The article examines different ways to estimate liquidity and how it relates to the economy. By looking at bank credit, M2, and Lf, the researchers found that these measures were higher than the implied liquidity before the financial crisis. After the crisis, they dropped but have since stabilized. When liquidity increases during economic growth, it can lead to higher housing prices and inflation. This new method can help us see how actual liquidity compares to what it should be.