Zentralbank-Politik und makroökonomische Ergebnisse: eine sozio-institutionelle Interpretation

We deal with monetary policies as an institution which has a crucial impact on the economic process but is itself object of distribution conflict. For this purpose we make use of the „Social Structures of Accumulation“ approach. We integrate central bank policies into this approach and derive a typology of potential central bank regimes, depending on capital-labor relations and firms-rentiers relations. This typology is used in order to interpret post World War II development. Finally, some empirical studies on central banking and labour market institutions are surveyed in order to derive some perspectives for employment and inflation under the conditions of independent central banks.