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Inflation,Unemployment and Nigerian Families: An empirical investigation

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  • Nwaobi, Godwin C

Abstract

At present, the world economy is at a cross road. The Nigerian economy is therefore undergoing it most severe economic crisis since the Biafra war of the sixties. Currently, she is experiencing a staggering rate of inflation (well up to the double digit) as well as experiencing a severe recession (as the unemployment rate has risen astronomically). Consequently, a basic thesis of this proposal is that stagflation has caused and will continue to cause considerable hardship for many Nigerian families and poses a serious threat to the mental health of a substantial proportion of the population. It is therefore the aim of this research to document in a systematic way how families that have experienced varying degrees of “inflation crunch” have adjusted to or tried to adapt to this pressure. In other words, this phased research project proposes to provide information that will be useful to policy makers (government) who must weigh the costs and benefits of the current inflationary pressures as well as severe recession. Essentially, the result will be an emergence and evolution of corrective policy measures and strategies (as adequate and functional).

Suggested Citation

  • Nwaobi, Godwin C, 2009. "Inflation,Unemployment and Nigerian Families: An empirical investigation," MPRA Paper 14596, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:14596
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    File URL: https://mpra.ub.uni-muenchen.de/14596/1/MPRA_paper_14596.pdf
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    References listed on IDEAS

    as
    1. Mohsin S. Khan & Axel Schimmelpfennig, 2006. "Inflation in Pakistan: Money or Wheat?," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 213-234..
    2. McAleer, Michael & McKenzie, C R, 1991. "Keynesian and New Classical Models of Unemployment Revisited," Economic Journal, Royal Economic Society, vol. 101(406), pages 359-381, May.
    3. Rush, Mark & Waldo, Douglas, 1988. "On the Policy Ineffectiveness Proposition and a Keynesian Alternative," Economic Journal, Royal Economic Society, vol. 98(391), pages 498-503, June.
    4. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
    5. John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1.
    6. Ms. Laura Papi & Ms. G. C. Lim, 1997. "An Econometric Analysis of the Determinants of Inflation in Turkey," IMF Working Papers 1997/170, International Monetary Fund.
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    8. Pesaran, M H, 1982. "A Critique of the Proposed Tests of the Natural Rate-Rational Expectations Hypothesis," Economic Journal, Royal Economic Society, vol. 92(367), pages 529-554, September.
    9. Hamermesh, Daniel S, 1995. "Labour Demand and the," Economic Journal, Royal Economic Society, vol. 105(430), pages 620-634, May.
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    11. Mohsin S. Khan & Axel Schimmelpfennig, 2006. "Inflation in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(2), pages 185-202.
    12. Ajakaiye, O. & Ojowu, O., 1994. "Exchange Rate Depreciation and the Structure of Sectoral Prices in Nigeria Under an Alternative Pricing Regime," Papers 25, African Economic Research Consortium.
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    14. Godwin Nwaobi, 2004. "Money and output interaction in Nigeria: an econometric investigation using multivariate cointegration technique," Economics Bulletin, AccessEcon, vol. 3(30), pages 1-10.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Nurudeen Abu, 2019. "Inflation and Unemployment Trade-off: A Re-examination of the Phillips Curve and its Stability in Nigeria," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 13(1), March.
    2. Anthony Orji & Onyinye .I. Anthony-Orji & Joan C. Okafor, 2015. "Inflation And Unemployment Nexus In Nigeria: Another Test of the Phillips Curve," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(5), pages 766-778, May.

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    More about this item

    Keywords

    inflation; unemployment; stagflation; inflationcrunch; nigeria; economy; world; depression; recession; targeting; phillipscurve; monetarypolicy; rationalexpectations; keynesiantheory; newclassicals; wages; prices; NAIRU;
    All these keywords.

    JEL classification:

    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D10 - Microeconomics - - Household Behavior - - - General
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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