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ABSTRACT
The preoccupation of the study was to determine the effect of monetary policy in ensuring stable prices in Nigeria, the study set up two objective: which included measuring inflation persistence and to trace the effect of shock to monetary policy instruments on both nominal and real variables. With the application of autoregressive model and impulse response function (IRF), it was found that inflation (headline) inflation is highly persistent and hence can serve as a useful guide for monetary authorities. However, the results from IRF indicated that within the period under study, monetary policy instruments were very effective in ensuring stable prices in Nigeria. Consequently, the study recommended the use of headline inflation as it can accurately determine the trend of inflation which serves as useful guide to monetary policy
