The role of financial market liquidity in periods of turbulence: theory, empirical evidence and implications for policy"
14-15 October 2010
Please note that this event is not open to media participants.
Eurotower, Conference Room CIV, 2nd floor Frankfurt am Main
| Conference dates | Thursday, 14 October 2010 and Friday, 15 October 2010 |
| Conference venue | European Central Bank Eurotower Kaisertrasse 29 60311 Frankfurt am Main Germany Conference Room CIV, 2nd floor Tel.: +49 69 1344 0 Fax: +49 69 1344 6000 Email: info@ecb.europa.eu |
| Dinner venue | Intercontinental Hotel Wilhelm-Leuschner-Strasse 43 60329 Frankfurt am Main,Germany Room Silhouette, 21st floor Dress code: business attire |
| Conference language | English |
| Programme | The conference programme may be changed without notice. |
| Organisers: | Diego Rodriguez Palenzuela Capital Markets/Financial Structure Division ECB Directorate Economics Tel.: +49 69 1344 6480 Fax: +49 69 1344 8839 E-mail: diego.rodriguez@ecb.europa.eu Cornelia Holthausen Financial Research Divison ECB Directorate General Research Tel: +49 69 1344 6490 E-mail: cornelia.holthausen@ecb.europa.eu |
| Administrative support: | Agnese Apine Tel: +49 69 1344 5068 Fax: +49 69 1344 6514 E-mail: agnese.apine@ecb.europa.eu Baiba Zile Tel: +49 69 1344 6503 Fax: +49 69 1344 6514 E-mail: baiba.zile@ecb.europa.eu ECB Directorate Communications Publishing, Events and Protocol Division Jutta Auth Tel.: +49 69 1344 7417 Fax: +49 69 1344 5775 E-mail: EVP-Events@ecb.europa.eu |
| Internet | www.ecb.europa.eu |
Day 1 - 14 October
| 8:45 - 9:15 | Registration |
| 9:15 - 9:30 | Welcome, Jean-Claude Trichet, President, European Central Bank |
Session I Financial frictions, liquidity and asset pricesChair: Ignazio Angeloni, European Central Bank |
|
| 9.30 - 10.50 | "Financially Constrained Arbitrage and Cross-Market Contagion" Dennis Gromb (INSEAD and CEPR) and Discussants: |
| 10.50 - 11.10 | Coffee break |
| 11.10 - 12.30 | "Funding Liquidity Risk and the Cross-Section of Stock Returns" Tobias Adrian, Discussants: |
| 12.30 - 2.00 | Lunch (foyer CIV) |
Session 2Liquidity, financial distress and economic complexityChair: Frank Smets, European Central Bank |
|
| 2.00 - 3.20 | "Overcoming Adverse Selection: How Public Intervention can Restore Market Functioning" Jean Tirole, IDEI Discussants: |
| 3.20 - 4.40 | "Caught Between Scylla and Charybdis? Regulating Bank Leverage When There is Rent Seeking and Risk Shifting." Viral Acharya, Hamid Mehran, Anjan Thakor Discussants: |
| 4.40 - 5.00 | Coffee break |
| 5.00 - 6.20 | "Fire Sales in a Model of Complexity" Ricardo J. Caballero (MIT) and Alp Simsek Discussants: |
| 7.30 | Dinner (by invitation) |
Day 2 - 15 October
| 8.30 - 9.00 | Registration |
Session 3Money markets and financial market liquidityChair: Diego Rodríguez Palenzuela, European Central Bank |
|
| 9.00 - 10.20 | "Money and Liquidity in Financial Markets" Kjell Nyborg (Swiss Banking Institute and CEPR) and Discussants: |
| 10.20 - 11.40 | "Endogenous maturity mismatch, maturity of open market operations and liquidity regulation" Cornelia Holthausen and Jens Eisenschmidt, European Central Bank Discussants: |
| 11.40 - 12.00 | Coffee break |
| 12.00 - 1.20 | "Bank Liquidity Creation, Monetary Policy, and Financial Crises" Allen N. Berger (University of South Carolina, Wharton Financial Institutions Center and Tilburg University) Discussants: |
| 1.30 | Lunch (foyer CIV) |