Money markets and central bank balance sheets, Frankfurt am Main - Main contents
| date | December 7, 2015 - December 8, 2015 |
|---|---|
| city | Frankfurt am Main, Germany |
| organisation | European Central Bank (ECB) i |
ECB workshop
Frankfurt am Main, 7 and 8 December 2015
Main Building, Press Conference Room
Programme
Monday, 7 December 2015
8:30
Registration
9:00
Welcome address
Vítor Constâncio, Member of the Executive Board, European Central Bank (ECB)
9:20
Session 1 - Repo markets
Chair: Holger Neuhaus, ECB
The impact of CCPs' margin policies on repo markets
Arianna Miglietta, Banca d'Italia
Cristina Picillo, Bank for International Settlements
Mario Pietrunti, Banca d'Italia
Discussant: Stefano Corradin, ECB
10:10
The role of the margin and spread in secured lending: evidence from the bilateral repo market
Jun Kyung Auh, Georgetown University
Mattia Landoni, Southern Methodist University
Discussant: Tobias Dieler, École Polytechnique Fédérale de Lausanne
11:00
Coffee break
11:30
Session 2 - Collateralised transactions
Chair: Tobias Linzert, ECB
The collateral channel of open market operations
Nuno Cassola, ECB
François Koulisher, Banque de France
Discussant: Jan Wrampelmeyer, University of St. Gallen
12:20
Sovereign debt, securities lending, and financing during crises
Reena Aggarwal, Georgetown University
Jennie Bai, Georgetown Univerisity
Luc Laeven, ECB
Discussant: Björn Imbierowicz, Copenhagen Business School
13:10
Lunch break
14:15
Panel discussion
Monetary policy implementation in the transition period to the new normal
Chair: Massimo Rostagno, ECB
Panellists: Manmohan Singh, International Monetary Fund
Sébastien Kraenzlin, Schweizerische Nationalbank
Toshifumi Nakamura, Bank of Japan
15:20
Session 2 continued
Federal Reserve tools for managing rates and reserves
Antoine Martin, Federal Reserve Bank of New York
Jamie McAndrews, Federal Reserve Bank of New York
Ali Palida, Massachusetts Institute of Technology
David Skeie, Texas A&M University
Discussant: Morten Bech, Bank for International Settlements
16:10
Coffee break
16:40
Session 3 - Regulation
Chair: Fiorella de Fiore, ECB
A heterogeneous agent model for assessing the effects of capital regulation on the interbank money market under a corridor system
Christopher Jackson and
Joseph Noss, Bank of England
Discussant: Francesca Carapella, Federal Reserve Board
17:30
The liquidity coverage ratio and security prices
Lucas Marc Fuhrer, Benjamin Müller and Luzian Steiner, Schweizerische Nationalbank
Discussant: Skander van den Heuvel, ECB
19:30
Official dinner (by invitation only)
Dinner remarks: Cornelia Holthausen, ECB
Tuesday, 8 December 2015
8:30
Registration
9:00
Session 4 - Money market frictions and the central bank
Chair: Simone Manganelli, ECB
The information contained in money market interactions: unsecured vs collateralised lending
Alejandro Bernales, Universidad de Chile
Mario di Filippo, University of St. Gallen
Discussant: Ouarda Merrouche, Université de Lausanne
9:50
Trading frictions in the interbank market and the central bank
Jean Edouard Colliard, HEC Paris
Thierry Foucault, HEC Paris
Peter Hoffmann, ECB
Discussant: Régis Breton, Banque de France
10:40
Coffee break
11:10
ECB monetary policy and the interbank repo market
Peter Dunne, Central Bank of Ireland
Michael Fleming, Federal Reserve Bank of New York
Andrey Zholos, Credit Suisse
Discussant: Alain Durré, Goldman Sachs, Paris
12:00
Panel discussion with market participants on topical issues in money markets
Chair: Roberto Schiavi, ECB
Panellists: Sean Crowe, Bank of Ireland
Thierry Darmon, Amundi
Johan Evenepoel, Euroclear
Stephane Landon, Société Générale
Christoph Rieger, Commerzbank
13:15
End of workshop, followed by lunch
General information
Workshop venue
European Central Bank
Main Building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main
Fax: +49 69 1344 6000
Workshop language
English
Organisers
Jens Eisenschmidt, Directorate General Economics, Monetary Policy Strategy, ECB
Florian Heider, Directorate General Research, Financial Research Division, ECB
Olivier Vergote, Directorate General Market Operations, Money Market & Liquidity, ECB
Contacts
Britta Bertram and Visvesh Seshadri
Directorate General Research, Financial Research Division, ECB
Contents
The European Central Bank (ECB) manages the euro and frames and implements EU economic & monetary policy. Its main aim is to keep prices stable, thereby supporting economic growth and job creation.
What does the ECB do?