This paper proposes a monetary aggregate "Liquidity" that could serve as a useful indicator for gauging the appropriateness of monetary policy. If liquidity rises above a certain threshold, it is signaling that monetary policy is losing traction due to structural and other impediments even when the inflation gap remains open. This indicator supplements the financial cycle approach but adds value by providing a benchmark that is derived from the national account, and not based on its own trend. Over the last two decades, each time this measure rose above the threshold range, it was followed by a decline in GDP growth. The latter was greater when accompanied by a high physical asset value to GDP, e.g., an elevated property market.

中文翻译：

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重新定义货币政策的流动性*

本文提出了一种货币总量“流动性”，可以作为衡量货币政策适当性的有用指标。如果流动性升至某个特定阈值以上，则表明即使通货膨胀差距仍然存在，货币政策也会由于结构性和其他障碍而失去吸引力。该指标是对金融周期方法的补充，但通过提供源自国民账户而不是基于其自身趋势的基准来增加价值。在过去的二十年中，每当这一指标超过阈值范围时，GDP增长率就会下降。当伴随着较高的实物资产价值对GDP的要求（例如房地产市场提升）时，后者更大。