Understanding the Predictors of Consumer Sentiments: Lessons for Inflation Targeting Prospects in Nigeria

Given the positive link between consumption and consumer confidence, the study attempted to ascertain factors that predict consumer confidence using quarterly data spanning 2009Q2 to 2012Q1. This is with the objective of providing a policy instrument that will fundamentally link consumer confidence and aggregate demand policies on one hand, and private consumption on the other hand; as well as serve as input into the effort by the Monetary Authorities to transit from intermediate to direct (inflation) targeting regime. A panel model was used for the estimation. We found that a non-volatile exchange rate appreciation and announced exchange rate depreciation, actual and income expectation are positively linked with consumer confidence; while actual and inflation expectation and unemployment have dampening effects. Model of inflation targeting in Nigeria will require that expectation be incorporated in a manner that will attach higher weight to food than durables and actual inflation. Keywords: Nigeria, consumer sentiments, macroeconomic predictors, inflation targeting, panel mode

Respiratory mucosal immune memory to SARS-CoV-2 after infection and vaccination

Respiratory mucosal immunity induced by vaccination is vital for protection from coronavirus infection in animal models. In humans, the capacity of peripheral vaccination to generate sustained immunity in the lung mucosa, and how this is influenced by prior SARS-CoV-2 infection, is unknown. Here we show using bronchoalveolar lavage samples that donors with history of both infection and vaccination have more airway mucosal SARS-CoV-2 antibodies and memory B cells than those only vaccinated. Infection also induces populations of airway spike-specific memory CD4+ and CD8+ T cells that are not expanded by vaccination alone. Airway mucosal T cells induced by infection have a distinct hierarchy of antigen specificity compared to the periphery. Spike-specific T cells persist in the lung mucosa for 7 months after the last immunising event. Thus, peripheral vaccination alone does not appear to induce durable lung mucosal immunity against SARS-CoV-2, supporting an argument for the need for vaccines targeting the airways