NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Martina Jančoková

European Central Bank
Sonnemannstraße 20
Frankfurt am Main 60314
Germany

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Institutional Affiliation: European Central Bank

NBER Working Papers and Publications

September 2020Fifty Shades of QE: Conflicts of Interest in Economic Research
with Brian Fabo, Elisabeth Kempf, Ľuboš Pástor: 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.
 
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