Disssertation Proposal

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Monetary policies promote price stability and economic growth in Nigeria. Ajayi and Aluko (2017) stated monetary policy is primarily concerned with the management of interest rates and the regulation of money supply in the economy. Imoisi (2019) claimed most nations use interest rates to achieve price stability, and Nigeria’s goal is to achieve sustainable economic growth. Okwori and Abu (2017) added economic growth causes variations in interest rates. Ayodeji and Oluwole (2018) revealed interest rates had a positive but slightly insignificant effect on economic growth in Nigeria. Furthermore, Ufoeze, Odimgbe, Ezeabalisi and Alajekwu’s (2018) research clearly showed interest rates effects 98% of the variations in economic growth in Nigeria. Interest rates have shown to significantly effect Nigeria’s economy; however, other monetary policies may be a predictor of Nigeria’s economic growth.

There is a gap in the literature relative to other monetary policies that may be a predictor of Nigeria’s growth. The aim of this study is to examine to what extent monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index. Imoisi (2018) claimed there is an existing gap in the literature relative to the effectiveness of monetary policies. Inam and Ime (2017) recommended further research to understand if the predicative relationship between the actual level of money supply and price stability. Lawal, Somoye, Babajide, and Nwanji, (2018) further specified a detailed study should be conducted showing the variations and interactions between monetary and fiscal policies and how they predict price stability in Nigeria. This study seeks to examine if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply, predict consumer price index in Nigeria.

Price instability is a problem for developing countries. Manu (2018) stated price instability is the main problem for Africa and Nigeria during the past thirty years. Studies conducted by Gertler and Gilchrist (1991), Batini (2004), Folawewo and Osinubi (2006), Onyemu (2012), and Fasanya et al. (2013) noted irrespective of efforts aimed at achieving macroeconomics objectives by means of monetary policy, there has been an unacceptable rate of inflation, especially in less developed economies. Nigeria is not an exception to this rule.

Nigeria is an oil rich nation plagued with price instability. Ayodeji and Oluwole (2018) stated monetary policy is the tool used in achieving monetary and price stability. Itodo, Akadiri and Ekundayo (2017) stated price instability tops the list of economic challenges negatively affecting the Nigerian economic environment. Imoisi (2019) added price instability causes the problem of unmanageable economic growth and development in Nigeria. Ayodeji and Oluwole (2018) stated that the Nigerian economy has also witnessed periods of growth and shrinkage with an unmanageable growth pattern. Imoisi (2018) stated monetary policy if targeted directly towards inflation stimulates growth directly. Nevertheless, the issue of whether monetary policy effectively curtails price instability is still unsolved.

It is not known if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria. The population affected is the Nigerian economy. The unit of analysis is annual time series data measuring the Nigerian economy. This study would contribute to existing knowledge on monetary policies and how these policies predicts price stability in Nigeria. Ayodeji and Oluwole (2018) stated the Nigerian economy has experienced economic expansions and depressions with an inconsistent growth. Nigeria suffers from poor monetary policies that continuously keeps Nigerian citizenry underprivileged. This study will be of great importance to scholars, policy makers, economists, governmental agencies seeking to understand and examine economic policies in developing countries that experience inconsistent growth due to economic expansions and depressions.

The purpose of this quantitative correlational study is to examine if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria from 1963 to 2015. The predictor variables are monetary policy rate, cash reserve ratio, liquidity ratio and money supply. The criterion variable is consumer price index.

RQ1: To what extent does monetary policy rate (MPR) predicts consumer price index (CPI) in Nigeria.

RQ 2: To what extent does cash reserve ratio (CRR) predict consumer price index (CPI) in Nigeria?

RQ 3: To what extent does liquidity ratio (LQR) predict consumer price index (CPI) in Nigeria?

RQ 4: To what extent does money supply (MS) predict consumer price index (CPI) in Nigeria?

H01: Monetary Policy Rate (MPR) does not predict Consumer Price Index (CPI) in Nigeria.

H1: Monetary Policy Rate (MPR) predicts Consumer Price Index (CPI) in Nigeria.

H02: Cash Reserve Ratio (CRR) does not predict Consumer Price Index (CPI) in Nigeria.

H2: Cash Reserve Ratio (CRR) predicts Consumer Price Index (CPI) in Nigeria.

H03: Liquidity Ratio (LQR) does not predict Consumer Price Index (CPI) in Nigeria.

H3: Liquidity Ratio (LQR) predicts Consumer Price Index (CPI) in Nigeria.

H4: Money Supply does not predict Consumer Price Index (CPI) in Nigeria.

H04: Money Supply (MS) predicts Consumer Price Index (CPI) in Nigeria.

There is a gap in the literature relative to other monetary policies that may be a predictor of Nigeria’s growth (Imosi, 2018; Ubi-Abai & Ekere, 2018; Lawal, Somoye, Babajide, & Nwanji, Iman & Ime (2017). Nyoni and Bonga (2018) stated attention should be focused on the main determinants of economic growth. This study will seek to close the gap in literature by examine examining if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria.

This study will add to current literature on economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria. According to Adigwe and Onyeagba (2015), one problem that militate against the effectiveness of the monetary policy in achieving stability in Nigeria is lack of coordination between the monetary and other macroeconomic policies in the country. Understanding how economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria may lead to policy makers, economists, and governmental agencies to practices to create economic stability in Nigeria and other developing countries.

This study will utilize a quantitative methodology. According to Smith (1983), quantitative research uses numerical data to provide information about variables relative to relations, comparisons, and predictions. Hagan (2014) stated quantitative research enables researchers to analyze different groups, perform statistical test, and analyze differences between groups. Quantitative research attempts to remove the investigator from the investigation. This methodology is appropriate because this study will use numerical data to examine the variables of monetary policy rate, cash reserve ratio, liquidity ratio and money supply and consumer price index.

This quantitative research will utilize a correlational research design. According to Smith (1983), a correlational research design collects data on two or more variables in a research study. Smith further explained correlational design is appropriate when seeking to understand a non-causal relationship between two or more non manipulated variables. More specifically, this study will use a correlational predictive design to identify predictive relationship between predictor and criterion variables. This design is appropriate because this study seeks to examine the relationship between non-causal variables relative to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria. Comment by Roselyn Polk: not much discussion on correlational design.

The target population is Nigerian annual data. The sample is 52 years of annual data measuring monetary policy rate, cash reserve ratio, liquidity ratio, and money supply ranging from 1963 to 2015. The data was not collected prior to 1963 because no data on these variables existed prior to 1963. The annual data used in this study would be retrieved from Knoema Integrated Global Database Comment by Roselyn Polk: while before I noted the use of 4 variables so needed larger sample size. however, you demonstrated in introduction/background similar research with finite number of years.

The Definition of Terms section of Chapter 1 defines the study constructs and provides a common understanding of the technical terms, exclusive jargon, variables, phenomena, concepts, and technical terminology used within the scope of the study. Terms are defined in lay terms and in the context in which they are used within the study. Each definition may be a few sentences to a paragraph in length. This section includes any words that may be unknown to a lay person (words with unusual or ambiguous meanings or technical terms).

Definitions must be supported with citations from scholarly sources. Do not use Wikipedia to define terms. This popular “open source” online encyclopedia can be helpful and interesting for the layperson, but it is not appropriate for formal academic research and writing. Additionally, do not use dictionaries to define terms. A paragraph introducing this section prior to listing the definition of terms can be inserted. However, a lead-in phrase is needed to introduce the terms such as: “The following terms were used operationally in this study.” This is also a good place to “operationally define” unique phrases specific to this research. See below for the correct format:

Abbreviations. Do not use periods with abbreviated measurements, (e.g., cd, ft, lb, mi, and min). The exception to this rule is to use a period when abbreviated inch (in.) to avoid confusion with the word “in.” Units of measurement and statistical abbreviations should only be abbreviated when accompanied by numerical values, e.g., 7 mg, 12 mi, M = 7.5 measured in milligrams, several miles after the exit, the means were determined [4.27]. Comment by GCU: All terms should be styled as Heading 4 (level 4 headings).

Spaces. Do not use periods or spaces in abbreviations of all capital letters unless the abbreviation is a proper name or refers to participants using identity-concealing labels. The exception to this rule is that a period is used when abbreviating the United States as an adjective. Use a period if the abbreviation is a Latin abbreviation or a reference abbreviation [4.02]. Use standard newspaper practice when presenting AM and PM times, as in 7:30 PM or 6:00 AM.

Term. Write the definition of the word. This is considered a Level 4 heading., Make sure the definition is properly cited (Author, 2010, p.123). Terms often use abbreviations. According to the American Psychological Association [APA] (Publication Manual of the American Psychological Association, 2010), abbreviations are best used only when they allow for clear communication with the audience. Standard abbreviations, such as units of measurement and names of states, do not need to be written out. APA also allows abbreviations that appear as words in Merriam-Webster’s Collegiate Dictionary (2005) to be used without explanation [4.22-4.30]. Comment by GCU: It is vital to include page numbers with in-text citations: “p.” for a single page, “pp.” for more than one page (e.g., p.12, and pp. 123-124). NOTE: Page or paragraph numbers are included with a direct quote.

Time units. Only certain units of time should be abbreviated. Do abbreviate hr, min, ms, ns, s. However, do not abbreviate day, week, month, and year [4.27]. To form the plural of abbreviations, add “s” alone without apostrophe or italicization (e.g., vols, IQs, Eds). The exception to this rule is not to add “s” to pluralize units of measurement (12 m not 12 ms) [4.29].

This section identifies the assumptions and specifies the limitations, as well as the delimitations, of the study. Define the terms and then list the limitations, delimitations and assumptions. Provide a rationale for all statements.

1. It is assumed that survey participants in this study were not deceptive with their answers, and that the participants answered questions honestly and to the best of their ability. Provide an explanation to support this assumption. Comment by GCU: Formatting numbered lists: Use the style, set in this template, called “List Number.” It has been set up according to the following specifications: Indent .25 inches from the left margin. Text that wraps around to the next line is indented using the Hanging Indent feature at .5.” Each number or bullet ends with a period. Bullet lists use “List Bullet” Style. Numbered lists use “List Number” Style.

1. It is assumed that this study is an accurate representation of the current situation in rural southern Arizona. Provide an explanation to support this assumption.

2. The survey of high school students was delimited to only rural schools in one county within southern Arizona, limiting the demographic sample. Provide an explanation to support this delimitation. Discuss associated consequences for the generalizability and applicability of the findings.

This section summarizes the key points of Chapter 1 and provides supporting citations for those key points. It then provides a transition discussion to Chapter 2 followed by a description of the remaining chapters. For example, Chapter 2 will present a review of current research on the centrality of the dissertation literature review in research preparation. Chapter 3 will describe the methodology, research design, and procedures for this investigation. Chapter 4 details how the data was analyzed and provides both a written and graphic summary of the results. Chapter 5 is an interpretation and discussion of the results, as it relates to the existing body of research related to the dissertation topic. For the proposal, this section should also provide a timeline for completing the research and writing up the dissertation. When the dissertation is complete, this section should be revised to eliminate the timeline information. Comment by GCU: When it is necessary to divide a paragraph at the end of the page, two lines must appear at the bottom of the page (widow) and two at the top of the following page (orphan). This is called “widow/orphan” control, and has been set up on the Normal Style in this template.

Introduction to the Chapter and Background to the Problem Comment by Derrick Tennial: In this section, please do the following: 1. Introduction: Provide an orienting paragraph so the reader knows what the literature review will address. 2. Introduction: Describe how the chapter will be organized (including the specific sections and subsections). 3. Introduction: Describe how the literature was surveyed so the reader can evaluate thoroughness of the review. This includes search terms and databases used. 4. Background: Discuss how the problem has evolved historically into its current form. 5. Background: Describe the “gap” or “need” defined in the current literature and how it leads to the creation of the topic and problem statement for the study. Note: This section should be a significant expansion on the Background to the Problem section in Chapter 1. Comment by Derrick Tennial: This paragraph is too long; I’m not sure what its purpose. Here is what it is supposed to be: Introduction: Provide an orienting paragraph so the reader knows what the literature review will address.

The purpose of this quantitative correlational study is to examine if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria from 1963 to 2015. Ajayi and Aluko (2017) stated monetary policy is primarily concerned with the management of interest rates and the regulation of money supply in the economy. Osuala, and Onyeike (2013) studied the impact of price stability on Nigeria’s economic growth and development over thirty-one years. The results from the study shows a statistically positive effect on price stability on economic growth in Nigeria. The results also showed no causality amongst the variables under study. Taiwo (2011) investigated the impact of inflation and investment on economic growth in Nigeria with the use of ordinary least square (OLS) method and annual secondary data from 1981 to 2006, the investigation based on inflation-GDP revealed inflation has negative and insignificant impact on economic growth, meaning as inflation increases economic growth falls. Ifionu and Akinpelumi (2015) studied the impact and consequence of money supply (M2), applying secondary data derived from annual data from the Central Bank Statistical Bulletin (2013). Ordinary Least Squares (OLS), Granger causality testing and Co-integration was used to estimate the long-run and short-run association amongst the variables under study. The outcomes showed a long-run relationship amongst variables used and it showed price instability had a negative association amongst money supply (M2) and a positive impact between gross domestic product and money supply. Comment by Derrick Tennial: Do not use personal pronouns except when included in the problem statement or a direct quote. Replace pronoun with the appropriate common or proper noun. throughout entire document.

This study will add to current literature on economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria.

Chapter two will include a discussion of the background to the problem, identification of the gap, theoretical foundation, a review of the literature, and provide a summary. The review of the literature will provide an in-depth analysis of the causality between money supply and economic growth. The review of the literature would further explain how monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria. Comment by Derrick Tennial: Describe how the review of literature is organized into sections and sub sections. Comment by Derrick Tennial: I need to know the headings of each section here. This is not specific enough.

A review of empirical studies was conducted that align to the problem of the current study and the research questions proposed. Numerous databases were utilized to explore these topics, including Academic Search Complete, ERIC, ProQuest Central, EBSCOhost, and Google Scholar. There were a variety of search terms used to gather information. The search terms included but were not limited to the following terms: monetary policy, monetary policy rate, cash reserve ratio, liquidity ratio, money supply. Comment by Derrick Tennial: This is not specific enough. Describe how the literature was surveyed so the reader can evaluate thoroughness of the review. This includes search terms and databases used. How many article did these terms yield. Please address each highlighted item above.

Background to the Problem Comment by Derrick Tennial: 4. Background: Discuss how the problem has evolved historically into its current form. 5. Background: Describe the “gap” or “need” defined in the current literature and how it leads to the creation of the topic and problem statement for the study. Note: This section should be a significant expansion on the Background to the Problem section in Chapter 1.

Price instability is a problem for developing countries. Manu (2018) stated price instability is the main problem for Africa and Nigeria during the past thirty years. Studies conducted Price instability is a problem for developing countries. Manu (2018) stated price instability is the main problem for Africa and Nigeria during the past thirty years. Studies by Gertler and Gilchrist (1991) noted irrespective of efforts aimed at achieving macroeconomics objectives by means of monetary policy, there has been an unacceptable rate of inflation, especially in less developed economies. Nigeria is not an exception to this rule. Comment by Derrick Tennial: This cannot be straight copy and paste from chapter 1.

Nigeria is an oil rich nation plagued with price instability. Ayodeji and Oluwole (2018) stated monetary policy is the tool used in achieving price stability. Itodo, Akadiri and Ekundayo (2017) stated price instability tops the list of economic challenges negatively affecting the Nigerian economic environment. Imoisi (2019) added price instability causes the problem of unmanageable economic growth and development in Nigeria. Ayodeji and Oluwole (2018) stated the Nigerian economy has also witnessed periods of growth and shrinkage with an unmanageable growth pattern. Imoisi (2018) stated monetary policy if targeted directly towards inflation stimulates growth directly. Nevertheless, the issue of whether monetary policy effectively curtails price instability is still unsolved

Inflation in Nigeria is a nationwide crisis which has crippled the Nigerian economy for over thirty years. Kanu (2002) stated inflation is a high and persistent increase in the general price level of an economy. Comment by Derrick Tennial: This paragraph is not cohesive. Make sure that it flows.

Masha (1995) stated price increases in Nigeria is occurs due to excess demand and excess supply of consumer goods.

Monetary policies promote price stability and economic growth in Nigeria. Ajayi and Aluko (2017) stated monetary policy is primarily concerned with the management of interest rates and the regulation of money supply in the economy. Imoisi (2019) claimed most nations use interest rates to achieve price stability, and Nigeria’s goal is to achieve sustainable economic growth. Okwori and Abu (2017) added economic growth causes variations in interest rates. Ayodeji and Oluwole (2018) revealed interest rates had a positive but slightly insignificant effect on economic growth in Nigeria. Furthermore, Ufoeze, Odimgbe, Ezeabalisi and Alajekwu’s (2018) research clearly showed interest rates effects 98% of the variations in economic growth in Nigeria. Interest rates have shown to significantly effect Nigeria’s economy; however, other monetary policies may be a predictor of Nigeria’s economic growth.

There is a direct relationship between money supply and price stability in Nigeria. According to Mishkin (2011), previous monetarist emphasized the importance of the association between money supply and inflation, arguing that price increases is constantly and universally a monetary phenomenon. Friedman (1983) suggested inflation is a monetary policy issue because inflation occurs from an increase in the money supply in circulation even though price variations may not be directly proportional to an increase in the amount of cash in circulation. Aron et al. (2004) concluded monetary policy tools are more active in curtailing inflationary trends in the Nigerian economy. Aron et al.’s study revealed monetary policy instruments are significantly associated with price increases in an economy. Jaafar (2016) discovered monetary policy instruments had lesser impact in curtailing price variations in Nigeria, and as such recommend monetary policy in addition to other price stabilization strategies to simultaneously minimize price instability in the economy. Monetary policies can be used to curb inflation in Nigeria.

One of the fundamental purposes of having an effective monetary policy in Nigeria is the need for price stability. Gherman (2010) stated monetary policy focus on ensuring price stability. Alain kabundi et al. (2015) stated regardless of the numerous monetary policy regimes adopted by the Central Bank of Nigeria, inflation remains a significant menace to Nigeria’s monetary and economic development. The Central Bank of Nigeria’s (CBN) annual publication on the performance, operation and success of monetary policy in Nigeria (CBN 2016 bulletin) stated monetary policy is most effective when measures of and guaranteeing relative price stability in the Nigerian economy. Folawewo and Oshinubi (2006) claimed for several years controlling the supply of money has been the Central Bank of Nigeria’s key focus of monetary policy. Price stability promotes economic growth and development in the Nigerian economy. Comment by Derrick Tennial: Sentence is too long. Break it up into 2 sentence. Add transitional sentence.

Globally, the most important function of the apex banking institution (monetary authority or central bank) of any country is the design and application of monetary policy. According to Ajayi (1999), The CBN has since formation played the traditional role anticipated of a central bank, which is the monitoring and regulation of the money supply in the Nigerian economy thereby promoting the social welfare in the Nigerian economy. Folaweuro and Osinubi (2006) stated most economies have price stability as the goal of its monetary policy. This economic objective remains essential for the achievement of short run as well as and long term monetary and economic growth and development.. Folawewo (2006) mentioned the reduced-price variations of the last years occurred as a result of a combination of economic strategies, advantageous to curtailing inflation, tracked by limiting monetary and fiscal procedures and a neutral budgetary strategy. The monetary policy was primarily categorized by increased interest rates, currency appreciation and mandatory reserves. Comment by Derrick Tennial: Do not use personal pronouns except when included in the problem statement or a direct quote. Comment by Derrick Tennial: Explain in this is way the common person can understand.

There is a gap in the literature relative to other monetary policies that may be a predictor of Nigeria’s growth. The aim of this study is to examine to what extent monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index. Imoisi (2018) claimed there is an existing gap in the literature relative to the effectiveness of monetary policies. Inam and Ime (2017) recommended further research to understand if the predicative relationship between the actual level of money supply and price stability. Lawal, Somoye, Babajide, and Nwanji, (2018) further specified a detailed study should be conducted showing the variations and interactions between monetary and fiscal policies and how these policies predict price stability in Nigeria. This study seeks to examine if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply, predict consumer price index in Nigeria. Comment by Derrick Tennial: Do not use personal pronouns except when included in the problem statement or a direct quote.

Price stability in Nigeria is key for economic growth and development. Numerous studies have been conducted showing how price instability negatively affects the Nigerian economy. Comment by Derrick Tennial: This paragraph is incomplete. Where is the description of the problem or societal need?

The results revealed the existence of long-run relationship between monetary policy indicators and economic growth meaning monetary policies significantly impacts on economic growth over an extended time period. The results also revealed money supply has positive effect, while both exchange rate and interest rate have negative effect on the real GDP. Comment by Derrick Tennial: Where is the recommendation for future research?

Monetary policies are tools which the government of any country can use to efficiently attain the anticipated economic growth and development of their various economies. Imoisi (2018) examined the degree to which monetary strategies can encourage economic development in Nigeria from 1980-2016. The results revealed monetary policies did not have a significant impact on Nigeria’s economic growth in the short run, but significantly affected the country’s growth in the long run. Imoisi stated that there exists a gap in literature between monetary policy formulation and implementation. The study clearly shows efficient coordination of monetary and fiscal policies promotes economic growth in Nigeria. Comment by Derrick Tennial: How was data collected? Comment by Derrick Tennial: Do not use personal pronouns except when included in the problem statement or a direct quote. Replace pronoun with the appropriate common or proper noun. throughout entire document. Comment by Derrick Tennial: They did not say this. There was not a gap….they made a recommendation for future research? Revise this.

The first (topic) sentence and last (linkage or transitional) sentence should not include a citation. Please revise. Lawal, Somoye, Babajide, and Nwanji, (2018) This study examined the impact of the interactions between fiscal and monetary policies on stock market behavior (ASI) and the impact of the volatility of these interactions on the Nigerian stock market. The results from the variations predicts how instability in the stock market behavior (ASI) is mostly sensitive to instability in the interactions between the two policy instruments. There is a gap in literature which suggests more research should be conducted to study how adjustments in monetary policies influences price stability in the Nigerian stock market. Comment by Derrick Tennial: This is not a complete sentence. How was data collected? Comment by Derrick Tennial: There was a not gap….they made a recommendation for future research? Revise this.

Money supply significantly influences economic growth. Inam and Ime (2017) Studied the effect of money supply in enhancing economic growth in Nigeria and Ghana. The findings reveal that broad money supply (M2) has an insignificant negative influence on RGDP in Nigeria, but in Ghana the impact is significant and positive. The study among others suggests that the Monetary Authorities in the two countries should come up with monetary policy strategies that will help drive the economy better and such policies should consider M2 and Credit to Private Sectors more as their contributions are necessary for economic expansion that lead to more output and employment.

There is a gap in the literature relative to other monetary policies that may be a predictor of Nigeria’s growth. Ayomitunde, Akinwuyi, Omotayo and Abayomi (2019) recommended the need for future research on how monetary policies promote price stability in Nigeria. Idris (2019) suggests there is exists a gap in literature meaning appropriate monetary actions which might boost borrowing through effective interest rate as well as stable exchange rate. Imoisi (2018) claimed there is an existing gap in the literature relative to the effectiveness of monetary policies. Inam and Ime (2017) recommended further research to understand if the predicative relationship between the actual level of money supply and price stability. Lawal, Somoye, Babajide, and Nwanji, (2018) further specified a detailed study should be conducted showing the variations and interactions between monetary and fiscal policies and how they predict price stability in Nigeria. This study seeks to examine if and to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply, predict consumer price index in Nigeria. Comment by Derrick Tennial: This cannot be a straight copy and paste a previous section. You must say the thing you are say here, but you must use different wording.

Theoretical Framework Comment by Derrick Tennial: Ch 2.3 - Theoretical Foundation Minimum 2-3 pages Identify the theory or conceptual framework(s) that will be the foundation for the study. Describe the origin and historical evolution of the theory. Identify and define tenets, beliefs, and/or characteristics of the theory using seminal works and authors. Explain why the theoretical foundation/conceptual framework is appropriate for your study. Each paragraph is 4-8 sentences (ca 125 words) & written using MEAL Plan (if applicable) Comment by Derrick Tennial: Please address each highlighted item above. Make sure it item is clearly identified.

Monetary theory of inflation is the theoretical framework for this study. This theory states that change in money supply is the major reason for changes in economic activities. When monetary theory is put into practice, central banks, which control monetary policy, can exercise a great deal of power over economic growth rates. Monetarism refers to the followers of M. Friedman who hold that “Only money matters “and as such, monetary policy is a more potent instrument instruments than fiscal policy in economic stabilization. Monetary theory states that According to Friedman (1963), money supply is the key factor affecting the wellbeing of the economy. According to Ahuja (2011), monetarists argue that money has significant effect on price level or inflation in the economy in the long run and have real effects on output and employment in the short run. Khabo, (2002) Monetarists believe that “money matter” therefore there is a direct link between monetary sector and the real sector of the economy. Friedman (1963) equally argued that changes in money supply will therefore have both direct and indirect effect on spending and investment respectively since money supply is substitutive not just for bonds but also for many goods and services. This research would contribute to existing knowledge by clearly identifying the long and short run relationship between monetary policy rate, cash reserve ratio, liquidity ratio and money supply on consumer prices. Comment by Derrick Tennial: Citation(s) needed. Comment by Derrick Tennial: Sentence is not formatted properly.

The monetarist theory of inflation (a reaffirmation of quantity theory of money). Friedman (1963) stated, Monetarists stressed money supply as the main issue significantly affecting the state of the economy. Ahuja (2011) stated, the monetarists claim that money significantly affects inflation or price levels in the long run in addition to having visible effects on employment and productivity in the short run. Khabo (2002) Monetarists therefore believe that there is a direct connection amongst the real sector and monetary sector of the economy. Friedman (1963) likewise maintained that variations in money supply would therefore have indirect and direct outcome on costs and investment since money supply is an alternative for many consumer goods and also services. Comment by Derrick Tennial: This is not a sentence.

Inflation has been well-defined by researchers from nations founded on antecedence incidence on their economies. Okere and Sanni (2005) clearly described inflation as an overall increase in the general price level which can negatively affect the monetary policy strategy of governments in the long or short run. Afolabi & Olayemi (1995) Inflation could also be defined as a state of persistent, unacceptable and rapid increase in the overall price of consumer goods in an economy causing to overall loss of buying power. Basically, rising inflation negatively impacts the value of currency by applying a descending and rising compression on it. According to Okere & Sanni (2005), inflation is an economic phenomenon of consistent rising prices. Inflation has nevertheless weakened since the early 1990’s. In developed economies for example, the average inflation rate has reduced in the 1980’s from 7% to 2% in the present era. In emergent markets, the average price increases rate has reduced from 9% to 4%. According to the International Monetary Fund’s world economic outlook, regular price increases in current years remain at their lowermost points since the 1970’s.

The use of the monetarist theory of inflation would lead to the development of the following research questions or the current study:

RQ1: To what extent does monetary policy rate (MPR) predict consumer price index (CPI) in Nigeria.

RQ 2: To what extent does cash reserve ratio (CRR) predict consumer price index (CPI) in Nigeria?

RQ 3: To what extent does liquidity ratio (LQR) predict consumer price index (CPI) in Nigeria?

RQ 4: To what extent does money supply (MS) predict consumer price index (CPI) in Nigeria?

This study would add to the theory of inflation by clearly outlining exactly how monetary policies as measured by monetary policy rate, cash reserve ratio, liquidity ratio and money supply directly impacts on price stability in Nigeria. Comment by Derrick Tennial: This underdeveloped.

Review of the Literature Comment by Derrick Tennial: You are not out to prove anything. You are surveying the literature relative to your topic. I do not know how this review of literature is organized. Please make sure throughout the document you observe the 75/25 rule.  75% of your sources must be (1) empirical articles (2) and must within 5 years of your date of graduation.  At points, 75% of your articles should be 2020, 2019, 2018. Articles from 2017 are marginal and would require you to graduate by Dec. 2021 or you would have to get rid of all of your 2017 articles. I see a lot of 2009-2016; these sources are too old.

Monetary policies significantly impact economic growth in small-open economies. While examining the effectiveness of monetary and fiscal policy instrument instabilizing the Nigerian economy, Adegoriola (2018) affirmed a positive association between money supply and economic growth while interest rate had a negative association with economic growth within the study period from 1981 to 2015. Comment by MICHAEL K SAALE: In a study that examined the r/s btw … Adegoriola (2018) affirmed… detailed but coinsise… a paragraph canbe 8 sentences long… you can add more info about this study without stating the author until you cite another author.this currently has 5 sentences. Comment by MICHAEL K SAALE: What study period, explain .. include if necessary the year of the study.

In a study which observed a model of monetary/fiscal policy mix, c admitted monetary policies led to high inflation. In a study that examined the relative impacts of fiscal and monetary policy on economic growth in Algeria, Bokreta and Benanaya (2016) added fiscal policy had a powerful influence than monetary policy towards fast-tracking the rate of sustainable economic growth. In the study of Fiscal and monetary policies Gusti (2014), alleged monetary policies have substantial impact on the economic growth of Indonesia. When studing the impact of monetary and fiscal policy on the economic growth of Iran, Khosravi and Karimi (2010) argued inflation has negative impact on economic growth while expansionary monetary policies showed a positive impact on the economic growth.

Monetary policies and government poliies are very important towards sustaining economic growth and development. Examining the phenomenon of monetary and financial policies in Ghana, Quartey and Afful-Mensah (2014) believed fiscal imbalances surrounding Ghana’s economic growth has hindered the monetary outcomes. Abata, Kehinde and Bolarinwa (2012) in their study of the impact of fiscal and monetary policy and how it influences the development process in Nigeria, confirmed a long-run equilibrium relationship between economic growth and monetary and fiscal policy. In the study of impact of an increase in the Brazilian policy interest rate on the fiscal cost taking into considerations the direct and the indirect effects on the yield of public bonds, Carvalho, Diniz, Pedrosa and Rossi (2016) confirmed a policy mix between monetary and fiscal policies in Brazil to be of high significance. Further more, Ehikioya, Uduh and Edeme (2018) while studying the impact of fiscal and monetary policies on the growth of SMEs in Nigeria confirmed that fiscal policy is more effective and efficient than the monetary policy in encouraging the output growth performance of SMEs in Nigeria for the period under review. Musa, Asare and Gulumbe (2013) while examining the effectiveness of monetary and fiscal policies interaction on price and output growth in Nigeria revealed both monetary and fiscal policy has a significant impact on economic growth, but the government spending appears more relevant for sustainable growth. Monetary and fiscal policies are instrumental for economic growth and development. Comment by MICHAEL K SAALE: Ensure the topic sentence is not too choppy Comment by MICHAEL K SAALE: Give more details of the study before stating aurthors findings. For instance ensure each paragraph focuses on one topic… stress the main points that supports the paragraph… The literature review is supported based on each paragraph... does the para support the section? Does the section support the literature? Comment by MICHAEL K SAALE: Each paragraph must connect to the next paragraph… must transend.

There exists a significant relationship between Monetary policy and economic growth. While studying the impact of fiscal and monetary policy on the economic growth of 47 Sub-Saharan African countries covering the period of 1996 to 2016, Praise and Jacob (2018) noted a positive relationship between monetary policy and economic growth across the examined countries under consideration. On the contrary, while studying comparative effect of fiscal and monetary policy on the economic growth of Pakistan using annual time series data spanning 1984 to 2014, Saqib and Aggarwal (2017) added that there exists a positive and significant impact of fiscal and monetary policy indicators on economic growth. Jawaid, Qadri and Ali (2011) in their study the effect of monetary, fiscal and trade policy on the economic growth of Pakistan using annual time series data covering 1981 to 2009 observed the presence of significant and positive long-run and short-run relationship between monetary and fiscal policy with economic growth. The authors also added that monetary policy is more effective than fiscal policy in Pakistan. In the study that examined the relative effectiveness of fiscal and monetary policy on economic growth in Nigeria suing the annual time series data covering the period of 1970 to 2007 Adefeso and Mobolaji (2010) confirmed the effects of monetary policy to be more effective for promoting economic growth. Da Silva and Vieira (2017) in their study on the conduct of monetary and fiscal policies for a panel data of 113 advanced and emerging/developing economies for the period prior to the beginning of the crisis (2001–2008) and for the period after the financial crisis (2009–2012) alleged monetary policy seems to be countercyclical only for advanced economies in the period prior to the international financial crisis, while the fiscal policy behaves in a procyclical way only in the pre-crisis period. There is a positive relationship between monetary policy and and economic growth and development.

Economic growth is mostly promoted by monetary policies. Rahman (2009) in their study the relative effects of monetary and fiscal policies in enhancing the real output growth in Bangladesh, confirmed that monetary policy is more effective towards accelerating economic growth in Bangladesh. In the study of the comparative effects of fiscal and monetary policy in Pakistan for the period covering 1981 to 2009 using time series data, Havi and Enu (2014) in their study on the relative impacts of monetary and fiscal policy on economic growth in Ghana and further evaluates the superiority of these policies in enhancing output growth, affirmed a positive relationship between monetary and fiscal policies with economic growth. Jawaid, Arif and Naeemullah (2010) confirmed the effectiveness of monetary policy on economic growth. In a study which studied impact of monetary and fiscal policies on economic growth in Bangladesh using annual data spanning 1979 to 2013, Noman and Khudri (2015) revealed monetary policy variables have positive and significant impact on economic growth except inflation and interest rate. Sharma and Sharma (2014), while studing the pertinent issues surrounding monetary and fiscal policies towards accelerating rapid economic growth, verified monetary policies possess powerful influence on the pace and pattern of economic growth of a nation. In a study examining macro-model with endogenous asset liquidity to understand monetary–fiscal interactions with liquidity frictions Cui (2016) mentioned appropriate mix of both monetary and fiscal policies can avoid a deep financial recession. There is a significant relationship between monetary policy and economic growth.

There exists a significant relationship between macroeconomic growth and monetary policy. Jarocinski and Mackowiak (2018), while studying how monetary and fiscal policies are conducted in the euro area, output, inflation, and government bond default premia are indeterminate, emphasized monetary-fiscal policy interactions have significant impact on macroeconomic stability. Lawal, Somoye, Babajide, and Nwanji (2018) in their study of effect of policy interactions between monetary and fiscal policies on the stock market behavior and further measures the volatility of these interactions on the Nigerian stock market, mentioned the presence of long-run relationship between the All Share Index (ASI) and the monetary-fiscal policy interactions. In the study which examined the impacts of monetary and fiscal policies on output growth during the period of financial crises characterised by a sudden stop in net capital inflows in developing and emerging market economies. Hutchison, Noy and Wang (2007) revealed that both monetary and fiscal tightening at the time of a sudden stop crisis significantly worsens output losses. Alavi, Moshiri and Sattarifar (2016) in their study which examined the application of IS-MP-AS framework to the Iranian economy and further evaluates the monetary and fiscal policies using this approach, affirmed both monetary and fiscal policies are effective and significant in the Iranian economy and equally enhances the nation’s aggregate income. While studying the impact of fiscal and monetary policies on the unemployment problems in Nigeria spanning the sample period of 1980 to 2013. Attamah, Anthony and Ukpere (2015) stated monetary policy indicators have significant impact on the unemployment challenges in Nigeria. Ryan-Collins and Van Lerven (2018) confirmed that monetary and fiscal policy are highly essential in enhancing economic growth.

Monetary policy controls inflation. Rehman and Ahmed (2002) in their study on substance to monetary measures for sustainable growth in the economy, affirmed money supply, is an effective tool to influence and control the monetary assets in Pakistan. Ferdiun (2005) in the study on how monetary policy cause economic instability in Turkey agreed monetary policy effectiveness in Turkey’s controls inflation ensuring price stability . Dilshad, et al. (2016) also revealed money supply significantly impacted on the economic growth in Pakistan.

Causality between Money Supply and Economic Growth

There exists causality between money supply and Economic Growth. Hussain (2005) affirmed a short-run significant relationship amongst money supply, growth, and price increases between devaluing currency and a high and persistent increase in the general price level. Abbas (1991) recognized a two-way causality amongst income and money and one-way connection between cash and earnings in Malaysia, Pakistan and Thailand. Aziakpono (2003) verified supply of money significantly affects real output and economic development in the Nigeria economy.

There is causality between money supply and gross domestic output. Obaid (2007) identified mutual causality connection supports the prediction of the Gross Domestic Product performance within the assumed measurements of currency supply in Egypt. El-Seoud (2014) confirmed there was unidirectional causality from real Gross domestic product to real money supply in the long and short-run. Asogun (1998) revealed clearly an increase in the supply of money supply which creates s positive macro-economic productivity.

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Monetary policy directly impacts on money supply. Tan and Baharumshah (1999) confirmed there exists a connection amongst prices, money and income. Lee and Li (1983) affirmed a bidimensional connection between revenue and money also unidirectional connection from currency to prices. Ahmed and Suliman (2011) studied the long-run association amongst three real Gross Domestic Product (GDP), macroeconomic variables, Price Level (CPI) and Money Supply (MS) from 1960 to 2005. Granger causality assessment was used and the result showed no causation between real money supply and Gross Domestic Product in Sudan from 1960 – 2005. There is a direct link between monetary policy and the supply of money in Nigeria.

There exists a significant connection between output, money and price. Omoke and Ugwuancy (2010) clearly outlined money supply Granger caused both productivity and price increases. Chimobi and Uche (2010) showed money supply Granger caused both prices, output and money supply (M2) had causal effects on output and prices. Olusanya and Akinade (2012) affirmed no causality connection amongst money supply (M2) and economic growth (GDP). The author further noticed there exists a uni-directional connection amongst economic growth and money supply.

Money supply significantly influences price stability. Amassoma and Onyedikachi (2018) stated no causality exists amongst money supply and inflation in Nigeria between 1970 to 2016. Avila and Le Roux, P. (2017) revealed price instability was triggered by expansionary monetary policy (increasing money supply in proposed monetary policy is effective in explaining variations in economic growth and development in Rwanda. Developing countries should rely on monetary policy as a tool to ensuring price stability.

Monetary policies determine stock performance of African countries. Suhaibu, Harvey, and Amidu (2017) affirmed an inverse relationship between money supply and real interest rates have a significant influence on the Nigerian stock market. Busari et al (2002) clearly showed a negative but significant effect on economic growth and price stability. Money supply had a positive relationship on price stability. Ezeaku, Ibe, Ugwuanyi, Modebe, and Agbaeze (2018) clearly showed monetary policy have a long-run association with real industrial output growth, and instability in the system is adjusted at the speediness of 72.2% yearly.

Monetary policy encourages price stability and industrial sector growth. Matousek and Solomon (2017) confirmed a significant loan growth being sensitive to bank capitalization and size positively impacts on the bank lending channel (BLC). it is not known what specific interest rate bank lending channel (BLC) impacts on price stability. Furthermore, Twinoburyo, E. N., & Odhiambo, N. M. (2018) outlined developing economies with weak structural and underdeveloped monetary markets need focus on policies that promote economic growth the nexus between monetary policies and economic growth remains inconclusive.

Monetary policies outcomes have unpredictable outcomes on Nigeria’s financial sector. Tule, and Oduh, (2017) admitted financial innovations improves interest rates of monetary policy and the overall efficiency of the financial sector. Lawal, Somoye, Babajide and Nwanji (2018) argued adjusting monetary policies when formulating stock market policies as there exists a significant connecting between monetary policies and consumer prices reflected by stock market behavior. Onoh and Obioma (2017) revealed that money supply significantly affects inflation. The null hypothesis which stated that money supply has no significant effect on inflation was rejected.

Monetary policy directly influences inflation. Hossain et al. (2012) studied the impact of price variations on economic growth and development. Hossain observed a connection between price variations and economic growth. Jaganath (2014) confirmed there exists a positive association of price instability with economic development. Bakare, et al (2015), revealed a negative impact of price instability on economic growth. There is a direct relationship between monetary policy and price instability.

Price instability impacts economic growth and development in Nigeria. Oladipo et al.(2015), observed that that price variations negatively affects economic development. Kasidi and Mwakanmela (2013) verified a negative long-run causality between inflation and economic development. Kasidi and Mwakanmela also identified a significant short-run relationship between price stability and economic growth. Inyiama (2013) discovered a short-run relationship between price instability and economic stability.

Interest rates directly impacts on consumer price index. Mutinda (2014) noted a direct effect of interest rates on consumer prices and consumption. Idoko et al. (2014) noted interest rates has no substantial influence on economic development. Hatane & Stephanie (2015) outlined the presence of opposing significant connection amongst interest rates, economic growth and development. Interest rates have a significant influence on consumer prices. There is a positive relationship between interest rates and consumer price index.

Numerous studies have been conducted to determine the impact of money supply on inflation and economic growth. Mamo (2012) noted causality between economic growth and inflation and vice versa. Chaturvedi, Kumar, & Dholakia (2009) concluded that inflation is harmful to economic growth on the other hand, the effects from economic growth is beneficial to inflation. Doroshenko (2001) established a long run connection between money growth and inflation. Inflation can be beneficial or detrimental to every economy.

Income directly impacts on the money supply in the Nigerian economy. Tomori (1972) emphasized interest rate, income and real income are determinants of demand for money in Nigeria. Mai-Lafia (1995) asserted interest rates have been stable having very little variation on the demand for money. Mai-Lafia also stated the substitution amongst real assets and money supply might be more important than money and financial assets. Gatawa, Akinola, Muftau, & Olarinde (2017) noted that with the exception interest rate, inflation and broad money supply were inversely inked to economic growth. Omoke and Ugwuanyi (2010) revealed money supply Granger caused both output and inflation.

Monetary policy promotes price stability and economic growth and development in Nigeria. Akujuobi (2010) noted that Liquidity Ratio (LQR), Cash Reserve Ratio (CRR), Minimum Rediscount Rate (MRR), interest rate, and the treasury bill rate significantly impacted on economic development of Nigeria. Chimobi and Uche (2010) clearly showed monetary stability contributes towards price stability since the price instability is caused by money supply and inflation is a monetary phenomenon. Usman and Adejare (2014) stated money supply had a significant impact on the economic growth.

Monetary policy promotes economic growth and development. Rehman and Ahmed (2002) studied monetary strategies for promoting sustainable economic growth. Outcomes of the research clearly identified monetary stocks (M2) as an efficient tool needed to influence and effectively manage Pakistan’s monetary policy.

Ferdiun (2005) assessed monetary policies and how it influences price instability in Turkey. Outcomes from the research showed how effective monetary policies

in Turkish economy foster price stability and economic growth. Berument and Dincer (2008) studied the importance of monetary policy for Turkish economic growth. The results of the study showed the effect of monetary policy on output, resulting to a decline in output as well as a short-run price reduction while price volatility affect monetary policy instruments.

Monetary policies directly impact on the gross domestic product of the Nigerian economy. Hameed and Amen (2011) researched on the effect of monetary policy on GDP gathering information from1980 to 2009. Results from the study validates inflation, money supply and interest rate have a positive influence on growth of Gross Domestic Product in Pakistan. Waliullah and Rabbi (2011) validated the relationship amongst money supply price level, and GDP are key for formulating monetary policies in developing countries such as Pakistan. Results from the research clearly showed the function of monetary policies in Pakistan’s economic activities. Gul et al (2012) studied the association amongst monetary policies and economic development. Outcomes of the research showed a significant association between the dependent and independent variables.

Monetary policies directly foster economic growth and development in Nigeria. Onyeiwu (2012) studied monetary policy and how it impacts on economic development in Nigeria. results of the study clearly showed a significant effect monetary policy has on GDP while monetary policy had a negative effect on inflation rate. Garg and Gupta (2013) studied the important functions of monetary policy for India’s economy. The results of the study noted that monetary policy significantly improved the Indian economy by fostering economic growth and price stability. Okoro (2013) studied the significance of monetary policies in Nigeria from 1970 to 2010. Outcomes from the study mentioned that monetary policy had positive effects on Nigerian economic growth.

Monetary policies promote macroeconomic growth in less developed countries. Saifullah (2013) studied how monetary policies influences the economic development in Pakistan. Empirical results of the study showed external reserve, exchange rate and inflation rate having positive impact on monetary policy. Precious and Palesa (2014) mentioned how effective monetary strategies are to elevate economic growth. The empirical results clearly showed that monetary policy significantly impacts economy’s growth and development of an economy.Agbonlahor (2014) examined monetary policies and how it impacted on United Kingdom. The result from the study clearly showed the connetion between money supply and Inflationary rate, foster economic growth in United Kingdom. Less developed countries need monetary policies to promote economic growth and development.

Monetary policy strategies are effective for promoting economic activities thereby promoting growth and development in Nigeria. Baghebo and Stephen (2014) stated monetary strategies that influence directly promoting economic growth. The results proved monetary policy and investments in the ecoomy improves economic growth and development. Sulaiman and Migiro (2014) studied monetary policies and economic advancement in Nigeria. Empirical results showed continuous economic growth In the Nigerian economy.Nibeza and Tumusherure (2015) observed the impact of monetary policies on Rwanda’s economic growth. Outcomes of the study showed the Rwanda’s Central Bank’s monetary policies helped eradicate inflationary trends in the Rwandan economy as well as promoting investment in the economy. Okafor et al (2015) observed monetary policy strategies and how they impact on economic growth in Nigeria. Empirical results showed money supply impacts on Nigerian growth and development.

Methodology and instrumentation/data sources/research materials. Comment by Michael Saale: Discuss the methodologies used in the literature here. This section goes into CH 1, CH 3 is entirely different from 1 and 2.

This study will utilize a quantitative methodology. According to Smith (1983), quantitative research uses numerical data to provide information about variables relative to relations, comparisons, and predictions. Hagan (2014) stated quantitative research enables researchers to analyze different groups, perform statistical test, and analyze differences between groups. Quantitative research attempts to remove the investigator from the investigation. This methodology is appropriate because this study will use numerical data to examine the variables of monetary policy rate, cash reserve ratio, liquidity ratio and money supply and consumer price index.

This quantitative research will utilize a correlational research design. According to Smith (1983), a correlational research design collects data on two or more variables in a research study. Smith further explained correlational design is appropriate when seeking to understand a non-causal relationship between two or more non manipulated variables. More specifically, this study will use a correlational predictive design to identify predictive relationship between predictor and criterion variables. This design is appropriate because this study seeks to examine the relationship between non-causal variables relative to what extent economic indicators other than interest rates, specifically monetary policy rate, cash reserve ratio, liquidity ratio, and money supply predict consumer price index in Nigeria.

The target population is Nigerian annual data. The sample is 52 years of annual data measuring monetary policy rate, cash reserve ratio, liquidity ratio, and money supply ranging from 1963 to 2015. The data was not collected prior to 1963 because no data on these variables existed prior to 1963. The annual data used in this study would be retrieved from Knoema Integrated Global Database.

Summary

This section succinctly restates what was written in Chapter 2 and provides supporting citations for key points. The summary section reflects that the learner has done his/her "due diligence" to become well-read on the topic and can conduct a study that will add to the existing body of research and knowledge on the topic. It synthesizes the information from the chapter to define the "gaps" in or "identified research needs" arising from the literature, the theory(is) or model(s) to provide the foundation for the study, the problem statement, the primary research question, the methodology, the design, the variables or phenomena, the data collection instruments or sources, and the population to be studied. Overall, this section should help the reader clearly see and understand the relevance and importance of the research to be conducted. The criteria listed in the table below are required for this section. The Summary section transitions to Chapter 3 by building a case for the study, in terms of research design and rigor, and it formulates the research questions based on the gaps and tensions in the literature.

Chapter 3 documents how the study is conducted in enough detail so that replication by others is possible. The introduction begins with a summary of the research focus and purpose statement to reintroduce the reader to the study. This can be summarized in three to four sentences from Chapter 1. This section also outlines the expectations for this chapter.

Remember, throughout this chapter, that verb tense must be changed from present or future tense (proposal) to past tense (dissertation manuscript). At the dissertation stage, all comments regarding “the proposed research” or “the proposal” must be removed and edited to reflect the fact that the research has been conducted. Furthermore, consider what happened during data collection and analysis. Sometimes, the research protocol ends up being modified based on committee, AQR review, or Institutional Review Board (IRB) recommendations. After the research study is complete, make sure this chapter reflects how the study was actually conducted.

This section restates the research problem for the convenience of the reader. Then, edit, blend, and integrate the problem statement into a narrative discussion that addresses how the problem statement addresses the gap in the literature, as described in the Problem Statement section in Chapter 1. Change future tense in proposals to past tense for dissertation manuscripts.

This section restates the research question(s) (qualiative and quantitative) and the hypotheses (quantiative) for the study from Chapter 1. For a quantitative study, it then presents the matching hypotheses and explains the variables. For a qualitative study, it then describes the phenomena to be understood as a result of the study. The section also briefly discusses the approaches to collecting the data to answer the research questions. For a quantitative study, it describes the instrument(s) or data source(s) to collect the data for each and every variable. The variables are described at the conceptual, operational and measurement levels. For example, a conceptual level of a variable in a school setting may be student achievement. The operational level of the variable may be student performance in social studies. The measurement level for the variable may be individual student scores on the high stakes test, or percentage of overall students passing the test (at the school level).

For a qualitative study, this describes the instrument(s) or data source(s) to collect the data to answer each research question. It also discusses why the design was selected to be the best approach to answer the research questions, test the hypotheses (quantitative), or understand the phenomena (qualitative). Remember to change future tense to past tense for dissertation manuscripts.

This section describes the research methodology for the study (quantitative, qualitative, or mixed) and explains the rationale for selecting this particular methodology. It also describes why this methodology was selected as opposed to the alternative methodologies. This section should elaborate on the Methodology section (from Chapter 1) providing the rationale for the selected research method (quantitative, qualitative, or mixed). This section may bring in additional arguments based on the empirical studies used in the Methodology section in Chapter 2. This section justifies why the selected methodology is better than the alternative methodologies. Arguments are supported by citations from articles and books on research methodology and/or design. It is also appropriate in this section to outline the predicted results in relation to the research questions and hypotheses based on the existing literature. Learners should refer to their course e-books, specifically the RES-866 e-book (Grand Canyon University, 2016), for more information on developing this chapter.

This section elaborates on the nature of the Research Design for the Study section from Chapter 1. It includes a detailed description of, and a rationale for, the specific design for the study and describes how it aligns to the selected methodology indicated in the previous section. GCU core designs for quantitative studies include descriptive/survey, correlational, causal-comparative, quasi-experimental, and experimental. GCU core designs for qualitative designs include case study, narrative, grounded theory, and phenomenological. Additionally, this section must describe why the selected design is the best option to collect the data to answer the research questions and test the hypotheses. Learners should refer to their course e-books (Grand Canyon University, 2015, 2016, 2017b), for more information on developing this section.

This section discusses the setting, the population of interest, target population, and study sample. Researchers should identify each of these explicitly within the section. The discussion of the sample includes the research terminology specific to the type of sampling for the study. This section should include the components listed in the criterion table.

1. State the computed minimum sample size, and

2. Provide the evidence, which would be one of the following:

a. G*Power output(s) of the sample size computation(s) for the statistical procedure(s) needed to answer the research questions;

This section fully identifies and describes the types of data that will be collected, as well as the specific research materials, instruments, and sources used to collect those data (tests, questionnaires, interviews, data bases, media, etc.). Discuss the specific research materials, instrument, or source to collect data for each variable or group for a quantitative study. Discuss the specific research materials, instrument(s), or source(s) to collect information to describe the phenomena being studied for a qualitative study. Use the “Instrumentation” heading for a quantitative study. Use the “Sources of Data” heading for qualitative research. Use the “Research Materials” heading is using materials for experiments other than instruments. Use appropriate APA level subheadings for each data collection instrument, sources, or research material and place a copy of all instruments and research materials in an appendix. For example, a subheading of “Sources of Data” might be “Interviews,” which should begin a new paragraph, and the term “Interviews” should be styled as Heading 3.

If you are using an existing instrument, make sure to discuss the characteristics of the instrument in detail. For example, on a preexisting survey tool describe: how the instrument was developed and constructed, the validity and reliability of the instrument, the number of items or questions included in the survey, the calculation of the scores, and the scale of measurement of data obtained from the instrument. Learners must also obtain all appropriate use permissions from instrument authors. Please note that GCU does not recommend developing or modifying instruments for quantitative studies and permission to do so must be obtained from the Assistant Dean.

For quantitative studies, distinguish between the validated instruments and the questions added by the researcher. The latter have to be justified as (1) data for one or more variables of interest in the study (included in the analysis), or (2) data needed for the sample profile (must be relevant to the topic), or (3) combination of both. Separate appendices required for each instrument; the validated instruments (or watermarked samples thereof) have to be accompanied by authors' or vendors' permission to use. Information required for quantitative validated instruments: (1) number and labels of scales (and subscales); (2) number or items per scale (and subscale); (3) type of scale/data (e.g., Likert scales produce technically ordinal data—ONLY SOME have a format that allows for APPROXIMATION to continuous data—required justification of approximation, with references); (4) method of data aggregation (e.g., for continuous scales: sum vs. mean vs. other mathematical formula).

For quantitative studies, describe the method of instrument administration. All instruments will be administered together, in a single session via online survey. If different instruments are administered separately to different participants, generate separate data files, establish the unit of analysis and create an identification for that as the key variable that will be used to merge the files—make sure to collect data for the key variable from all participants (include the key variable in all instruments).

If using research materials for an experiment for a quantitative study, discuss in detail not only the materials, but also the structure of the experiment or study. Describe all materials and how they will be used. Describe how the participant(s) interact with the materials during the experiment. In psychology and business, an experiment can be run to collect data for experimental, correlation and causal comparative designs. If using psychology data collection software tools such as e-Prime, learners should provide a copy of the software contract showing they are licensed to use the software. Validity and reliability of the experiment and materials must be argued using literature and similar studies.

For qualitative and quantitative studies, the learner often uses data sources other than instruments. These data sources may include databases, journals, participant drawings, photographs, documents, artifacts, and media. Additionally, learners will most likely develop their own interview or focus group guide, observation checklist, or other protocol when conducting a qualitative study. Therefore, learners must describe in detail the process used to develop the instrument, including the research, literature, theory or expert in the field used to develop and justify the questions. Additionally, learners must describe how the validity and reliability of the instrument was established, which often include expert panel review, member checking, field testing and/or pilot testing.

This section describes the four key elements that together serve to produce confidence in the research procedures and results of a qualitative study. These elements constitute the overarching concept of “trustworthiness.” The four elements are credibility, transferability, dependability, and confirmability. Credibility and transferability are the qualitative version of validity, and dependability and confirmability are the qualitative version of reliability.

Learners can start this discussion by (1) defining the concept (e.g., credibility), (2) identifying the “threats” (biases or weaknesses) inherent in their methodology (design, sampling, data collection procedures and sources of data/instruments, and data analysis), and (3) describing how they will minimize such threats (e.g., reflexivity for subjective bias in qualitative data analysis). The following are steps taken by a qualitative researcher to ensure the research is trustworthy, and are from Shenton (2004, p. 73), based on Guba’s (1981) four criteria for trustworthiness. The researcher should address as many as are applicable to the design selected.

Adoption of a well-established data collection plan.

Fundamental knowledge of naturalistic inquiry, which is the essence of naturalistic inquiry is that research is conducted in natural settings, that is, in settings where the participants live or engage in activities that are relevant to the phenomenon under study. (Armstrong, 2010; Lincoln & Guba, 1985)

Deep engagement, which means sufficient time is given to listen, document, and achieve saturation of data.

Member checking, which increases the authenticity of the final transcript.

Narrative truth, which means the researcher represents the authenticity of participants’ reflections, comments, stories, and perspectives.

Negative cases and rival explanations, which include evidence that does not fit the pattern that emerges during analysis, and provide explanation.

Researcher reflexivity, which is how the researcher maintain awareness about how results unfold, documenting emerging patterns. The researcher’s positionality or “reflective commentary:” allows researcher to clearly state the lens through which the social world is interpreted and discuss how the researcher’s background influences data collection and analysis (Lincoln & Guba, 1985).

Thick description, which is the context(s) of the participants be described in a rich and detailed manner.

Triangulation via use of different data collection methods, different informants, different locations

Researcher experience, which includes a description of background, qualifications, and experience of the researcher (researcher positionality)

Thick description that provides background data to establish context of study and detailed description of phenomenon in question to allow comparisons of the context can be made to other contexts. The greater the detailed description of the phenomena, the more meaningful the results may be when informing another context.to be made.

Sampling sufficiency, which refers both to the sample size and to the appropriateness of the sample, so that the participants experience the phenomena so that the data collected from them provide insight into the phenomena.

Audit trail, which is documentation of the inquiry process.

Evidence, which includes full transcripts, careful documentation of data gathering sessions, media (audiotapes, videotapes, documents, photographs) Employment of “overlapping methods.”

An in-depth methodological description that provides a comprehensible record of how data were collected and analyzed. Meticulous description increases soundness of study that can be useful for future studies.

Records of the data analysis process, which includes codebooks, how coding schemes were developed, documentation of initial codes secondary codes, categories, with multiple examples from the dataset (interview transcripts, observational records, focus group transcripts, for example).

Clear alignment of gap, problem statement, research questions, methodology, research design.

Peer debriefing, which includes consulting with mentors or experienced qualitative researchers to discuss and receive feedback on the study, prior to, during, and after the completion of the study.

Test the strength of the analysis and interpretation, which includes checking analysis and interpretation against documents, records, recordings (the dataset).

Coding, which is clear and well defined; the naming of patterns identified in the data; patterns can include stories, ideas, specific participant-offered terms, and phrases.

Providing ample evidence to support claims.

Intercoder reliability. The extent to which two researchers, coding data based on the same codebook (an inductively developed list of codes and their definitions) code the data in the same way.

Rival explanations and negative cases. Identify examples that do not fit a pattern that is emerging. These might indicate an alternative organizing scheme, or may be the exception that proves the rule (Creswell & Miller, 2000; Patton, 1999)

Researcher reflexivity, which is how the researcher maintain awareness about how results unfold, documenting emerging patterns. The researcher’s positionality or “reflective commentary:” allows researcher to clearly state the lens through which the social world is interpreted and discuss how the researcher’s background influences data collection and analysis (Lincoln & Guba, 1985).

In-depth methodological description to allow integrity of research results to be scrutinized.

Admission or statement of researcher’s beliefs and assumptions.*

Recognition of shortcomings in study’s methods and their potential effects.*

*These are covered in the assumptions and limitations sections of the dissertation.

This section describes and defends the procedures used to determine the validity of the data collected. Validity refers to the degree to which a study accurately reflects or assesses the specific concept that the researcher is attempting to measure. Ask if what is being measured is what was set out to be measured. Researchers must be concerned with both external and internal validity. External validity refers to the extent to which the results of the study are generalizable (quantitative) or transferable (qualitative) to the population. Internal validity refers to the rigor with which the study was conducted (study design, theory instrumentation, measurements, etc.). For this section, provide specific validity statistics for quantitative instruments, identifying how they were developed. Explain specific approaches on how validity will be addressed for qualitative data collection approaches.

This section describes and defends the procedures used to determine the reliability of the data collected. Reliability is the extent to which an experiment, test, or any measuring procedure is replicable and yields the same result with repeated trials. For this section, provide specific reliability statistics for quantitative instruments, identifying how the statistics were developed. Explain specific approaches on how reliability will be addressed for qualitative data collection approaches.

This section details the entirety of the process used to collect the data. Describe the step-by-step procedures used to carry out all the major steps for data collection for the study in a way that would allow another researcher to replicate the study. Think of this section of Chapter 3 as a recipe, that needs to be carefully followed to produce the best possible study results (or “entrée”). Review the Criteria Table below for the exact requirements in this section. It is critical this section is clear, comprehensive, and details the exact steps used in the data collection process.

If you were to inset a table in this chapter, set it upas shown below. Refer to Table 1 for formatting instructions.

This section provides a step-by-step description of the procedures to be used to conduct the data analysis. The key elements of this section include the process by which raw data were prepared for analysis and then subsequently analyzed. Overall, be sure that the language used to describe the data analysis procedure is consistently used in Chapters 4 and 5.

Here is an example of a figure and its caption:

This section should demonstrate adherence to the key principles of the Belmont Report (respect, justice and beneficence) in the study design, sampling procedures, and within the theoretical framework, research problem, and questions. Learners should clearly discuss how data will be stored, safeguarded, and destroyed, as well as how the results of the study will be published. This section should also reference IRB approval to conduct the research, which includes subject recruiting, informed consent processes, and the voluntary nature of study. Please see the Figure 2 below regarding IRB approval requirements. Additionally, the learner should identify the potential risks for harm that are inherent in the study, in lieu of just listing what they are doing to ensure confidentiality. Finally, the IRB approval letter with the protocol number, informed consent/subject assent documents, site authorization letter(s), or any other measures required to protect the participants or institutions, must be included in the appendices.

IRB Alert

Please be aware that GCU doctoral learners may not screen, recruit, or collect any data until they receive Institutional Review Board (IRB) approval and obtain a signed D-50 form. IRB review occurs after the proposal is approved by AQR and the proposal defense is completed. Learners are responsible for knowing, understanding, and following the IRB submission and review processes. Screening, recruiting participants, and collecting data in advance of IRB approval is a serious research ethical violation, with legal and federal regulatory implications to the University. If a learner chooses to screen or recruit study participants, or collects data in advance of obtaining IRB approval (IRB approval letter and D-50 form), s/he will be subject to serious academic disciplinary action by the Institutional Review Board and Code of Conduct committee. This may include collecting new data or requiring the learner to start over with a new research study. In addition, the Code of Conduct committee will issue a disciplinary action that may include warning, suspension, or dismissal from the program.

Note: Learners should NEVER proceed with any aspect of participant screening, recruiting, interacting with participants, or collecting data in advance of receiving the IRB approval letter and the signed D-50 form. The chairs and committee members are trained on these requirements; however, the learner is ultimately responsible for understanding and adhering to all IRB requirements as outlined in the University Policy Handbook and Dissertation Milestone Guide.

While Chapter 1 addresses the broad, overall limitations and delimitations of the study, this section discusses, in detail, the limitations and delimitations related to the research methodology and design and potential impacts on the results. The section also describes any limitations and delimitations related to the methods, sample, instrumentation, data collection process and analysis. Other methodological limitations and delimitations of the study may include issues regarding the study design, sample in terms of size, population and procedure, instrumentation, data collection processes, and data analysis. This section also contains an explanation of why the existing limitations are unavoidable and are not expected to affect the results negatively.

This section restates what was written in Chapter 3 and provides supporting citations for key points. The summary should demonstrate an in-depth understanding of the overall research design and analysis techniques. The Chapter 3 summary ends with a discussion that transitions the reader to Chapter 4.

Armstrong, J. (2010). Naturalistic inquiry. In N. J. Salk (Ed.), Encyclopedia of research design (pp. 880-885). Thousand Oaks, CA: SAGE. Comment by GCU: After completing the Reference list, it is important to cross-reference the in-text citations with the items in the Reference list to be certain that all in-text citations are in the Reference list and all items in the Reference list have an in-text citation. Using the Ctrl-F function helps to search for references within the dissertation.

Barzun, J., & Graff, H.F. (1992). The modern researcher: A classic work on research and writing completely revised and brought up to date. San Diego: Harcourt Brace Jovanovich.

Brands, H. W. (2000). The first American: The life and times of Benjamin Franklin. New York: Doubleday.

Calabrese, R. L. (2006). The elements of an effective dissertation & thesis: a step-by-step guide to getting it right the first time. Lanham, MD: Roman & Littlefield Education.

Chess, P.S. (2017). Chapter 3: Validity and reliability in qualitative research. In Grand Canyon University (Ed.), GCU doctoral research: Advanced qualitative research methods. Retrieved from http://lc.qa.gcumedia.com/res855/gcu-doctoral-research-advanced-qualitative-research-methods/v1.1/#/chapter/3

Faul, F., Erdfelder, E., Lang, A.-G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behavior Research Methods, 39, 175-191.

Faul, F., Erdfelder, E., Buchner, A., & Lang, A.-G. (2009). Statistical power analyses using G*Power 3.1: Tests for correlation and regression analyses. Behavior Research Methods, 41, 1149-1160.

Grand Canyon University. (Ed.). (2015). GCU doctoral research: Foundations and theories. Phoenix, AZ. Retrieved from http://lc.gcumedia.com/res850/gcu-doctoral-research-foundations-and-theories/v1.1/#/home

Grand Canyon University (Ed.). (2016). GCU doctoral research: Quantitative and qualitative research concepts. Phoenix, AZ. Retrieved from: http://lc.gcumedia.com/res866/gcu-doctoral-research-quantitative-and-qualitative-research-concepts/v1.1/#/home

Grand Canyon University. (2017a). GCU doctoral research: Advanced qualitative research methods. Phoenix, AZ. Retrieved from: http://lc.qa.gcumedia.com/res855/gcu-doctoral-research-advanced-qualitative-research-methods/v1.1/#/home

Grand Canyon University. (2017b). GCU doctoral research: The dissertation process. Phoenix, AZ. Retrieved from: http://lc.gcumedia.com/res885/gcu-doctoral-research-the-dissertation-process/v1.1/#/home

Guba, E. G. (1981). Criteria for assessing the trustworthiness of naturalistic inquiries. Educational Communication and Technology Journal, 29, 75–91.

Guest, G., Bunce, A., Johnson, L. (2006). How many interviews are enough? An experiment with data saturation and variability. Field Methods 18(1), 59-82

Hacker, D., Somers, N., Jehn, T., & Rosenzweig, J. (2008). Rules for writers. Boston, MA: Bedford/St. Martin's.

Laub, J. (1999). Assessing the servant organization: Development of the servant organizational leadership assessment (SOLA) instrument (Doctoral Dissertation, Florida Atlantic University). Available from ProQuest Dissertation and Theses Database. (UMI No. 9921922)

Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic inquiry. Newbury Park, CA: SAGE

Krysik, J.L & Flynn, J. (2013). Research for effective social work practice (3rd Ed.). New York: Routledge.

Mason, M. (2010). Sample size and saturation in PhD studies using qualitative interviews. Forum: Qualitative Research 11(3).

Nock, A. J. (1943). The memoirs of a superfluous man. New York: Harper & Brothers.

Publication Manual of the American Psychological Association. (2010). Washington, DC: American Psychological Association. (6th edition) (ISBN 10: 1-4338-0559-6; ISBN 13: 978-1-4338-0561-5; ISBN 10: 1-4338-0561-8). Comment by GCU: NOTE: If the author is not named, list the reference by the title.

Shenton, A. K. (2004). Strategies for ensuring trustworthiness in qualitative research projects. Education for Information, 22, 63-75.

Strunk, W. I., & White, E.B. (1979). The elements of style. New York: Macmillan Publishing, Inc.

This is a required Appendix for Level 2 and Level 5 Reviews.

For purposes of confidentiality, this will be removed prior to Dean’s signature and the following text will be inserted:

Site authorization(s) on file at Grand Canyon University.

This is not the D-form! Use the approval letter that you received upon IRB approval.

This Appendix is required in the full dissertation only.

This is a required Appendix. The text to the informed consent that will be provided to learners after IRB approval (at proposal stage), or the text of informed consent that was provided (without signatures) at dissertation stage, should be attached here.

This is a required Appendix.

Required for both proposal and dissertation:

Proposal must include the a priori computation of the sample size;

The dissertation must include the a priori computation of sample size, and, if the recruited sample size is smaller than the a priori sample size, it must also include a post hoc computation of the effect size at power level 0.80.

Include a screen shot (graphic image) of the G*Power output.

Additional appendices may include statistical results, interview transcripts, raw data (as appropriate), or other critical information pertinent to the dissertation. Consult with the chair on additional appendices appropriate for the dissertation.

GCU Proposal Template V8.4 05.09.19