David Longworth, a deputy governor at the Bank of Canada, discussed three concepts of liquidity in a speech given in Toronto on Wednesday.

The three were:

macroeconomic liquidity, which takes into account factors such as interest rates, credit conditions, and the growth of monetary and credit aggregates;

market liquidity, which looks at how easy, or difficult, it is to buy, or sell, an asset without changing its price; and

balance sheet liquidity, which is measured by the short-term liquid