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Fifty shades of QE: comparing findings of central bankers and academics

Martina Jančoková, Lubos Pastor (), Brian Fabo and Elisabeth Kempf

No 2584, Working Paper Series from European Central Bank

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 Classification: A11, E52, E58, G28

Keywords: career concerns; central bank; economic research; QE; quantitative easing (search for similar items in EconPapers)
Date: 2021-08
New Economics Papers: this item is included in nep-isf, nep-mac, nep-mon and nep-sog
Note: 2732784
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Journal Article: Fifty shades of QE: Comparing findings of central bankers and academics (2021) Downloads
Working Paper: Fifty Shades of QE: Comparing Findings of Central Bankers and Academics (2020) Downloads
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