BIS central bankers’ speeches  3  provide a key to better understanding the proposition.
In light of the Japanese experiences, I agree with Chairman Bernanke on his remark in his scholarly work, saying, “I doubt that it [money] completely explains the financial sector-aggregate output connection.” 6 Without more in-depth understanding of the subtle intricacy underlying in financial systems and credit markets, we would remain less informed of macroeconomy and transmission channels of monetary policy.