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Zentralbank-Politik und makroökonomische Ergebnisse: eine sozio-institutionelle Interpretation
[Central Bank Policies and Macroeconomic Results: A Socio-institutional Interpretation]

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  • Hein, Eckhard

Abstract

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.

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File URL: http://mpra.ub.uni-muenchen.de/18881/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18881.

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Date of creation: Aug 1999
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Handle: RePEc:pra:mprapa:18881

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Keywords: Central bank policies; distribution conflict; labour market institutions; employment;

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References

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  1. Marc Lavoie, 1995. "Interest Rates In Post-Keynesian Models Of Growth And Distribution," Metroeconomica, Wiley Blackwell, vol. 46(2), pages 146-177, 06.
  2. Philip Arestis & Fernando Ferrari-Filho & Luiz Fernando de Paula, 2011. "Inflation targeting in Brazil," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(2), pages 127-148.
  3. Hein, Eckhard, 1999. "Interest Rates, Income Shares, and Investment in a Kaleckian Model," MPRA Paper 18607, University Library of Munich, Germany.
  4. Samuel Bowles and Robert Boyer., 1988. "Labor Discipline and Aggregate Demand: A Macroeconomic Model," Economics Working Papers 8875, University of California at Berkeley.
  5. Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
  6. Soskice, David, 1990. "Wage Determination: The Changing Role of Institutions in Advanced Industrialized Countries," Oxford Review of Economic Policy, Oxford University Press, vol. 6(4), pages 36-61, Winter.
  7. Heise, Arne & Schulten, Thorsten, 1999. "Lohndumping in der EWU - Geht ein Gespenst um in Europa? Eine Replik," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1998 - 2007), ZBW – German National Library of Economics / Leibniz Information Centre for Economics, vol. 79(2), pages 89-94.
  8. Lavoie, M, 1995. "Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk," Working Papers 9513e, University of Ottawa, Department of Economics.
  9. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
  10. Bowles, Samuel & Boyer, Robert, 1988. "Labor Discipline and Aggregate Demand: A Macroeconomic Model," Department of Economics, Working Paper Series qt8sb2623g, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  11. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
  12. Hall, Peter A. & Franzese, Robert J., 1997. "Mixed signals: central bank independence, coordinated wage bargaining, and European Monetary Union," Discussion Papers, Research Unit: Economic Change and Employment FS I 97-307, Social Science Research Center Berlin (WZB).
  13. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-98, September.
  14. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 111-35, January.
  15. Lars Calmfors, 1993. "Centralisation of Wage Bargaining and Macroeconomic Performance: A Survey," OECD Economics Department Working Papers 131, OECD Publishing.
  16. Al-Marhubi, Fahim & Willett, Thomas D, 1995. " The Anti Inflationary Influence of Corporatist Structures and Central Bank Independence: The Importance of the Hump Shaped Hypothesis," Public Choice, Springer, vol. 84(1-2), pages 153-62, July.
  17. Bowles, Samuel & Boyer, Robert, 1988. "Labor Discipline and Aggregate Demand: A Macroeconomic Model," American Economic Review, American Economic Association, vol. 78(2), pages 395-400, May.
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Cited by:
  1. Bieling, Hans-Jürgen & Schulten, Thorsten, 2001. "Competitive restructuring and industrial relations within the European Union: Corporatist involvement and beyond?," WSI Discussion Papers 99, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  2. Hein, Eckhard, 2001. "Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union," WSI Discussion Papers 95, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  3. Schulten, Thorsten, 2002. "Europeanisation of collective bargaining: An overview on trade union initiatives for a transnational coordination of collective bargaining policy," WSI Discussion Papers 101, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  4. Michael Mesch, 2000. "Vom Wettbewerbskorporatismus zur transnationalen Koordination der Lohnpolitik in der EU? (Teil 2)," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 26(1), pages 7-64.

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