The answer is that you need to add "liquidity preference", the supply and demand for money.

答案就是，你要把“流动性偏好”，也就是对现金的需求和供给加入考虑。

youdao

From a monetarist perspective the problem is an increased demand for liquidity, which is unlikely to be met by an increase in the supply of money.

而且按照货币主义的观点，这是流动性需求增长的问题，不可能通过增加货币供给来解决。

youdao

When demand for liquidity spiked in early August, it was akin to a run on the whole banking system.

八月，当流动性需求剧增的时候，这就像和整个银行体系赛跑一样。

youdao

If all of this works then what we are talking about is Amazon as a private company effectively taking on the traditional roles of a nation state: managing liquidity demand and internalizing externalities.

FORBES: Jeff Bezos: Currency Manipulator

Buyouts are shrinking the pool of stocks, yes, and meanwhile the global liquidity glut is feeding demand for stocks.

FORBES: Are Buyouts Good Or Bad For Stocks?

The resulting economic activity would increase demand for liquidity.

FORBES: Fact and Comment