Fifty Shades of QE: Comparing Findings of Central Bankers and Academics

Brian Fabo, Martina Jančoková, Elisabeth Kempf and Lubos Pastor

No 27849, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects of QE on output and inflation. They also report QE effects on output that are more significant, both statistically and economically, and they use more positive language in the abstract. Central bank researchers who report larger QE effects on output experience more favorable career outcomes. A survey of central banks reveals substantial involvement of bank management in research production.

JEL-codes: A11 E52 E58 G28 (search for similar items in EconPapers)
Date: 2020-09
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Published as Fabo, Brian & Jančoková, Martina & Kempf, Elisabeth & Pástor, Ľuboš, 2021. "Fifty shades of QE: Comparing findings of central bankers and academics," Journal of Monetary Economics, Elsevier, vol. 120(C), pages 1-20.

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Journal Article: Fifty shades of QE: Comparing findings of central bankers and academics (2021)
Working Paper: Fifty shades of QE: comparing findings of central bankers and academics (2021)
Working Paper: Fifty Shades of QE: Comparing Findings of Central Bankers and Academics (2020)
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