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

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  • Fabo, Brian
  • Jančoková, Martina
  • Kempf, Elisabeth
  • Pástor, Ľuboš

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.

Suggested Citation

  • 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.
  • Handle: RePEc:eee:moneco:v:120:y:2021:i:c:p:1-20
    DOI: 10.1016/j.jmoneco.2021.04.001
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The QE Ratchet
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2021-07-26 11:56:27

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    More about this item

    Keywords

    Economic research; Quantitative easing; QE; Central bank; Career concerns;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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