Agent-based macroeconomics - a baseline model

This paper develops a baseline agent-based macroeconomic model and contrasts it with the common dynamic stochastic general equilibrium approach. Although simple, the model can reproduce a lot of the stylized facts of business cycles. The author argues that agent-based modeling is an adequate response to the recently expressed criticism of macroeconomic methodology. It does not depend on the strict assumption of rationality and allows for aggregate behavior that is more than simply a replication of microeconomic optimization decisions. At the same time it allows for absolutely consistent micro foundations. Most importantly, it does not depend on equilibrium assumptions or fictitious auctioneers and does therefore not rule out coordination failures, instability and crisis by definition. --agent-based modeling,complex adaptive systems,microfoundations of macroeconomics

Agent-based financial markets and New Keynesian macroeconomics: A synthesis

We combine a simple agent-based model of financial markets with a standard New Keynesian macroeconomic model via two straightforward channels. The result is a macroeconomic model that allows for the endogenous development of stock price bubbles. Even with such a simplistic comprehensive model, we can show that the behavioral foundations of the stock market exert important influence on the macroeconomy, e.g. they change the impulse-response functions of macroeconomic variables significantly. We also analyze financial market transaction taxes as well as asset price bubble deflating monetary policy, and find that both can be used to reduce volatility and distortion of the macroeconomic aggregates. --agent-based financial markets,New Keynesian macroeconomics,stock market,transaction tax,Taylor rule

Agent-based financial markets and New Keynesian macroeconomics: A synthesis

We combine a simple agent-based model of financial markets and a New Keynesian macroeconomic model with bounded rationality via two straightforward channels. The result is a macroeconomic model that allows for the endogenous development of business cycles and stock price bubbles. We show that market sentiments exert important influence on the macroeconomy. They introduce high volatility into impulse-response functions of macroeconomic variables and thus make the effect of a given shock hard to predict. We also analyze the impact of different financial transaction taxes (FTT, FAT, progressive FAT) and find that such taxes can be used to stabilize the economy and raise funds from the financial sector as a contribution to the costs produced by the recent crisis. Our results suggest that the FTT leads to higher tax revenues and better stabilization results then the FAT. However, the FTT might also create huge distortion if set too high, a threat which the FAT does not imply. --Agent-based modeling,stock market,New Keynesian macroeconomics,financial transaction tax,financial activities tax

Resilience Capacity and Strategic Agility: Prerequisites for Thriving in a Dynamic Environment

organizational resilience, strategic agility, competitive dynamics

The Benefits of Human Resource Certification: A Critical Analysis and Multi-Level Framework for Research

Despite the huge success of marketing certification to human resources (HR) professionals, does it benefit individuals, employers, and the field of HR? We know very little about whether certification has an impact on any important individual- and organizational-level outcomes. This article provides a brief history of HR certification and its purported benefits. Then we review the literature on perceptions of HR certification, including a survey we conducted with about 190 HR professionals. Finally, we present a multi-level model of hypothesized HR certification effects. In this conceptual framework, which unifies both micro and macro levels of analyses (i.e., individual, unit, organization, and profession), we derive 13 testable propositions to guide future research on the benefits of HR certification.HR certification, Multi-Level Framework for Research

Knowledge Resources, Exploration, and Exploitation: A New Perspective on the Interplay Between Innovation and Application

Knowledge resources are the fundamental ingredients used in exploration and exploitation and an overlooked source of distinction and tension between these two processes. In this paper we use a strategic lens to differentiate evidence-based knowledge resources from tinkerable knowledge resources. This conceptualization provides the basis for a bridge between the literature on the resource-based view of the firm and research into exploration and exploitation. We suggest that an examination of knowledge resources offers a new perspective for understanding exploration and exploitation, and suggests new opportunities for achieving organizational ambidexterity. A proposed model indicates the application consequences of match and mismatch across knowledge resources and knowledge flow activities in terms of exploration and exploitation. An agenda for future research is proposed along with steps that managers can take to develop exploration and exploitation capabilities in their firms by managing their knowledge resources more precisely and effectively.knowledge resources, exploration, exploitation, knowledge management

Developing a capacity for organizational resilience through strategic human resource management

Resilient organizations thrive despite experiencing conditions that are surprising, uncertain, often adverse, and usually unstable. We propose that an organization\u27s capacity for resilience is developed through strategically managing human resources to create competencies among core employees, that when aggregated at the organizational level, make it possible for organizations to achieve the ability to respond in a resilient manner when they experience severe shocks. We begin by reviewing three elements central to developing an organization\u27s capacity for resilience (specific cognitive abilities, behavioral characteristics, and contextual conditions). Next we identify the individual level employee contributions needed to achieve each of these elements. We then explain how HR policies and practices within a strategic human resource management system can influence individual attitudes and behaviors so that when these individual contributions are aggregated at the organizational level through the processes of double interact and attraction–selection–attrition, the organization is more likely to possess a capacity for resilience

OBSTACLES TO SUCCESS IN THE WORKPLACE FOR PEOPLE WITH DISABILITIES: A REVIEW AND RESEARCH AGENDA

Our objectives in this paper were to summarize research relevant to obstacles that people with disabilities (PWD) face in the workplace and to identify directions for future research on the topic. We included review, theoretical, and empirical articles in mainstream management journals and those in psychology or rehabilitation journals if they had clear workplace implications. We argue that obstacles identified in prior research may only partially reflect organizational reality. This is because of the heavy reliance on laboratory studies, which we urge researchers to replicate in organizational settings. Better understanding of obstacles will lead to more evidence-based solutions where the payoff is a less exclusionary world in which more individuals are provided opportunities to use their talent for the benefit of all. .Disability, Workplace obstacles, Review