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

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

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

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  • Jančoková, Martina & Pástor, Ľuboš & Fabo, Brian & Kempf, Elisabeth, 2021. "Fifty shades of QE: comparing findings of central bankers and academics," Working Paper Series 2584, European Central Bank.
    • Handle: RePEc:ecb:ecbwps:20212584
    Note: 2732784
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    More about this item

    Keywords

    career concerns; central bank; economic research; QE; quantitative easing;
    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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