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Multisector small open economy DSGE model for oil exporting countries: The case of Nigeria

Zubair, Abdulrasheed 2019. Multisector small open economy DSGE model for oil exporting countries: The case of Nigeria. PhD Thesis, Cardiff University.
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Abstract

Small Open Oil Exporting Countries are often identified with frequent variation in output which in turn affect other macroeconomic fundamentals. This thesis investigates the effect of Oil price shocks, Productivity shocks to Tradeable (oil and non-oil) and Non-tradeable Sectors of the Nigerian economy. The Standard Small Open Economy Dynamic Stochastic General Equilibrium (DSGE) Model is extended by segregating the Tradeable sector into Oil and Non-oil sectors. The model has been estimated by Simulated-based Indirect Inference Method on non-stationary Nigerian data. Using indirect inference test technique which compares the model’s simulated behaviour generated with the actual data as represented by an auxiliary model. The results of the test show that the model has passed the Wald test. The estimated model suggests that oil has changed the structure of the Nigerian economy, but it does not seem that there is a ‘resource curse’ that public policy could have averted. Empirical evidence from the Estimated model indicates that an increase in government spending smoothen the variation of output growth rate from its efficient level and improve welfare of Nigerian household.

Item Type: Thesis (PhD)
Date Type: Submission
Status: Unpublished
Schools: Business (Including Economics)
Date of First Compliant Deposit: 14 June 2019
Date of Acceptance: 3 June 2019
Last Modified: 14 Jun 2019 14:06
URI: http://orca.cf.ac.uk/id/eprint/123052

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