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ECB workshop on

"The post-crisis design of the operational framework for the implementation of monetary policy"

10 and 11 October 2011 Eurotower, CIV Frankfurt am Main

Monday
Tuesday
General information

Monday, 10 October 2011

8.45 a.m. - 9.15 a.m.	Registration
9.15 a.m. - 9.30 a.m.	Welcome address Jürgen Stark, Executive Board Member, European Central Bank speech
	Session 1: Repo markets
	Chair: Francesco Drudi, European Central Bank
9.30 a.m. – 10.15 a.m.	Repo market microstructure in unusual monetary policy Conditions Peter Dunne, Central Bank of Ireland Discussant: Jan Scheithauer, Deutsche Bundesbank
10.15 a.m. – 11.00 a.m.	A target Treasury general collateral repo rate: a viable alternative to the target federal funds rate? Viktors Stebunovs, Board of Governors of the Federal Reserve System paper Discussant: Gabriel Pérez Quiros, Banco de España presentation
11.00 a.m. – 11.15 a.m.	Coffee break
	Session 2: Central bank lending and borrowing
	Chair: Ulrich Bindseil, European Central Bank
11.15 a.m. – 12.00 p.m.	Reserve holding incentives of commercial banks in the euro area during the financial crisis Achim Hauck, Heinrich-Heine University Düsseldorf paper presentation Discussant: Tuomas Valimaki, Suomen Pankki presentation
12 p.m. – 12.45 p.m.	Drain, baby, drain: Term deposits, reserves and interbank rates Morten Bech, Bank for International Settlements presentation [1.22 MB] Discussant: Alain Durré, European Central Bank presentation
12.45 p.m. – 13.45 p.m.	Buffet lunch
13.45 p.m. – 14.15 p.m.	Keynote speech Introduction: Francesco Papadia, European Central Bank Jean-Pierre Danthine, Swiss National Bank speech [1.4 MB]
	Session 3: Alternative approaches to monetary policy implementation
	Chair: Michel Stubbe, European Central Bank
2.15 p.m. – 3.00 p.m.	Liquidity and reserve requirements in Brazil Patrice Robitaille, Board of Governors of the Federal Reserve System paper presentation [1.87 MB] Discussant: Livio Stracca, European Central Bank presentation
3 p.m. – 3.45 p.m.	Challenges to monetary operations in a small inflation-targeting economy: Living with foreign exchange flows Runchana Pongsaparn, Bank of Thailand paper presentation Discussant: Nathan Porter, International Monetary Fund presentation
3.45 p.m. - 4.00 p.m.	Coffee break
	Session 4: Theoretical models of lending
	Chair: Philippe Moutot, European Central Bank
4 p.m. – 4.45 p.m.	Central Bank lending and money market discipline Marie Hoerova, European Central Bank presentation Discussant: Max Bruche, Center for Monetary and Financial Studies (CEMFI) presentation
4.45 p.m. – 5.30 p.m.	Endogenous credit ratings José Jorge, Faculdade de Economia da Universidade do Porto paper presentation [1.33 MB] Discussant: Christina Bannier, Frankfurt School of Finance & Management paper
6.30 p.m.	Dinner Restaurant Emma Metzler, Frankfurt am Main Dinner speech José Manuel González-Páramo, Executive Board Member, European Central Bank speech

Tuesday, 11 October 2011

8.45 a.m. – 9.00 a.m.	Registration
	Session 5: Auctions
	Chair: Philipp Hartmann, European Central Bank
9 a.m. – 10.15 a.m.	Pricing central bank liquidity through product-mix auctions – the first anniversary of the Bank of England’s indexed long-term repo operations Tarkus Frost, Bank of England paper
	Central Bank liquidity auctions and collateral quality François Koulischer, European Center for Advanced Research in Economics and Statistics paper presentation Discussant: Jakub Kastl, Stanford University presentation
10.15 a.m. - 11.00 a.m.	Overbidding in fixed rate tenders: the role of exposure risk Christian Ewerhart, University of Zurich paper presentation Discussant: Dieter Nautz, Freie Universität Berlin presentation
11.00 a.m. – 11.15 a.m.	Coffee break
	Session 6: Implementation and the macroeconomy
	Chair: Frank Smets, European Central Bank
11.15 a.m. - 12.00 p.m.	Large excess reserves in the U.S.: A view from the cross-section of banks Alexander Wolman, Federal Reserve Bank of Richmond paper presentation Discussant: Jagjit Chadha, University of Kent presentation
12.00 p.m. - 12.45 p.m.	The financial crisis, bank lending, and the effectiveness of lending facilities: The experiences of the Federal Reserve and the European Central Bank Selva Demiralp, Koç University and Board of Governors of the Federal Reserve System presentation [1.09 MB] Discussant: Julian von Landesberger, European Central Bank
12.45 p.m.	Buffet lunch

General Information

Conference dates:	Monday, 10 and Tuesday, 11 October 2011
Conference venue:	European Central Bank Eurotower Kaiserstrasse 29 60311 Frankfurt am Main Germany Tel.: +49 69 1344 0 Fax: +49 69 1344 6000
Conference language:	English
Programme:	The workshop programme may be changed without notice.
Dinner venue:	Restaurant Emma Metzler Schaumainkai 17 60594 Frankfurt am Main
Contact person:	Nia Sheppard ECB Directorate Communications Publishing, Events and Protocol Division E-mail: EVP-Events@ecb.europa.eu Janina Desoi ECB Directorate General Economics Monetary Policy Stance Division E-mail: janina.desoi@ecb.europa.eu

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