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

The paper previously circulated under the title "Fifty Shades of QE: Conflicts of Interest in Economic Research." The views in this paper are those of the authors and do not represent the views of the European Central Bank, the National Bank of Slovakia, any other institution, or the National Bureau of Economic Research. Pástor is a member of the bank board of the National Bank of Slovakia. We are grateful for comments from Wenxin Du, Mara Faccio, Pavel Gertler, Daniel Gros, Urban Jermann, Sujit Kapadia, Anil Kashyap, Luc Laeven, Ludovít Ódor, Raghuram Rajan, Kasper Roszbach, Martin Šuster, and Tomasz Wieladek, as well as to seminar participants at the European Central Bank, Košice Economic Forum, National Bank of Slovakia, Purdue University, Toulouse School of Economics, University of Chicago, University of Geneva, and University of Miami. We are also grateful to Livia Amato, Yuliia Kazmina, Fulin Li, Eva Štulrajterová and, especially, Bianca He for excellent research assistance. This research was supported by the Fama-Miller Center for Research in Finance at Chicago Booth.

• September 22, 2020
• October 15, 2020
• February 5, 2021