Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • May 2021
  • Article
  • Journal of Monetary Economics

Fifty Shades of QE: Comparing Findings of Central Bankers and Academics

By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
  • Format:Print
  • | Pages:20
ShareBar

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.

Keywords

Quantitative Easing; Career Concerns; Economic Research; Central Banking; Macroeconomics; Economic Growth

Citation

Fabo, Brian, Marina Jančoková, Elisabeth Kempf, and Ľuboš Pástor. "Fifty Shades of QE: Comparing Findings of Central Bankers and Academics." Journal of Monetary Economics 120 (May 2021): 1–20.

Supplemental Information

Internet Appendix
  • Find it at Harvard
  • Read Now

About The Author

Elisabeth Kempf

Finance
→More Publications

More from the Authors

    • 2022
    • Faculty Research

    Political Ideology and International Capital Allocation

    By: Elisabeth Kempf, Mancy Luo, Larissa Schäfer and Margarita Tsoutsoura
    • 2022
    • Faculty Research

    The Political Polarization of Corporate America

    By: Vyacheslav Fos, Elisabeth Kempf and Margarita Tsoutsoura
    • December 2021
    • Journal of Finance

    Partisan Professionals: Evidence from Credit Rating Analysts

    By: Elisabeth Kempf and Margarita Tsoutsoura
More from the Authors
  • Political Ideology and International Capital Allocation By: Elisabeth Kempf, Mancy Luo, Larissa Schäfer and Margarita Tsoutsoura
  • The Political Polarization of Corporate America By: Vyacheslav Fos, Elisabeth Kempf and Margarita Tsoutsoura
  • Partisan Professionals: Evidence from Credit Rating Analysts By: Elisabeth Kempf and Margarita Tsoutsoura
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College