In accordance with the schedule of term purchase and resale agreement (PRA) auctions for private sector instruments announced on 21 July (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation for private sector instruments as follows.
In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 21 July (see schedule), the Bank of Canada announced today that it will conduct a TLF operation as follows.
In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 21 July (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation as follows.
This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability.
I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the early postwar period.