Navigation Path: Home > Events > Conferences & seminars > ECB Workshop - Challenges to monetary policy implementation beyond the financial market turbulence
Participation is upon invitation only. The event is not open to the media.
| 8:30 - 9:00 | REGISTRATION |
| 9:00 - 9:15 | OPENING REMARKS Mr. Jürgen Stark, Member of the Executive Board of the ECB download |
| 9:15 - 11:00 | SESSION 1: A macro perspective of monetary policy implementation Chair: Francesco Drudi (European Central Bank) Discussant: Benoît Mojon (Banque de France) |
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Piti Disyatat (Bank for International Settlements): Unconventional monetary policies download An appraisal with Claudio Borio (Bank for International Settlements) |
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Hannah Sabine Hempell (European Central Bank): The impact of supply constraints on bank lending in the euro area - Crisis induced crunching? download with Christoffer Kok Sorensen (European Central Bank) |
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Seth Carpenter (Federal Reserve Board): Volatility, money market rates, and the transmission of monetary policy download with S. Demiralp (Koc University) |
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| 11:00 - 11:15 | Coffee break |
| 11:15 - 13:00 |
SESSION 2: Money Market Integration Chair: Ignazio Angeloni (European Central Bank) Discussant: Paolo Angelini (Banca d'Italia) |
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Cornelia Holthausen (European Central Bank): The 2007/2009 turmoil: a challenge for the integration of the euro area money market? download [2.26 MB] with Nuno Cassola and Marco Lo Duca (European Central Bank) |
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Max Bruche(CEMFI): Deposit insurance and money market freezes download with Javier Suarez (CEMFI) |
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Fabio Castiglionesi (Tilburg University): Financial integration, liquidity and the depth of systemic crisesdownload with Fabio Periozzi (Tilburg University) and Guido Lorenzoni (MIT) |
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| 13:00 - 14:00 | Lunch |
| 14:00 - 14:30 |
KEYNOTE SPEECH Monetary policy in systemic crisis Prof. Xavier Freixas (Universitat Pompeu Fabra - Barcelona) |
| 14:30 - 16:15 |
SESSION 3: Collateral Frameworks Chair: Michel Stubbe (European Central Bank) Discussant: Simon Gray (International Monetary Fund) |
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Isabel von Köppen-Mertes (European Central Bank): The collateral framework of the European Central Bank, US Federal Reserve and Bank of England and the financial market turmoil download with Samuel Cheun (Federal Reserve Bank of New York) and Benedict Weller (European Central Bank) |
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| Paolo Fegatelli (Banque Centrale du Luxembourg): The role of collateral requirements in the financial crisis: one tool for two (diverging) objectives? download [1.16 MB] | |
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Christian Ewerhart (University of Zurich): Repo markets, counterparty risk, and the 2007-2009 liquidity crisis download with Jens Tapking (European Central Bank) |
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| 16:15 - 16:30 | Coffee break |
| 16:30 - 18:15 |
SESSION 4: Money Market Microstructure Chair: Frank Smets (European Central Bank) Discussant: Julien Idier (Banque de France) |
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Alain Durré (European Central Bank): Nonlinear liquidity adjustments in the euro area overnight money market with Renaud Beaupain (IÉSEG School Management) |
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Peter Dunne (Central Bank of Ireland): Repo market microstructure in unusual monetary policy conditions download with Michael Fleming (Federal Reserve Bank of New York) and Andrey Zholos (Queen's University Management School) |
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| Vaidya Nathan (Quantum Phinance): Quantifying financial market turbulence through deviations in covered interest parity | |
| 19:00 | Dinner
Le Meridien Parkhotel Wiesenhüttenplatz 28-38 60329 Frankfurt am Main (Germany) |
| 9:00-10:45 |
SESSION 5: Interbank markets Chair: Philipp Hartmann (European Central Bank) Discussant: Gunther Wuyts (Katholieke Universiteit Leuven) |
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Nuno Cassola (European Central Bank): The euro overnight interbank market and ECB's liquidity management policy during tranquil and turbulent times download with Michael Huetl (University of St.Gallen) |
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David Skeie (Federal Reserve Bank of New York): Precautionary reserves and the interbank market download with Adam Ashcraft and James McAndrews (Federal Reserve Bank of New York) |
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Viral V. Acharya (London Business School): Precautionary hoarding of liquidity and inter-bank markets: evidence from the sub-prime crisis download with Ouarda Merrouche (Bank of England) |
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| 10:45-11:00 | Coffee break |
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SESSION 6:The impact of central bank policies on short term money markets Chair: Huw Pill (European Central Bank) Discussant: Loriana Pelizzon (University of Venice), Steen Ejerskov (Danmarks Nationalbank) |
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| 11:00-12:00 |
Paola Donati (European Central Bank): The effect of conventional and unconventional monetary policy on the money market spreads in the euro area download [1.91 MB] |
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Stefano Nobili (Banca d'Italia): Liquidity risk in money market spreads download |
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| 12:00-13:00 |
Yasuo Hirose (Bank of Japan): Identifying the Effect of Bank of Japan's Liquidity Facilities: The case of CP operations during financial turmoil download with Shinsuke Ohyama (Bank of Japan) |
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John Duca (Federal Reserve Bank of Dallas): Preventing a repeat of the money market meltdown of the Early 1930s download |
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| 13:00 - 14:00 | Lunch |
| 14:00 - 15:30 |
PANEL SESSION: The role of the central bank crisis resolution and the future of the operational frameworks
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| 15:30-17:15 |
SESSION 7: Exit and lessons for the future Chair: Philippe Moutot (European Central Bank) Discussant: Simone Manganelli (European Central Bank) |
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Morton L. Bech (Federal Reserve Bank of New York): The art of a graceful exit: interest on reserves and segmentation in the federal funds market with Elizabeth Klee (Board of Governors of the Federal Reserve System) |
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Jens Eisenschmidt (European Central Bank): The minimum liquidity deficit and the maturity structure of central bank's open market operations: Lessons from the financial crisis with Cornelia Holthausen (European Central Bank) |
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Petra Gerlach-Kirsten (Bank of International Settlements): Macroeconomic and interest rate volatility under alternative monetary operating procedures download with Barbara Rudolf (Swiss National Bank) |
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| 17:15 - 17:30 |
CONCLUDING REMARKS Mr. José Manuel González-Páramo, Member of the Executive Board of the ECB download |
| 17:30 | Close of conference |
