Fifty Shades of QE Revisited

Martin Weale and Tomasz Wieladek

National Institute of Economic and Social Research (NIESR) Topical Briefings, 2023, issue 10

Abstract: Fabo, Jancokova, Kempf and Pastor (2021) provide the first comparison of the effects of QE reported by central bank[1] and academic researchers. They find that central bank researchers report larger inflation and output effects of QE than researchers in academia. Central bank researchers are more likely to report significant results, derive a career benefit from their work and use more positive language to describe their findings. In other words central bankers seem to be parti pris. The underlying tool used by Fabo et al (2021) is OLS regression and our concern is that this approach may lead to distortions when applied to data sets with outliers. This problem is not avoided by the use of robust standard errors.

Date: 2023-09
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