The purpose of this research is to estimate a monthly demand function for currency emission (in constant terms) for Costa Rica. The Cagan specification for a money demand function, expressed in log terms, is modified in order to be applied to Costa Rican economic circumstances. The econometric...

This paper provides empirical evidence in favor of the hypothesis that the secular price increase in the 16th century is mainly caused by money supply developments as the discovery of new mines in Latin America. First we review price developments for several European countries over the 16th...