TY  - UNPD
A1  - Fabo, Brian
A1  - Jancoková, Martina
A1  - Kempf, Elisabeth
A1  - Pástor, Ľuboš
T1  - Fifty shades of QE: robust evidence
N2  - Fabo, Janˇcokov ́a, Kempf, and P ́astor (2021) show that papers written by central bank researchers find quantitative easing (QE) to be more effective than papers written by academics. Weale and Wieladek (2022) show that a subset of these results lose statistical significance when OLS regressions are replaced by regressions that downweight outliers. We examine those outliers and find no reason to downweight them. Most of them represent estimates from influential central bank papers published in respectable academic journals. For example, among the five papers finding the largest peak effect of QE on output, all five are published in high-quality journals (Journal of Monetary Economics, Journal of Money, Credit and Banking, and Applied Economics Letters), and their average number of citations is well over 200. Moreover, we show that these papers have supported policy communication by the world’s leading central banks and shaped the public perception of the effectiveness of QE. New evidence based on quantile regressions further supports the results in Fabo et al. (2021).
T3  - Working paper series / Institute for Monetary and Financial Stability - 181 
KW  - Economic research
KW  - quantitative easing
KW  - QE
KW  - central bank
KW  - career concerns
Y1  - 2023
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/69197
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-691973
UR  - https://www.imfs-frankfurt.de/de/forschung/imfs-working-papers/details/mm_publication/detail/publication/fifty-shades-of-qe-robust-evidence.html
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -