Job Satisfaction, Work Environment and Relations with Managers in Britain

Little empirical work has been done on the relationship of job satisfaction to work environment and the managerial attitudes towards employees. Employees’ well being is important to the firm. Analysis of job satisfaction may give insight into various aspect of labor market behavior, such as worker productivity, absenteeism and job turn over. This paper investigates the relationship of worker satisfaction, to the work environment and the worker relationship to managers. We use a unique data of 28 240 British employees, Workplace Employee Relations Survey (WERS97). In this data set the employee questionnaire is matched with the employer questionnaire. Four measures of job satisfaction are negatively related to the establishment size. Establishment size in return is related to the degree of flexibility in the work environment and the relationship with the supervisors. We find that, contrary to the previous results lower levels of job satisfaction in larger establishments can not necessarily be attributed to the inflexibility in the work environment. However, the weak employee-manager relationships may be a major source of the observed lower levels of job satisfaction in larger establishments.Job Satisfactions, Establishment Size, Structure of Work Environment, Employee-Manager Relations

An intertemporal model of the real exchange rate, stock market, and international debt dynamics: policy simulations

This paper develops an open economy intertemporal optimising model that seeks to analyse the effect of bill financed government expenditure on several key financial markets. The main results suggest that an increase in bill financed government expenditure leads to a rise in net international debt, a fall in the domestic real exchange rate and a fall in the stock market value. Furthermore, due to the presence of non-linearities in the model, reversing the deficit financing policy doesn’t restore the initial net international credit, high stock market value state. Instead, the country finds itself stuck in an international debt and low stock market value trap

Management-employee relations, firm size and job satisfaction

Purpose - The purpose of this paper is to investigate the job satisfaction in relation to managerial attitudes towards employees and firm size using the linked employer-employee survey results in Britain

Sustainable growth, the budget deficit, and inflation

This paper analyses the dynamics of economic growth when the government deficit is money financed. Our model specifies capital formation as resulting from internally generated non-traded investment expenditure. The central innovation of this paper is the specification of the long run equilibrium conditions as those of zero acceleration of inflation and capital formation. This gives rise to positive inflation and sustainable growth (positive capital formation). We found there exists multiple economic growth equilibria. One of these is associated with high growth and low inflation; the other with high inflation and low growth. Furthermore, there is policy hysteresis, which has important implications for the current debates on fiscal policy.peer-reviewe

Interest Rates and Monetary Policy

This paper conducts a thorough intertemporal analysis of nominal interest rate based monetary policy. Its main contribution is to show how such a policy can have different effects depending on the assumptions made about the saving and borrowing behaviour of firms. We consider two cases (i) consumers are savers and firms are borrowers, and (ii) both consumers and firms are borrowers (the nation as a whole is borrowing from abroad). In one case we confirm conventional wisdom, but in the other case we find there may be unexpected and surprising results. Moreover, our analysis has important implications for both inflation and nominal exchange rate targeting policies