Macroeconomic Policy and Employment Growth in Australia

Abstract
This article, which explores various aspects of macroeconomic policy and employment growth, is prompted by the relative lack of attention given to these issues in the Green and White Papers on unemployment. The problem of hysteresis reinforces the generally recognised need to reduce the excessive volatility of output and employment growth in Australia. International comparisons presented in the article suggest that Australian output and employment growth have been more volatile than those of the three major OECD countries. Reduction in macroeconomic volatility requires more effective short-term demand management than we have had in the recent past, and in turn, means that we must know more about the strength and timing of the effects of major macroeconomic policy instruments on employment growth and unemployment. This article presents employment growth equations for Australia over the period 1979–93 which incorporate domestic macroeconomic policy effects as well as the influences of the international business cycle. We show that monetary and fiscal policy have had a significant impact on the evolution of employment in Australia and, in particular, that tight monetary and fiscal policy contributed substantially to the recession of 1990–92.     

Human resource manager insights on creating and sustaining successful reduced‐load work arrangements

Although human resource managers have critical insights into the successful implementation of reduced‐load work arrangements, relatively few studies focus on their perspective. These arrangements are a growing work form for employees who choose to work less than full‐time with a commensurate decrease in salary. Qualitative data analysis was used to identify key success factors noted in interviews with 52 HR managers in 39 companies. Individual employee characteristics (e.g., self‐regulatory work habits) were viewed as most critical. Also important were the design of the arrangement (e.g., clarifying the arrangement in advance) and workgroup relationships (e.g., positive supervisor‐employee relationships). We conclude with eight new takeaways for HR managers on how to create and sustain successful reduced‐load work arrangements and directions for future research and practice. © 2008 Wiley Periodicals, Inc.     

Voting power in municipal annexation elections

In many American states, municipal annexation and consolidation require concurrent majority votes of all affected jurisdictions. The effectiveness and fairness of this voting procedure have been criticized on the grounds that a small minority of voters can frustrate the preferences of the overall majority. This paper investigates the extent to which the relative ability of voters in large and small jurisdictions to influence voting outcomes in procedures requiring concurrent majorities is influenced by jurisdictional size. The Banzhaf index, which counts the number of case4s in which a given voter could reverse the overall group decision by changing positions on an issue, is applied to this problem of concurrent voting majorities. Mathematical analysis indicates that the ratio of power between voters in small and large jurisdictions approximately equals the inverse of the square root of the ratio of their population size.     

The Effects of Disclosure and Analyst Regulations on the Relevance of Analyst Characteristics for Explaining Analyst Forecast Accuracy

We posit and find an effect of disclosure and analyst reporting regulations implemented from 2000 through 2003 (including Regulation Fair Disclosure, the Sarbanes‐Oxley Act and the Global Settlement Act) on the importance of analyst and forecast characteristics for analyst forecast accuracy. Following the enactment of these regulations, more experienced analysts and All‐Star analysts do not maintain their superior forecast accuracy, and analysts employed by large brokerage houses perform worse than other analysts. In addition, we find a decrease in the importance of analyst effort, the number of industries and firms followed, days elapsed since the last forecast, and forecast horizon. While the importance of bold upward forecast revisions does not change, bold downward revisions lose their relevance for forecast accuracy after 2003. Finally, we find an increase in the importance of prior forecast accuracy. We find that the importance of these characteristics varies with the precision of publicly available information. Specifically, the decrease in the importance of most analyst and forecast characteristics and the increase in the importance of prior forecast accuracy are greater when the precision of publicly available information is low. Overall, our results suggest that the positive effects of experience, effort, brokerage house size and All‐Star status on forecast accuracy in the pre‐regulation period were because of the information advantages that these analysts enjoyed (rather than their ability to generate private information). In contrast, our results suggest that prior forecast accuracy is related to analysts’ ability to generate private information.     

Same Direction,Different Paths: a Phenomenological Study of Employees who are Religious yet Open to Religious Pluralism

While there is a growing interest in workplace spirituality, much of that focus excludes religion even though the vast majority of people are affiliated with a religious tradition. Attempts to bring one’s “whole self” to work can be problematic for those who are religious because of concerns of offense or proselytizing. This phenomenological study explored the lived experience of a group of 15 professional employees who were personally religious while also remaining open to religious pluralism in the workplace. This group was largely Christian, and was chosen from participants in leadership seminars and graduate courses in the United States. Analysis revealed four different postures used by participants to express openness toward religious difference. These approaches are described in detail, and the implications of these finding for the advancement of pluralism in the workplace are considered.     

Postgraduate research students: You are the future of the Academy

This paper explores the changing role of the university developed and changed over time, and how this is likely to change further in the next 25 years. By drawing on scenarios for the future of the HE sector in the UK in 2035, the article argues that postgraduate research students will be the key factor that sustains the future of the Academy as universities focus more and more attention on the teaching of ever increasing numbers of undergraduate students. The paper highlights the danger of a divide occurring between the idea of the university and the notion of the Academy in the future, and the essential role that research students will play in ensuring this divide remains bridged. The article argues that it is imperative for universities to expand their postgraduate research degree provision if the Academy is to continue in the future as the foundation to knowledge creation.     

Tests of the money-output relation using disaggregated data

Either anticipated or unanticipated money affects output in fourteen of twenty U.S. manufacturing industries. In most of these instances, however, Akaike's final prediction error criterion indicates that money enters an industry's output equation with lags of three months or less. For just two industries, tobacco manufacturing and textile mill products, are there clear indications that money is not neutral at extended lags. Each of these industries is concentrated in one or two states suggesting that monetary policy may affect output through a regional credit channel.     

GENDER WAGE DIFFERENCES IN AUSTRALIA, SWEDEN AND THE UNITED STATES

In this paper I use microdata from the Luxembourg Income Study t s investigate the contributions of industrial structure, occupational mix and personal and family characteristics to observed gender differences in wages in Australia, Sweden and the United States. A particular effort is made to analyse differences in distribution as well as level of wages. The conclusion reached is that different factors determine the wages of low- and high-wage workers. For higher-wage workers, personal and family characteristics are important explanations for wage variation. For lower-wage workers, occupation plays a more significant role.