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 …. Moreover, she provides a formal assessment of the possibility that credit availability is particularly important for consumer …

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 …. Moreover, she provides a formal assessment of the possibility that credit availability is particularly important for consumer …

the question of whether money affects growth. In addition, we find that credit conditions also play a role in that … relationship. In particular, there is an additional negative short-run impact of money on growth when credit is not readily …We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to …

impact of these shocks on households, it uses cross-sectional data to estimate credit-growth equations, and it determines … household credit growth based on income, interest rates, and housing prices. To illustrate the usefulness of his approach, the …

aggregate variables, and micro behavioural relationships; for example, to simulate credit growth for individual households …

whether central banks should look at money at all when formulating and conducting monetary policy. The author argues that the … mainstream paradigm, which gives no useful role to money, is unlikely to capture the full richness of the transmission mechanism …

mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which … credit shocks. A general finding is that almost all of the real response to a monetary policy shock comes from the price … rigidity and not the credit frictions. Credit shocks, however, do have substantial real effects on macroeconomic variables …