{"title":"奥肯定律在尼日利亚存在吗?来自ARDL边界测试方法的证据","authors":"N. Abu","doi":"10.5709/CE.1897-9254.232","DOIUrl":null,"url":null,"abstract":"This study employs the autoregressive distributed lag (ARDL) bounds testing technique to examine whether Okun’s law exists in Nigeria during 1970-2014. In addition, this study considers the role of oil prices in the Nigerian economy. The empirical results indicate that a cointegrating or long term relationship exists between the unemployment rate, economic growth and oil prices. In addition, the results demonstrate that in Nigeria, in the long term, unemployment has a negative and significant effect on economic growth, and oil prices have a significant and positive effect on economic growth. The coefficient of unemployment (0.18%) for this study is far less than the result reported by Okun and other studies that focused on developed countries. This suggests that the Okun coefficient is not only unstable but varies for different countries, and does not remain constant for Nigeria. However, policymakers should take steps to reduce unemployment to enhance economic growth in Nigeria. O04,","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"1 1","pages":"131-144"},"PeriodicalIF":2.4000,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"30","resultStr":"{\"title\":\"Does Okun’s Law Exist in Nigeria? Evidence from the ARDL Bounds Testing Approach\",\"authors\":\"N. Abu\",\"doi\":\"10.5709/CE.1897-9254.232\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study employs the autoregressive distributed lag (ARDL) bounds testing technique to examine whether Okun’s law exists in Nigeria during 1970-2014. In addition, this study considers the role of oil prices in the Nigerian economy. The empirical results indicate that a cointegrating or long term relationship exists between the unemployment rate, economic growth and oil prices. In addition, the results demonstrate that in Nigeria, in the long term, unemployment has a negative and significant effect on economic growth, and oil prices have a significant and positive effect on economic growth. The coefficient of unemployment (0.18%) for this study is far less than the result reported by Okun and other studies that focused on developed countries. This suggests that the Okun coefficient is not only unstable but varies for different countries, and does not remain constant for Nigeria. However, policymakers should take steps to reduce unemployment to enhance economic growth in Nigeria. O04,\",\"PeriodicalId\":44824,\"journal\":{\"name\":\"Contemporary Economics\",\"volume\":\"1 1\",\"pages\":\"131-144\"},\"PeriodicalIF\":2.4000,\"publicationDate\":\"2017-06-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"30\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Contemporary Economics\",\"FirstCategoryId\":\"1089\",\"ListUrlMain\":\"https://doi.org/10.5709/CE.1897-9254.232\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Contemporary Economics","FirstCategoryId":"1089","ListUrlMain":"https://doi.org/10.5709/CE.1897-9254.232","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Does Okun’s Law Exist in Nigeria? Evidence from the ARDL Bounds Testing Approach
This study employs the autoregressive distributed lag (ARDL) bounds testing technique to examine whether Okun’s law exists in Nigeria during 1970-2014. In addition, this study considers the role of oil prices in the Nigerian economy. The empirical results indicate that a cointegrating or long term relationship exists between the unemployment rate, economic growth and oil prices. In addition, the results demonstrate that in Nigeria, in the long term, unemployment has a negative and significant effect on economic growth, and oil prices have a significant and positive effect on economic growth. The coefficient of unemployment (0.18%) for this study is far less than the result reported by Okun and other studies that focused on developed countries. This suggests that the Okun coefficient is not only unstable but varies for different countries, and does not remain constant for Nigeria. However, policymakers should take steps to reduce unemployment to enhance economic growth in Nigeria. O04,
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The mission of the Contemporary Economics is to publish advanced theoretical and empirical research in economics, finance, accounting and management with the noticeable contribution and impact to the development of those disciplines and preferably with practice relevancies. All entirety of methods is desirable, including a falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of a theory, meta-analysis with theoretical implications, constructive replication that clarifies the boundaries or range of a theory for theoretical research as well as qualitative, quantitative, field, laboratory, meta-analytic, and combination for an empirical research. This clear priority for comprehensive manuscripts containing a methodology-based theoretical and empirical research with implications and recommendations for policymaking does not exclude manuscripts entirely focused on theory or methodology. Manuscripts that raise significant, actual topics of international relevance will be highly appreciated. The interdisciplinary approach including – besides economic, financial, accounting or managerial –also other aspects, is welcomed.
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