Submission deadline: 30 June 2018

Call for Papers

ECB workshop on money markets, monetary policy implementation and central bank balance sheets

6 and 7 November 2018, Frankfurt am Main


Properly functioning money markets are critical to monetary policy transmission. Money markets, both unsecured and secured, have been affected by the financial and sovereign debt crisis, by regulatory reforms and by changes in the financial market environment, in infrastructures and in innovation. In response to the crisis, the ECB and other central banks have resorted to non-standard measures: negative interest rates, sizeable asset purchase programmes, more flexible access to liquidity through wider collateral eligibility and expanded refinancing operations, as well as forward guidance on the future path of interest rates. In addition to analysing how effective and efficient these measures are in transmitting the monetary policy stance, central banks must also understand their impact on market functioning and on monetary normalisation in a post-crisis environment. The workshop will bring together central bankers, academics and market practitioners to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks.


Submissions are welcome on all relevant topics, in particular:

  • the transmission of monetary policy through money markets
  • the measurement of market fragmentation in money markets and its implications for monetary policy implementation and transmission
  • the impact of structural changes and regulatory reforms in money markets on monetary policy
  • the effects of negative interest rates on money markets
  • the effects forward guidance has on money markets and interest rate expectations
  • the evolution of central bank balance sheets, its role in monetary policy as well as its effects on money markets
  • the potential implications of issuing digital central bank currency to non-banks
  • the role of central bank collateral frameworks in money markets
  • the future prospects for money markets


Papers should be submitted in portable document format (PDF) to by 30 June 2018. The authors should also indicate whether they would be willing to discuss a paper. The authors of accepted papers will be notified by the end of July 2018.

Organisational information

Attendance at the workshop is by invitation only. The workshop will start on the morning of Tuesday, 6 November 2018 and end at noon on Wednesday, 7 November 2018. A dinner is planned for the evening of the first day.


Academic speakers and discussants will be reimbursed for their travel and accommodation costs.

Conference organisers (all ECB)

  • Annette Kamps (Money Market and Liquidity)
  • Christoph Ohlerich (Market Operations Analysis)
  • Julian Schumacher (Monetary Policy Strategy)
  • Jean-David Sigaux (Financial Research)