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

• 成果类型: Article
• 署名作者: Fabo, Brian; Jancokova, Martina; Kempf, Elisabeth; Pastor, Lubos
• 署名单位: National Bank of Slovakia; Comenius University Bratislava; Goethe University Frankfurt; University of Chicago; Centre for Economic Policy Research - UK; National Bureau of Economic Research; European Central Bank
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2021.04.001
• 发表日期: 2021
• 页码: 1-20
• 关键词: Economic research; quantitative easing; qe; Central bank; career concerns

摘要

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. (c) 2021 Elsevier B.V. All rights reserved.