ECB Conference on Money Markets
Monday, 23 and Tuesday, 24 November 2020
Online event (by invitation only)
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 workshop explores how efficient transmission of monetary policy can be ensured in the current money market environment.
Programme
Times are Central European Time (UTC+1)
* indicates the presenter
- 14:00
-
Welcome and housekeeping by Conference Chair
Imène Rahmouni-Rousseau, Director General Market Operations
- 14:10
-
Welcome address
Shifting tides in euro area money markets: From the Global Financial Crisis to the COVID-19 pandemic
Isabel Schnabel, Member of the Executive Board
- 14:45
-
Session 1 – Monetary policy transmission
Co-Chair: Katrin Assenmacher, Head of Monetary Policy Strategy Division
-
Interbank Trading, Collusion, and Financial Regulation
Authors:
- Dean Corbae, University of Wisconsin-Madison and NBER
- Michael Gofman*, University of Rochester
Discussant: Vania Stavrakeva, London Business School
-
Monetary Policy Transmission in Segmented Markets
Authors:
- Jens Eisenschmidt, European Central Bank
- Yiming Ma*, Finance Division, Columbia Business School
- Anthony Lee Zhang, University of Chicago Booth School of Business
Discussant: Jean Edouard Colliard, HEC Paris
- 16:15
- Coffee break
- 16:20
-
Session 2 – Repo markets
Co-Chair: Simone Manganelli, Head of Financial Research Division
-
Safe asset shortage and collateral re-use
Authors:
- Stephan Jank*, Deutsche Bundesbank
- Emanuel Mönch, Deutsche Bundesbank
- Michael Schneider, Deutsche Bundesbank
Discussant: Sebastian Infante, Board of Governors of the Federal Reserve System
-
Special Repo Rates and the Cross-Section of Bond Prices: the Role of the Special Collateral Risk Premium
Authors:
- Stefania D'Amico, Federal Reserve Bank of Chicago
- N. Aaron Pancost*, University of Texas at Austin McCombs School of Business
Discussant: Angelo Ranaldo, University of St. Gallen
- 17:50
-
End of first conference day
- 14:00
-
Keynote address
The role of reserves in reshaping monetary policy implementation and interbank markets in the US
Gara Afonso, Assistant Vice President in the Financial Intermediation Function, Federal Reserve Bank of New York
- 14:45
-
Session 3 – Central bank liquidity provision
Co-Chair: Simone Manganelli
-
U.S. Banks and Global Liquidity
Authors:
- Ricardo Correa*, Board of Governors of the Federal Reserve System
- Wenxin Du, University of Chicago Booth School of Business and NBER
- Gordon Liao, Board of Governors of the Federal Reserve System
Discussant: Valentina Bruno, American University
-
Public Liquidity and Bank Lending: The Perils of Large Interventions
Author: Roberto Robatto, University of Wisconsin-Madison
Discussant: Linda Schilling, École Polytechnique
- 16:15
- Coffee break
- 16:20
-
Session 4 – Money markets during pandemics / Market participants panel
Co-Chair: Katrin Assenmacher
-
The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic
Authors:
- Haelim Anderson*, Federal Deposit Insurance Corporation
- Jin-Wook Chang, Board of Governors of the Federal Reserve System
- Adam Copeland, Federal Reserve Bank of New York
Discussant: Alexander Popov, European Central Bank
- 17:05
-
Market participants panel
Chair: Imène Rahmouni-Rousseau
Panellists:
- Jaana Sulin, Nordea Bank
- Mark Cabana, Bank of America Merrill Lynch
- Olivia Maguire, J.P. Morgan Asset Management
- Dirk Schumacher, Natixis
- 18:05
-
Wrap-up of panel and conference
Imène Rahmouni-Rousseau
- 18:10
- 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
Venue
Online event (by invitation only)
Conference language
English
Organisers
- Johannes Breckenfelder
Directorate General Research
Financial Research Division - Marco Corsi
Directorate General Market Operations
Market Operations Analysis Division - Maria Encio
Directorate General Market Operations
Money Market and Liquidity Division - Julian Schumacher / Laura Moretti
Directorate General Monetary Policy
Monetary Policy Strategy Division
Contacts
Directorate General Market Operations
Money Market and Liquidity Division