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ECB Conference on Money Markets 2022

Thursday, 3 and Friday, 4 November 2022

Hybrid event: Onsite in Frankfurt am Main and online via Webex

The ECB’s annual conference on money markets brings together academics, market practitioners and central bankers to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks. Through a combination of research presentations, keynote speeches and insights from market participants, the conference explores how efficient transmission of monetary policy can be ensured in the current money market environment.

Programme

Times are Central European Time (UTC+1)

Speakers
Thursday, 3 November 2022
8:30

Registration

9:00

Conference Chair: welcome and housekeeping

9:10

Welcome address

Mind the step: calibrating monetary policy in a volatile environment

Fabio Panetta, Member of the Executive Board, European Central Bank

 

Session 1 – The role of collateral in financial markets

Chair: Thomas Vlassopoulos, European Central Bank

9:30

“Securities lender of last resort: on the causal effects of central banks’ securities lending facilities”

Stefan Greppmair, Deutsche Bundesbank

Discussant: Jean-David Sigaux, European Central Bank

10:15

“Real effects of financial market integration: evidence from an ECB collateral framework change”

Pia Hüttl, DIW Berlin

Discussant: Loriana Pelizzon, Goethe-Universität Frankfurt am Main

11:00

Coffee break

11:30

Keynote speech

Marcin Kacperczyk, Imperial College London

Teaser

Speech

12:30

Lunch break

 

Session 2 – Repo markets

Chair: Marie Hoerova, European Central Bank

13:30

“Liquid assets and financial fragility”

Toni Ahnert, European Central Bank

Discussant: Puriya Abbassi, Deutsche Bundesbank

14:15

“Money market disconnect”

Hannah Winterberg, University of St.Gallen

Discussant: Sebastian Infante, Board of Governors of the Federal Reserve System

15:00

Coffee break

15:30

Market participants panel

Chair: Imène Rahmouni-Rousseau, European Central Bank

Panellists:

  • Camille de Courcel, Head of Strategy for G10 Rates Europe, BNP Paribas
  • Fabio Natalucci, Deputy Director of the Monetary and Capital Markets Department, International Monetary Fund
  • Mikaël Pacot, Head of Money Markets and Euro Rates, Axa Investment Managers
  • Eric Scotto di Rinaldo, Head of Liquidity Management Utrecht, Rabobank
16:30

End of first conference day

Friday, 4 November 2022
8:45

Registration

 

Session 3 – Central bank tiering systems and cryptocurrencies

Chair: Katrin Assenmacher, European Central Bank

9:15

“Money markets and bank lending: evidence from the tiering adoption”

Mariassunta Giannetti, Stockholm School of Economics

Discussant: Diana Bonfim, Banco de Portugal

10:00

“The coming battle of digital currencies”

Simon Mayer, University of Chicago, and William Cong Lin, Cornell University

Discussant: Morten Bech, Bank for International Settlements

10:45

Coffee break

11:00

Keynote speech

Andrew Hauser, Bank of England

12:00

Lunch break

 

Session 4 – Banking and safe assets

Chair: Christophe Kamps, European Central Bank

13:15

“The geography of bank deposits and the origins of aggregate fluctuations”

Shohini Kundu, University of California

Discussant: Saleem Bahaj, University College London

14:00

“Fragility of safe asset markets”

Thomas Eisenbach, Federal Reserve Bank of New York

Discussant: Cyril Monnet, University of Bern

14:45

Wrap-up of conference

15:00

End of conference

Audiovisual notice: Images and video recordings may be published online.

Please note that this programme may be subject to change without notice.

General information

Hybrid event

Onsite:
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main

Online via Webex.

Conference language

English

Organising committee

  • Stefano Corradin, Financial Research Division, European Central Bank
  • María Encío, Money Market and Liquidity Division, European Central Bank
  • Francesco Mongelli, Directorate General Monetary Policy, European Central Bank
  • Sebastiaan Pool, Monetary Policy Strategy Division, European Central Bank
  • Anna Samarina, De Nederlandsche Bank
  • Sebastian Weber, Market Operations Analysis Division, European Central Bank

Contacts

Sebastiaan Pool
Sebastiaan.Pool@ecb.europa.eu

Nina Willenberg
MMconference@ecb.europa.eu