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  • European Central Bank workshop

Money markets, monetary policy implementation and central bank balance sheets

6 and 7 November 2017

Main Building, European Central Bank, Frankfurt am Main
Press Conference Room


* indicates the presenter

Conference brochure
Monday, 6 November 2017
Registration and coffee

Welcome address

Peter Praet, European Central Bank

Session 1 – Monetary policy implementation and transmission

Chair: Benjamin Sahel, European Central Bank


Monetary policy implementation in a negative rate environment Slides

Michael Boutros*, Duke University
with Jonathan Witmer, Bank of Canada

Discussant: Falko Fecht, Frankfurt School of Finance & Management


The interest of being eligible Slides

Charles O’Donnell*, Banque de France and Aix-Marseille University
with Jean-Stéphane Mésonnier, Banque de France
Olivier Toutain, Banque de France

Discussant: Jean-David Sigaux, European Central Bank

Coffee break

Implementing monetary policy with the balance sheet

Simon Potter, Federal Reserve Bank of New York


The macroeconomic impact of money market disruptions Slides

Marie Hoerova*, European Central Bank and CEPR
with Fiorella de Fiore, European Central Bank and CEPR
Harald Uhlig, University of Chicago and CEPR

Discussant: Daisuke Ikeda, Bank of England


Buffet lunch

Session 2 – Monetary and regulatory effects on money markets

Chair: Simone Manganelli, European Central Bank


Effects of changing monetary and regulatory policy on money markets Slides

Zeynep Senyuz*, Board of Governors of the Federal Reserve System
with Elizabeth Klee, Board of Governors of the Federal Reserve System
Emre Yoldas, Board of Governors of the Federal Reserve System

Discussant: Fulvio Pegoraro, European Central Bank


Eurosystem’s asset purchases and money market ratesSlides

Benoît Nguyen*, Banque de France
with William Arrata, Banque de France
Imene Rahmouni-Rousseau, Banque de France
Miklos Vari, Banque de France

Discussant: Angelo Ranaldo, University of St. Gallen


Recent developments in money markets

Johan Evenepoel, Euroclear Bank


Coffee break

Session 3 – Role of money

Chair: Tobias Linzert, European Central Bank


A portfolio model of quantitative easing Slides

Jens Christensen*, Federal Reserve Bank of San Francisco
with Signe Krogstrup, International Monetary Fund

Discussant: Ulrike Neyer, University of Düsseldorf


Broadening narrow money: monetary policy with a central bank digital currency Slides

Jack Meaning*, Bank of England
with James Barker, Bank of England
Emily Clayton, Bank of England
Ben Dyson, Bank of England

Discussant: Arnoud Stevens, Nationale Bank van België/Banque Nationale de Belgique

End of day 1

Dinner - by invitation only

Tuesday, 7 November 2017

Registration and coffee

Session 4 – Money market segmentation and frictions

Chair: Jean-Louis Schirmann, European Central Bank


Money market statistical reporting

Pascal Nicoloso, European Central Bank


Pairwise trading in the money market during the European sovereign debt crisis Slides

Edoardo Rainone, Banca d’Italia

Discussant: Julia Schaumburg, Vrije Universiteit Amsterdam

Coffee break

The Japan repo premium and US dollar intermediation

Egemen Eren*, Bank for International Settlements
with Iñaki Aldasoro, Bank for International Settlements
Torsten Ehlers, Bank for International Settlements

Discussant: Dagfinn Rime, Norwegian Business School


Segmented money markets and covered interest parity arbitrage Slides

Olav Syrstad*, Norges Bank
with Dagfinn Rime, Norwegian Business School
Andreas Schrimpf, Bank for International Settlements and CEPR

Discussant: Loriana Pelizzon, Goethe University Frankfurt


Panel discussion: Functioning of euro area money markets Slides

Chair: Cornelia Holthausen, European Central Bank

Jaap Kes, ING Bank
Marco Antonio Bertotti, Intesa Sanpaolo
Philippe Renaudin, BNP Paribas Asset Management

Buffet lunch

End of workshop

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
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.


Fabian Eser (Monetary Policy Strategy)
Kerstin Junius (Market Operations Analysis)
Bernd Schwaab (Financial Research)
Olivier Vergote (Money Markets and Liquidity)


Nana Amoah
Directorate General Market Operations
+49 (0)69 1344 0