The book examines the real effects of monetary and fiscal policies in Nigeria. This is with a view to establishing the validity of open economic vrsion of macroeconomic policy ineffectiveness proposition of new classical school in Nigeria. The book is organized into seven chapters. In chapter one, the background information to the research problem is clearly articulated. Chapter two provides a review of existing studies in attempt to identify the gaps in the literature. Chapter three presents the methodology while chapter four, appraises the underlining macroeconomic factors explain fluctuations in real outputs in Nigeria. In chapter five, GARCH and VECM approaches are used for analyzing of the real effects of monetary and fiscal policies using annual time series data from Nigeria (1960-2003). In Chapter six, the variance decomposition and impulse response functions is used to determine the real output responses to innovations to monetary and fiscal policies as...