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  • ECB workshop

Money markets and central bank balance sheets

Monday, 11 and Tuesday, 12 November 2019
Press Room, Main Building, Frankfurt am Main

The ECB’s annual workshop on money markets brings together central bankers, academics and market practitioners to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks. Through a combination of research presentations, keynote speeches and insights from market participants, the workshop explores how efficient transmission of monetary policy can be ensured in the current money market environment.


* indicates the presenter

Monday, 11 November 2019

Session 1 Demand for central bank reserves

Chair: Tobias Linzert, European Central Bank

Modelling the demand for central bank reserves

Patrick Altmeyer*, Bank of England
Pedro Gurrola-Perez, World Federation of Exchanges
Rafael Kinston, Bank of England
Jessica Redmond, Bank of England

Discussant: Marcin Kacperczyk, Imperial College London

Can the US interbank market be revived?

Kyungmin Kim*, Federal Reserve Board
Antoine Martin, Federal Reserve Bank of New York
Ed Nosal, Federal Reserve Bank of Atlanta

Paper Presentation Slides for discussion

Discussant: Cyril Monnet, University of Bern

Coffee break

Session 2 Regulatory reforms and money markets

Chair: Julija Jakovicka, European Central Bank

Regulatory effects on short-term interest rates

Angelo Ranaldo*, University of St. Gallen
Patrick Schaffner, Bank of England and University of St. Gallen
Michalis Vasios, Norges Bank

Paper Presentation

Discussant: Glenn Schepens, European Central Bank

Burying LIBOR

Sven Klingler, BI Oslo
Olav Syrstad*, Norges Bank

Slides for discussion

Discussant: Falko Fecht, Frankfurt School of Finance & Management


Lunch break


Keynote speech

Central Banking with Many Voices: The Communications Arms Race

Annette Vissing-Jorgensen, Haas School of Business, University of California, Berkeley


Session 3 Intermediation networks

Chair: Angelika Lagerblom, European Central Bank

Relationships in the interbank market

Jonathan Chiu*, Bank of Canada
Jens Eisenschmidt, European Central Bank
Cyril Monnet, University of Bern

Paper Presentation

Discussant: Sven Klingler, BI Oslo

What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy?

Yiping Huang, Peking University
Xiang Li*, Halle Institute for Economic Research
Chu Wang, Peking University

Discussant: Diane Pierret, Luxembourg School of Finance


Coffee break


Session 4 Monetary policy and the market for government debt

Chair: Simone Manganelli, European Central Bank

Central bank-driven mispricing

Loriana Pelizzon*, Goethe University Frankfurt and Ca’ Foscari University of Venice
Marti G. Subrahmanyam, Stern School of Business at New York University
Davide Tomio, University of Virginia Darden School of Business
Jun Uno, Waseda University

Discussant: Alexander Duering, European Central Bank

Identifying dependencies in the demand for government securities

Jason Allen, Bank of Canada
Jakub Kastl, Princeton University
Milena Wittwer*, Stanford University


Discussant: Jens Christensen, Federal Reserve Bank of San Francisco


End of first day


Dinner – by invitation only

Tuesday, 12 November 2019

Remarks by Benoit Cœuré, Member of the Executive Board, European Central Bank


Session 5 The remuneration of excess reserves

Chair: Katrin Assenmacher, European Central Bank

Arbitrage capital of global banks

Alyssa Anderson*, Federal Reserve Board
Wenxin Du, University of Chicago Booth School of Business
Bernd Schlusche, Federal Reserve Board

Discussant: Irem Erten, Warwick Business School

Deposit insurance premiums and arbitrage

Edward Kim, UCLA Anderson School of Management
Marcelo Rezende*, Federal Reserve Board

Paper Presentation Slides for discussion

Discussant: Jean-Edouard Colliard, HEC Paris

Coffee break

Market keynote address

The Ecosystem of Payments – Impact on today’s Stakeholders

Christian Westerhaus, Deutsche Bank


Market participants panel

Chair: Holger Neuhaus, European Central Bank


  • Frank Beset, Rabobank
  • Harry-David Gauvin, HSBC France
  • Maria Cristina Lege, Intesa Sanpaolo
  • Patrick Siméon, Amundi Asset Management

End of workshop followed by light lunch

Please note that this programme may be subject to change without notice.

General information


European Central Bank
Press Room
Main Building
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000

Conference language



Participants are requested to arrange their own transfers, unless indicated otherwise.

  • Johannes Breckenfelder
    Directorate General Research
    Financial Research Division
  • Marco Corsi
    Directorate General Market Operations
    Market Operations Analysis Division
  • Annette Kamps
    Directorate General Market Operations
    Money Market & Liquidity Division
  • Julian Schumacher
    Directorate General Monetary Policy
    Monetary Policy Strategy Division

Nina Willenberg
Directorate General Monetary Policy
Monetary Policy Strategy Division

+49 69 1344 8303