The traditional liquidity indices are mostly exogenous, and can only measure the liquidity order between different bonds, but can do nothing to the exact level of a bond's liquidity cost.

传统的流动性指标多是外生的，而且只能衡量流动性的程度，对衡量流动性成本究竟有多大无能为力。

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Many people live paycheck to paycheck, with their income only barely covering their exact cost of living.

FORBES: Do We Take Debt Seriously Enough?