This paper examines how success-at-work, interpreted by both subjective and relative criteria, can motivate individuals to enhance their effort and utility. We employ a general specification utility function and show that the final effect of technological growth on individuals' effort and...

This paper examines the role of the precautionary demand for liquidity and the interest on reserves as two potential determinants of the deposits channel that can help explain the role of monetary policy, particularly at the near zero-bound. At high levels of precautionary liquidity hoarding the...

This paper examines the role of precautionary liquidity (reserves) and the inter- est on reserves as two potential determinants of the deposits channel that can help explain the role of monetary policy, particularly at the near zero-bound. Through the deposits channel either of these two...