Descriptions

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15 February 2021, 9 PM KL

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. A survey of central banks re-veals substantial involvement of bank management in research production.

Join us for a presentation, by Elisabeth Kempf (Chicago Booth), who explores the inherent conflict of interest when central bank research involves self-evaluation of central bank policy. She and her co-authors examine the effectiveness of quantitative easing reported by central bank and non-central bank research. This event is part of ASB's Macro, Finance and Emerging Economies Webinar Series, hosted in collaboration with the SEACEN Centre.

ABOUT THE PANELIST

Elisabeth Kempf, Associate Professor of Finance, The University of Chicago Booth School of Business

Elisabeth Kempf joined Chicago Booth in 2016 as an Assistant Professor of Finance. Her primary research interest is in empirical corporate finance. Her research has explored issues related to corporate governance and sources of skill for financial analysts and fund managers. Her dissertation has been awarded the AQR Top Finance Graduate Award 2016, the WFA Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research, the Young Scholars Finance Consortium Best Ph.D. Paper Award, and the 2015 EFA Best Doctoral Tutorial Paper Prize. Her work has been published in the Review of Financial Studies.

Kempf holds a Ph.D. in finance from Tilburg University (Netherlands), an M.Sc. in finance from HEC Paris (France), and a B.Sc. in business administration from the University of Mannheim (Germany). Prior to her Ph.D. studies, she worked as an analyst at Deutsche Bank.

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