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Table 18. Costa Rica: ECM model with dummy variables for positive residuals of the static model (monthly data)


Dependent variable

Regressors

sample: Jan 1995 - May 2001

dCRPMWS

=

dWRBMRP

dDPMWS

ecm(-1)



0.07

0.95

-0.18



2.41

76.74

-2.71

see Table 1 for variables' names
d = differences; 1, 2, 3,... = differences lagged 1, 2, 3,...
source: own calculation on ESCB price data


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