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

Programme

* indicates the presenter

Conference brochure

Monday, 6 November 2017

8:30
Registration and coffee
9:00

Welcome address

Peter Praet, European Central Bank

Session 1 – Monetary policy implementation and transmission

Chair: Benjamin Sahel, European Central Bank

9:20

Monetary policy implementation in a negative rate environment

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

Discussant: Falko Fecht, Frankfurt School of Finance & Management

10:10

The interest of being eligible

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

11:00
Coffee break
11:30

Implementing monetary policy with the balance sheet

Simon Potter, Federal Reserve Bank of New York

12:10

The macroeconomic impact of money market disruptions

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

13:00

Buffet lunch

Session 2 – Monetary and regulatory effects on money markets

Chair: Simone Manganelli, European Central Bank

14:00

Effects of changing monetary and regulatory policy on money markets

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

14:50

Eurosystem’s asset purchases and money market rates

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

15:40

Recent developments in money markets

Johan Evenepoel, Euroclear Bank

16:10

Coffee break

Session 3 – Role of money

Chair: Tobias Linzert, European Central Bank

16:40

A portfolio model of quantitative easing

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

Discussant: Ulrike Neyer, University of Düsseldorf

17:30

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

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

18:20
End of day 1
18:50

Dinner - by invitation only

Tuesday, 7 November 2017

8:30

Registration and coffee

Session 4 – Money market segmentation and frictions

Chair: Jean-Louis Schirmann, European Central Bank

9:00

Money market statistical regulation

Pascal Nicoloso, European Central Bank

9:30

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

Edoardo Rainone, Banca d’Italia

Discussant: Julia Schaumburg, Vrije Universiteit Amsterdam

10:20
Coffee break
10:40

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

11:30

Segmented money markets and covered interest parity arbitrage

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

Discussant: Loriana Pelizzon, Goethe University Frankfurt

12:20

Panel discussion: Functioning of euro area money markets

Chair: Cornelia Holthausen, European Central Bank

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

13:10
Buffet lunch
14:00

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
info@ecb.europa.eu

Conference language

English

Transfers

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

Organisers

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

Contacts

Nana Amoah
Directorate General Market Operations
+49 (0)69 1344 0
MMworkshop@ecb.europa.eu