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Journal of Economics and Allied Research (JEAR) is a peer-reviewed open access journal published by the Center for Contemporary Economics and Allied Research, Department of Economics in collaboration with the University Press, University of Nigeria. The journal accepts state of the art research in the following areas: All areas of mainstream economics as well as other areas such as environment, health, economics geography, social and cultural issues, petroleum and energy economics, political economy and public policy. The journal publishes articles quarterly. Articles involving cross sectional, cross country, time series and panel studies are welcome. In selecting articles for publication (from articles that have passed the review process) the journal will try to strike a balance among the subject areas and methodological approaches. In order to facilitate the speed of acceptance, articles addressing current economic problems or challenges with specific policy relevance will be given priority. Articles can be submitted online or as attachment any time to the email of the journal editor as shown below: (Email: jeareconunn@gmail.com)
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This paper investigates the effect of unemployment and inflation on economic growth in Nigeria between 1986-2010 through the application of Augmented Dickey-Fuller technique in testing the unit root property of the series and Granger causality test of causation between GDP, unemployment and inflation. The results of unit root suggest that all the variables in the model are stationary and the results of Causality suggest that unemployment and inflation cause RGDP and not RGDP causing unemployment and inflation. The result shows a one-way causation running from unemployment and inflation to RGDP. The Johansen cointegration result shows that despite no causation between unemployment and inflation, but there existed 2 cointegrating equation, implying the existence of long run relationship between economic growth, unemployment and inflation. The results also revealed that unemployment and inflation possessed a positive impact on economic growth. The result also shows that unemployment does not significantly affect economic growth, but a good performance of an economy in terms of per capita growth may therefore be attributed to the rate of inflation in the country. A major policy implication of this result is that concerted effort should be made by policy makers to increase the level of output in Nigeria by improving productivity/supply in order to reduce unemployment and the prices of goods and services (inflation) so as to boost the growth of the economy. Another policy implication of this study is that government should embark on labour intensive technique of production as against capital intensive and also close the border to some extent which is the likely measure to reduce unemployment and Inflation and increase domestic output level (GDP).
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In an attempt to examine the influence of inflation on the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate, degree of economy`s openness, money supply, and government consumption expenditures for the period 1980–2018. The study findings indicate that inflation and real exchange rate exert a significant negative impact on economic growth, while interest rate and money supply indicate a positive and significant impact on economic growth. Other variables in the model depict no influence on the economic growth of Nigeria. The causality result shows the unidirectional relationships between interest rate, exchange rate, government consumption expenditures and gross domestic product. However, inflation and the degree of openness show no causal relationship with gross domestic product. As a result, the study recommends that a more pragmatic effort is needed by the monetary authorities to target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would stimulate the economic growth of Nigeria.
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