St. Louis Model for Macroeconomic Policy Determination in Relation to Employment Generation in a Developing Economy: Some Simulation Results
Journal Title: Academic Journal of Economic Studies - Year 2017, Vol 3, Issue 3
Abstract
This study uses St. Louis model to econometrically answer the question of whether the Keynesian policy or the Monetarist’s policy was more efficacious on employment generation in Nigerian with quarterly data for sample period of 1992 to 2016. The empirical finding is that cumulative effects of Keynesian of increasing aggregate government spending on the growth rate of employment in Nigeria is dominant in contrast to Monetarist’s policy. The policy simulation results reported negative dynamic multiplier of -0.01 of monetary policy on employment; fiscal policy gave a dynamic employment multiplier of 0.12 respectively. The study thus bears out fiscal policy as more effectual in inducing employment in Nigeria by imposing positive feedbacks. The study remarks on feasible implementation of empirical finding.
Authors and Affiliations
David Umoru, Moses A. Erhi
Keywords
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