Merged, shared calendar in Exchange / Outlook

I've got a client suffering from XY problem. They keep trying to create a calendar for a fake user, and dumping information on that calendar to publish it to the rest of the company. What they really want is some sort of a report that all users can see, which will tell them who is free, who is busy, who is on vacation, etc...

There must be a way to do a calendar in outlook that functions like a search folder, where we can combine and display information from all users (or a subset of users) so that we can see Bob and Alice are on vacation today, and Eve has an appointment (marked private) from 1-3pm - without having to look at their calendars individually.

How do you do this?