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Fifty Shades of QE Revisited

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  • Martin Weale
  • Tomasz Wieladek

Abstract

Fabo, Jancokova, Kempf and Pastor (2021) provide the first comparison of the effects of QE reported by central bank[1] and academic researchers. They find that central bank researchers report larger inflation and output effects of QE than researchers in academia. Central bank researchers are more likely to report significant results, derive a career benefit from their work and use more positive language to describe their findings. In other words central bankers seem to be parti pris. The underlying tool used by Fabo et al (2021) is OLS regression and our concern is that this approach may lead to distortions when applied to data sets with outliers. This problem is not avoided by the use of robust standard errors.

Suggested Citation

  • Martin Weale & Tomasz Wieladek, 2023. "Fifty Shades of QE Revisited," National Institute of Economic and Social Research (NIESR) Topical Briefings, National Institute of Economic and Social Research, issue 10, September.
    • Handle: RePEc:nsr:niesrt:i:10:m:september:y:2023
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