This thesis presents three empirical analyses of the macroeconomic effects and sustainability of fiscal policy. Three key issues are examined: the transmission mechanism for fiscal policy shocks in Korea, the sustainability of government debt in three selected countries (Korea, the UK, and the US), and the effects of fiscal consolidation on macroeconomic activity. The main findings are as follows. First, government spending has a positive effect on the economy. Capital spending is likely to boost the economy more effectively than current spending. Second, there is a cointegrating relationship between the variables in Korea and the US, but not in the UK. That means fiscal policy in Korea and the US is sustainable, while fiscal policy in the UK is not. Third, fiscal consolidation is not likely to be expansionary in terms of GDP growth. The results also show that fiscal consolidation in time of high debt-to-GDP ratios, the spending-base, or high sovereign risk has fewer negative effects on economic growth than fiscal consolidation in time of low debt-to-GDP ratios, the tax-base, or low sovereign risk. The economic growth rate, government spending-based fiscal consolidation, low long-term interest rates, and higher sovereign risk have significant effects on reducing debt-to-GDP ratio.

This research provides evidence from three Czech Faculties of Economics and one English Business School on students‟ expectations regarding their investment in higher education. It examines the expected earnings from which rates of return are calculated using the short-cut method, and ex ante risk is estimated using the coefficient of variation. Micro-level data have been collected specifically for the purpose of this study using a repeated cross-sectional survey. In addition to personal and socio-economic characteristics, first year students were asked to estimate their earnings with and without a university degree at two points in time – at the point of labour market entry and ten years later, and at three levels of probability – minimum, most likely and maximum. This study aims to investigate the factors that influence the expectations and to determine whether students act rationally as investors and according to the theory of human capital. Earnings expectations have been found to increase with education and experience. Students expect their earnings to grow faster and further thanks to a university degree and expect their earnings at the point of graduation to be similar to the earnings they expected with ten years of post-secondary labour market experience. Students from high income families expect higher earnings than those from low income families. Women have been found to expect lower earnings than men and the gender-pay gap increases with education and experience. Students from England expect higher earnings than their Czech peers. The findings reveal that a very large majority of students act according to the theory of human capital by expecting at least zero rates of return, and that there is a positive relationship between returns and risk and thus that students act rationally as investors. The average rate of return expected by English students is around 23% while those expected by Czech students range from 14% to 18%. Gender differences in rates of return were identified in England with women expecting higher rates of return. Nevertheless, it is concluded that gender differences in rates of return should be reported on in the context of risk-free rates of return otherwise the results may be misleading. Average ex ante risk associated with university education is the coefficient of variation of 0.35, which is similar to a randomly selected financial portfolio of 30 stocks. The expected risk-return trade-off is large; for a 1.1pp increase in risk men expect to be compensated by a 1pp increase in the rate of return while women expect for every 2pp increase in risk a 1pp increase in the rate of return.

This thesis seeks to explore everyday aspects of time. Traditionally, the psychological study of time has been defined as the processes by which a person adapts to and represents temporal properties in order to synchronise external events. On the other hand, a good understanding of time is also vital when it comes to occupational and social organisation. How should time be considered across psychology remains an open question. While time perception is an established field in cognitive psychology, previous research has often focussed on either the perception of very short time intervals (milliseconds), or psychobiological effects of celestial time cycles (e.g. sleep/wake cycle or seasonal affective disorder). However, there remain several other aspects of time that while categorically different are no less important for example, 'mental time travel' or chronesthesia is the ability to mentally project into the future or past. While these phenomena are well acknowledged, it is only in the last few decades that research has started to document other 'higher level' cognitive processes that exist beyond traditional psychophysical constructs. By combining a range of experimental and secondary data analysis methodologies, this thesis examines the relationship between everyday units of time and systematic changes in behaviour across socially derived time cycles (i.e. the calendar week and the working day). It also considers the effects of individual differences on aspects of interpersonal organisation (e.g. punctuality and watch wearing). The main findings indicate that research into psychological time can and should go beyond minutes and seconds as present-day cognitive models are inadequate when it comes to accounting for everyday time processing errors. In addition, understanding the mechanisms behind higher-level timing processes may only become apparent if the topic makes a concentrated effort to become integrated with day-to-day cognition and behaviour. The results also have several applied implications including practical recommendations for optimising appointment systems in the National Health Service. Finally, these findings are discussed in relation to the ongoing debate regarding where psychological time research should focus future efforts if it is to maintain its current momentum from a theoretical and applied perspective.