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Second, we reestimate our baseline specification while adding control variables, ranging from initial fiscal and current account balances to initial bank credit risk and household debt levels. These could plausibly have both affected the growth forecast error and been correlated with fiscal consolidation forecasts. Not controlling for such factors could influence the estimated relation between fiscal consolidation forecasts and growth forecast errors. We find, however, that our results are robust to the introduction of such controls. . | Understanding High Performance Work Systems The Joint Contribution of Economics and Human Resource Management John Tomer Introduction High performance work systems HPWS are organizations that utilize a fundamentally different approach to managing than the traditional hierarchical approach associated with mass production scientific management. At the heart of this emerging approach is a radically different employer-employee relationship. Leading organizational behavior specialists believe that HPWS has the greatest potential to provide sustained competitive advantage to companies adopting it. Thus human resource managers and scholars as well as economists ought to be very interested in it. While much has been written about HPWS in the human resource management HRM literature economists attention to it has been practically nil despite the fact that organizational economics is a significant area within economics. The primary purpose of this paper is to improve our understanding of the superior economic performance of HPWS. The secondary purpose is to compare the respective contributions of the HRM and economics disciplines to this understanding. The HRM organizational behavior literature contains important explanations regarding the economic performance of HPWS. In contrast there is hardly any economic literature explicitly focused on HPWS. However as indicated below economic theory particularly x-efficiency theory can be adapted to this purpose. The explanations that make the most sense of the economic performance of HPWS are interdisciplinary ones that integrate economics with organizational behavior. The plan of the paper is as follows. Section two describes the characteristic features of HPWS and cites evidence regarding its economic performance. Section three examines HPWS from the standpoints of mainstream organizational economics and mainstream HRM. Section four brings to bear behavioral economic and organizational behavior perspectives with respect to .
