregressive Models. Oxford and New York: Oxford University Press. Johansen, S., and Juselius, K. (1990), “Maximum Likelihood Estimation and Inference on Cointegration: with Applications to the Demand for Money,” Oxford Bulletin of Economics and Statistics , 52, 169-210. Kaldor, N. (1959), “Economic Growth and the Problem of Inflation” Economica, New Series , Vol. 26, No. 104, pp. 287-298. Levine R. (1997), “Financial Development and Growth: Views and Agenda”. Journal of Economic Literature, 35: 688-726. Lucas, R. E. (2000), “Inflation and Welfare” Econometrica , Vol. 68, No. 2, pp. 247-274. Moosa, S. (1982), “Money, Inflation, and the Monetarist Explanation: Evidence from the Postwar U.S. Experience” Eastern Economic Journal , Vol. 8, No. 2, pp. 101-119. Moroney, J. R. (2002), Money Growth, Output Growth, and Inflation: Estimation of a Modern Quantity Theory Southern Economic Journal , Vol. 69, No. 2 pp. 398-413. Nagatani, K. (1970), “A Note on Professor Tobin’s “Money and Economic Growth” Econometrica, Vol. 38, No. 1, pp. 171-175. Narayan, K. P. (2005), “The Saving and Investment Nexus for China: Evidence from Cointegration Tests.” Applied Economics, 37: 1979–90. Narayan, S. (2005), “Estimating Income and Price Elasticities of Imports for Fiji in a Cointegration Framework,” Economic Modelling, Elsevier , vol. 22(3), pages 423-438.
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