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ECB Conference on Money Markets

Monday, 23 and Tuesday, 24 November 2020
Online event (by invitation only)

The ECB’s annual conference on money markets brings together academics, market practitioners and central bankers 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.


Times are Central European Time (UTC+1)

* indicates the presenter

Monday, 23 November 2020

Welcome and housekeeping by Conference Chair

Imène Rahmouni-Rousseau, Director General Market Operations


Welcome address

Shifting tides in euro area money markets: From the Global Financial Crisis to the COVID-19 pandemic

Isabel Schnabel, Member of the Executive Board


Session 1 – Monetary policy transmission

Co-Chair: Katrin Assenmacher, Head of Monetary Policy Strategy Division


Interbank Trading, Collusion, and Financial Regulation


  • Dean Corbae, University of Wisconsin-Madison and NBER
  • Michael Gofman*, University of Rochester

Discussant: Vania Stavrakeva, London Business School


Monetary Policy Transmission in Segmented Markets


  • Jens Eisenschmidt, European Central Bank
  • Yiming Ma*, Finance Division, Columbia Business School
  • Anthony Lee Zhang, University of Chicago Booth School of Business

Discussant: Jean Edouard Colliard, HEC Paris

Coffee break

Session 2 – Repo markets

Co-Chair: Simone Manganelli, Head of Financial Research Division


Safe asset shortage and collateral re-use


  • Stephan Jank*, Deutsche Bundesbank
  • Emanuel Mönch, Deutsche Bundesbank
  • Michael Schneider, Deutsche Bundesbank

Discussant: Sebastian Infante, Board of Governors of the Federal Reserve System


Special Repo Rates and the Cross-Section of Bond Prices: the Role of the Special Collateral Risk Premium


  • Stefania D'Amico, Federal Reserve Bank of Chicago
  • N. Aaron Pancost*, University of Texas at Austin McCombs School of Business

Discussant: Angelo Ranaldo, University of St. Gallen


End of first conference day

Tuesday, 24 November 2020

Keynote address

The role of reserves in reshaping monetary policy implementation and interbank markets in the US

Gara Afonso, Assistant Vice President in the Financial Intermediation Function, Federal Reserve Bank of New York


Session 3 – Central bank liquidity provision

Co-Chair: Simone Manganelli


U.S. Banks and Global Liquidity


  • Ricardo Correa*, Board of Governors of the Federal Reserve System
  • Wenxin Du, University of Chicago Booth School of Business and NBER
  • Gordon Liao, Board of Governors of the Federal Reserve System

Discussant: Valentina Bruno, American University


Public Liquidity and Bank Lending: The Perils of Large Interventions

Author: Roberto Robatto, University of Wisconsin-Madison

Discussant: Linda Schilling, École Polytechnique

Coffee break

Session 4 – Money markets during pandemics / Market participants panel

Co-Chair: Katrin Assenmacher


The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic


  • Haelim Anderson*, Federal Deposit Insurance Corporation
  • Jin-Wook Chang, Board of Governors of the Federal Reserve System
  • Adam Copeland, Federal Reserve Bank of New York

Discussant: Alexander Popov, European Central Bank


Market participants panel

Chair: Imène Rahmouni-Rousseau


  • Jaana Sulin, Nordea Bank
  • Mark Cabana, Bank of America Merrill Lynch
  • Olivia Maguire, J.P. Morgan Asset Management
  • Dirk Schumacher, Natixis

Wrap-up of panel and conference

Imène Rahmouni-Rousseau

End of conference

Audiovisual notice: Images and video recordings may be published online

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

General information


Online event (by invitation only)

Conference language



  • Johannes Breckenfelder
    Directorate General Research
    Financial Research Division
  • Marco Corsi
    Directorate General Market Operations
    Market Operations Analysis Division
  • Maria Encio
    Directorate General Market Operations
    Money Market and Liquidity Division
  • Julian Schumacher / Laura Moretti
    Directorate General Monetary Policy
    Monetary Policy Strategy Division


Directorate General Market Operations
Money Market and Liquidity Division