A popular theory of business cycles is that they are driven by animal spirits: shifts in expectations brought on by sunspots. A prominent example is Howitt and McAfee (AER, 1992). We show that this model has a unique equilibrium if there are payoff shocks of any size. This equilibrium still has...

Purpose – The purpose of this paper is to evaluate threshold effects in the persistence of South African aggregate inflation data. Design/methodology/approach – The conventional approach for assessing the degree of persistence within an inflation process is via its integration properties....

Purpose – This paper aims to introduce the subject of the impact of globalization and regionalization on the labour markets. The papers of the special issue are placed within this subject. Design/methodology/approach – Although the subject is not treated exhaustively, the papers presented...

Reviews the concept of a “greenfield site” within human resource management (HRM) and shows that the ways in which distance is conceptualised or measured in describing greenfield sites needs to be made explicit. This is particularly important when comparing different studies and in...

Building on lessons from a Biblical story, this paper analyzes and suggests mental frameworks and an innovative perspective for managing contemporary new psychological contracts, by drawing on a case of a nation which was found unfit for a new type of existence, a different life ethos, and...

Purpose – The purpose of this paper is to explore potential benefits and possible pitfalls of the removal of the default retirement age. Design/methodology/approach – A human capital and labour market perspective provide theoretical lenses for exploring the potential implications for...

We develop theoretical arguments from the efficiency wage model (Shapiro & Stiglitz, 1984) to provide better understanding of Fama’s (1980) seminal notion that executive labor markets contribute to the alignment of executive and shareholder interests. We show how the efficiency wage model can...