How to Translate Financial Instability With Monetary Policy Hikes

When the banking system is constrained, when financial markets are sort of seizing, freezing, I think then it's very hard to sort of disentangle the two. How do you translate financial instability with some sort of equivalency and rate hike? It's very hard. These are non-linear effects. We're going to have to track things like deposit flows, bank lending,. Things like that to get a sense of how this financial crisis feeding through into the real economy.