Economic and Financial Review


Central Bank of Nigeria


Fisher Effect, State Space Model, Cointegration


This paper uses the state space model to investigate the dynamic relationship between real interest rate and inflation in Nigeria. The paper reveals varying degrees of effect across interest rate and time horizons.

Author Bio

Tule, M. K., U. M. Okpanachi, S. E. Smith and E. T. Adamgbe are staff of the Monetary Policy and Research Departments, Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Tule, M. K., Okpanachi, U. M., Adamgbe, E. T. & Smith, S. E. (2014). A test of the Fisher Effect in Nigeria. CBN Economic and Financial Review, 52(2), 1-32.

Included in

Economics Commons



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