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Central bank researchers find quantitative easing (QE) to be a more effective monetary policy tool, producing larger effects on output and inflation, than academic economists do, a working paper published by the European Central Bank argues.

Central bank economists also use more positive language in the abstract when discussing QE's statistical and economic effects, and enjoy more favourable career outcomes than than their non-central bank counterparts, the authors claim. A survey of central banks found "substantial" involvement of bank management in research production, authors Brian Fabo, Martina Jančoková, Elisabeth Kempf, Ľuboš Pástor reported.