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In a loudness-matching paradigm, a reduction in the loudness of sounds with bandwidths less than one-half octave compared to a tone of equal sound pressure level has been observed previously for five-tone complexes at 60 dB SPL centered at 1 kHz. Here, this loudness-reduction phenomenon is explored using band-limited noise across wide ranges of frequency and level. Additionally, these measurements are simulated by a model of loudness judgement based on neural ensemble averaging (NEA), which serves as a proxy for central auditory signal processing. Multi-frequency equal-loudness contours (ELC) were measured for each of the adult participants (N=100) with pure-tone average (PTA) thresholds that ranged from normal to moderate hearing loss using a categorical-loudness-scaling (CLS) paradigm. Presentation level and center frequency of the test stimuli were determined on each trial according to a Bayesian adaptive algorithm, which enabled multi-frequency ELC estimation within about five minutes of testing. Three separate test conditions differed by stimulus type (1) pure tone, (2) quarter-octave noise and (3) octave noise. For comparison, loudness judgements for all three stimulus types were also simulated by the NEA model, which comprised a nonlinear, active, time-domain cochlear model with an appended stage of neural spike generation. Mid-bandwidth loudness reduction was observed to be greatest at moderate stimulus levels and frequencies near 1 kHz. This feature was approximated by the NEA model, which suggests involvement of an early stage of the central auditory system in the formation of loudness judgements.