Stephen J. Perez, "Causal Ordering and 'The Bank Lending Channel'", Journal of Applied Econometrics, Vol. 13, No. 5, 1998, pp. 613-626. The data are in the file perez.dat, an ASCII file in DOS format which is zipped in the file perez.zip. The Data are the date (first column), quarterly observations of real gross national product (second column), real commercial-industrial loans (third column), and the 3 month T-bill rate. The data are from the July 1993 update of Citibase covering the quarters 1950.1 to 1993.1. There are 173 rows each representing one date, and 4 columns each representing a variable. Commercial paper from statistical reports of the Federal Reserve Board is removed from the Citibase measure of commercial-industrial loans in order to concentrate the investigation on a narrow bank lending channel. All data are seasonally adjusted. Stephen J. Perez Washington State University