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.
- 8:30
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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
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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
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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
- 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
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Coffee break
- 11:00
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Keynote speech
Andrew Hauser, Bank of England
- 12:00
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Lunch break
-
Session 4 – Banking and safe assets
Chair: Christophe Kamps, European Central Bank
- 13:15
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“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
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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