Money Markets, Monetary Policy Implementation and Market Infrastructures
European Central Bank and International Monetary Fund Workshop
24 and 25 October 2016
Main Building, European Central Bank, Frankfurt am Main Press Conference Room, Grossmarkthalle
Programme
- 8:30
- Registration
- 9:00
-
Welcome address
Massimo Rostagno (ECB)
- 9:20
-
Session 1 - Asset purchases
Chair: Simone Manganelli (ECB)
The Federal Reserve’s portfolio and its effect on interest rates
Alex Boote (Federal Reserve Board) Jeffrey Huther (Federal Reserve Board) Jane Ihrig (Federal Reserve Board) Elizabeth Klee (Federal Reserve Board) Richard Sambasivam (Federal Reserve Board)
Discussant: Seth Carpenter (Rokos Capital)
- 10:10
-
QE auctions of treasury bonds
Zhaogang Song (Johns Hopkins University) Haoxiang Zhu (MIT)
Discussant: Loriana Pelizzon (Goethe University Frankfurt)
- 11:00
- Coffee break
- 11:30
-
Keynote Ulrich Bindseil (ECB) Evaluating monetary policy operational frameworks
- 12:10
-
Session 2 - Operational framework
Chair: Benjamin Sahel (ECB)
Competitive search in money markets and implementation of monetary policy
Garth Baughman (Federal Reserve Board) Francesca Carapella (Federal Reserve Board)
Discussant: Jana Aubrechtová (Federal Reserve Bank of New York)
- 13:00
- Lunch break
- 14:00
-
Session 2: continued
Does a larger menu increase appetite - collateral eligibility and bank-risk taking
Sjoerd van Bekkum (Erasmus University Rotterdam) Marc Gabarro (Erasmus University Rotterdam) Rustom Irani (University of Illinois Urbana-Champaign)
Discussant: Jan Wrampelmeyer (University of St. Gallen)
- 14:50
-
Session 3 - Transmission
Chair: Tobias Linzert (ECB)
Turnover liquidity and transmission of monetary policy
Ricardo Lagos (New York University) Shengxing Zhang (LSE)
Discussant: Cyril Monnet (University of Bern)
- 15:40
- Coffee break
- 16:10
-
Session 3: continued
Response of long-term yields to negative rates - evidence from Switzerland
Christian Grisse (Swiss National Bank) Silvio Schumacher (Swiss National Bank)
Discussant: Wolfgang Lemke (ECB)
- 17:00
-
Panel Implications of FinTech for market infrastuctures and monetary policy implementation
Chair: Jens Tapking (ECB)
Michael Kumhof (Bank of England) Alistair Milne (Loughborough University) Andrea Pinna (ECB) Paolo Tasca (UCL)
- 19:00
-
Official dinner
By invitation
- 8:30
- Registration / coffee
- 9:00
-
Current Challenges in Secured Funding Markets and Policy Implications
Andreas (Andy) Jobst (World Bank, former IMF)
- 9:20
-
Session 4: Fragility of markets
Chair: Claus Brand (ECB)
Stressed interbank markets: evidence from the European financial and sovereign debt crisis
Juan Carlos Frutos (Banco de España) Carlos Garcia-de-Andoain (ECB) Florian Heider (ECB) Patrick Papsdorf (ECB)
Discussant: Falko Fecht (Frankfurt School of Finance)
- 10:10
- Coffee break
- 10:40
-
Session 4: continued
Fragility in money markets
Angelo Ranaldo (University of St. Gallen) Matthias Rupprecht (University of St. Gallen) Jan Wrampelmeyer (University of St. Gallen)
Discussant: Vincent Maurin (Stockholm School of Economics)
- 11:30
-
Illiquidity spirals in over-the-counter repo markets
Christoph Aymanns (LSE) Co-Pierre Georg (Bundesbank) Ben Golub (Harvard)
Discussant: Régis Breton (Banque de France)
- 12:20
-
Practitioner presentations: Money and repo markets
Annette Kamps (ECB) Michael Manna (Barclays) - 13:00
- Lunch break
- 14:00
-
Market panel Central clearing, regulation and their impact on money markets
Chair: Holger Neuhaus (ECB)
Eduard Cia (Unicredit) Nicola Danese (JP Morgan) Greg Markouizos (Citi) Dennis McLaughlin (LCH.Clearnet) Fabrizio Planta (ESMA)
- 15:00
- Coffee break
- 15:30
-
High-Level Roundtable
Chair: Mahmood Pradhan (IMF)
Sean Berrigan (European Commission) Godfried de Vidts (ICMA) Cornelia Holthausen (ECB) Chris Salmon (Bank of England)
- 16:45
-
Closing Remarks
Vice-President Vitor Constâncio (ECB)
This programme may be subject to change without notice.
General information
European Central Bank Main building, Press Conference Room Sonnemannstrasse 20 60314 Frankfurt am Main
+49 69 1344 0 Fax: +49 69 1344 6000 info@ecb.europa.eu
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
Fabian Eser (ECB/Monetary Policy Strategy) Peter Hoffmann (ECB/Financial Research) Olivier Vergote (ECB/Money Markets and Liquidity) Dirk Bullmann (ECB/Market Infrastructure and Payments) Kerstin Junius (ECB/Market Operations Analysis)
Andreas (Andy) Jobst (World Bank, former IMF/European Department) Huidan Lin (IMF/European Department)
Marianne Egger Directorate General Economics Monetary Policy Strategy European Central bank
+49 (0)69 1344 0 MMworkshop@ecb.europa.eu