Given that monetary policy works through the money and capital markets, the prolonged impairment of market functioning resulting from the erosion of liquidity will negatively impact the effectiveness of monetary policy. In this regard, efforts by central banks, acting as MMLR, to restore liquidity in the money and capital markets can be deemed as part of monetary policy.
A labor market characterized by a variety of workers will require a shift in our thinking regarding how people work and how they are paid for taking on particular responsibilities. Workers, as well as goods and services, confront the forces of globalization; the customs and institutions of the labor market will inevitably be exposed to rising pressure in global competition.