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

Monday, 24 October 2016

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

Tuesday, 25 October 2016

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

Conference venue

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

Conference language

English

Transfers

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

Organisers

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)

Contacts

Marianne Egger
Directorate General Economics
Monetary Policy Strategy
European Central bank

+49 (0)69 1344 0
MMworkshop@ecb.europa.eu