Conference
Money markets and central bank balance sheets
ECB workshop
Frankfurt am Main, 7 and 8 December 2015
Main Building, Press Conference Room
Programme
- 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'ItaliaDiscussant: Stefano Corradin, ECB
- 10:10
-
The Role of Margin and Spread in Secured Lending: Evidence from the Bilateral Repo Market
Jun Kyung Auh, Georgetown University
Mattia Landoni, Southern Methodist UniversityDiscussant: 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 operationsNuno Cassola, ECB
François Koulisher, Banque de FranceDiscussant: 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, ECBDiscussant: 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 reservesAntoine 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 UniversityDiscussant: 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 systemChristopher Jackson and
Joseph Noss, Bank of EnglandDiscussant: Francesca Carapella, Federal Reserve Board
- 17:30
-
Presentation: Impact of the Liquidity Coverage Ratio on 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
- 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 lendingAlejandro Bernales, Universidad de Chile
Mario di Filippo, University of St. GallenDiscussant: 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, ECBDiscussant: 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 SuisseDiscussant: 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
European Central Bank
Main Building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main
+49 69 1344 0
Fax: +49 69 1344 6000
[email protected]
English
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
Britta Bertram and Visvesh Seshadri
Directorate General Research, Financial Research Division, ECB
[email protected]