An Application of the Box-Cox Transportation to the Money Demand in Costa Rica
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Publisher:Ohio State University. Department of Agricultural, Environmental, and Development Economics
Series/Report no.:Ohio State University. Department of Agricultural Economics and Rural Sociology. ESO (Economics and Sociology Occasional Paper). No. 1920
This paper attempts to test different functional forms for the demand for money in Costa Rica, using the Box-Cox transformation. After an analysis of different statistics and economic theory criteria, the use of the log-linear specification is recommended, the closest theoretical functional form to the general transformation found. The introduction of some dynamics into the model is recommended, in order to correct for some autocorrelation problems.
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