Money, Liquidity, and Monetary Policy
指出在市场型金融体系中，交易商资产负债表增长反映信贷可得性，其收缩常先于经济下滑，因此金融中介的资产负债表规模是货币政策的重要宏观变量。
In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a sense of the availability of credit. Contractions of broker-dealer balance sheets have tended to precede declines in real economic growth, even before the current turmoil. For this reason, balance sheet quantities of market-based financial intermediaries are important macroeconomic state variables for the conduct of monetary policy.