Replication Data for "Beyond Oil Production: Oil Price Shocks and Economic Growth in Nigeria - Long-Run Symmetry and Asymmetric Dynamic Adjustment."
Description
The study examines the relationship between crude oil production, global oil price shocks, exchange rate dynamics, and real economic growth in Nigeria. Particular attention is given to whether positive and negative oil price shocks generate statistically different long-run effects and adjustment paths. The empirical analysis employs a Nonlinear Autoregressive Distributed Lag (NARDL) framework. Brent crude oil prices are decomposed into cumulative positive and negative changes to permit separate estimation of favourable and adverse oil price movements.
Files
Steps to reproduce
To reproduce the principal analysis: 1. Import the replication dataset into EViews using an annual workfile structure. 2. Confirm the logarithmic transformation of the original variables. 3. Generate the first difference of logged Brent crude oil price. 4. Separate positive and negative oil price changes. 5. Construct cumulative positive and negative partial sums. 6. Conduct the reported unit-root tests. 7. Estimate the NARDL model using the lag selection procedure reported in the manuscript. 8. Perform the bounds test for cointegration. 9. Estimate the long-run and error correction representations. 10. Conduct the Wald test for long-run symmetry. 11. Generate the dynamic multiplier responses. 12. Perform the reported residual diagnostic tests.