European Central Bank
Frankfurt am Main 60314
Institutional Affiliation: European Central Bank
NBER Working Papers and Publications
|September 2020||Fifty Shades of QE: Conflicts of Interest in Economic Research|
with , , : w27849
Central banks sometimes evaluate their own policies. To assess the inherent conﬂict of interest, we compare the research ﬁndings of central bank researchers and academic economists regarding the macroeconomic eﬀects of quantitative easing (QE). We ﬁnd that central bank papers report larger eﬀects of QE on output and inﬂation. Central bankers are also more likely to report signiﬁcant eﬀects of QE on output and to use more positive language in the abstract. Central bankers who report larger QE eﬀects on output experience more favorable career outcomes. A survey of central banks re-veals substantial involvement of bank management in research production.