Lubos Pastor is a professor of finance, and Elisabeth Kempf is an associate professor of finance, both at the University of Chicago’s Booth School of Business. They join David on Macro Musings to talk about their recent paper, *Fifty Shades of QE: Comparing Findings of Central Bankers and Academics*. Lubos, Elisabeth, and David specifically discuss the scope, design, and findings of their study, the theory behind QE’s impact on output and inflation, the career implications of QE research, and more.   Check out Conversations with Tyler: https://conversationswithtyler.com, and subscribe to Conversations with Tyler on your favorite podcast app.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Lubos’s University of Chicago profile: https://www.chicagobooth.edu/faculty/directory/p/lubos-pastor Lubos’s NBER archive: https://www.nber.org/people/lubos_pastor?page=1&perPage=50   Elisabeth’s University of Chicago Profile: https://www.chicagobooth.edu/faculty/directory/k/elisabeth-kempf Elisabeth’s website: https://sites.google.com/site/elikempf/   Related Links:   *Fifty Shades of QE: Comparing Findings of Central Bankers and Academics* by Lubos Pastor, Elisabeth Kempf, Brian Fabo, and Martina Jancokova https://www.nber.org/system/files/working_papers/w27849/w27849.pdf   *The Federal Reserve System’s Influence on Research in Monetary Economics* by Lawrence H. White https://econjwatch.org/File+download/90/2005-08-white-invest_apparatus.pdf?mimetype=pdf   David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/