Many central banks implement monetary policy in a way that maintains a tight link between the stock of money and the short-term interest rate. In particular, their implementation procedures require that the supply of reserve balances be set precisely in order to implement the target interest...

The ‘financialization’ of ‘developed’ economies over recent decades has brought us a world in which seemingly near every spot market has a financial market correlate. It has also brought, via the short-termism that it encourages, deindustrialization and productive atrophy. Meanwhile,...

The purpose of this research is to demonstrate the benefits of monetary policy based on wage equality in the labor market. The investigation considers the unpaid work that women assume, within the household. The results demonstrate wage discrimination between men and women is related to...

We present a sticky-wage model with two types of labors: while worker's labor contributes to current production, researcherís work helps develop new ideas to add to firm's knowledge capital that enhances its productivity for many periods. The long-lived effect of knowledge capital on...