Continuity and change in the evolution of work and human resource management

This essay is a brief review of the evolution of work and human resource management, an evolution that parallels the development of civilization. Both continuity and change are apparent in the role of work in society and in its management. There has been continuity and change down through the centuries in motivation to work, in the sense of equity, and in how work is organized. For instance, early on much of work was self-service; it is moving in that direction again. Tradition and sentiment shaped the work organization. Gradually, tradition and sentiment were replaced by rationality. Currently, we see in the sociotechnical design of work the continuity as well as a coming together of both the rational and the socioemotional aspects of work in organizations. Looking at the past may help human resource managers to frame the issues involved and the expectations of future developments.     

The Term Structure with Semi-credible Targeting

The Federal Reserve sets targets for interest rates which it enforces through direct market intervention. These targets are changed periodically. In this paper, we develop a term structure model in which the short rate is subject to a control which keeps it close to a target which changes from time to time. The probability of target changes is not constant in the model, but changes as a function of observables. The model performs well at explaining the shifts in the yield curve that accompany target changes.