Money markets and central bank balance sheets, Frankfurt am Main - Hoofdinhoud
datum | 11 november 2019 - 12 november 2019 |
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plaats | Frankfurt am Main, Duitsland |
organisatie | Europese Centrale Bank (ECB) i |
Monday, 11 and Tuesday, 12 November 2019
Press Room, Main Building, Frankfurt am Main
The ECB’s annual workshop on money markets brings together central bankers, academics and market practitioners 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
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*indicates the presenter
Monday, 11 November 2019
8:30
Registration
9:00
Session 1
Demand for central bank reserves
Chair: Tobias Linzert, European Central Bank
Modelling the demand for central bank reserves
Patrick Altmeyer*, Bank of England
Pedro Gurrola-Perez, World Federation of Exchanges
Rafael Kinston, Bank of England
Jessica Redmond, Bank of England
Discussant: Marcin Kacperczyk, Imperial College London
Can the US interbank market be revived?
Kyungmin Kim*, Federal Reserve Board
Antoine Martin, Federal Reserve Bank of New York
Ed Nosal, Federal Reserve Bank of Atlanta
Discussant: Cyril Monnet, University of Bern
10:30
Coffee break
10:45
Session 2
Regulatory reforms and money markets
Chair: Julija Jakovicka, European Central Bank
Regulatory effects on short-term interest rates
Angelo Ranaldo*, University of St. Gallen
Patrick Schaffner, Bank of England and University of St. Gallen
Michalis Vasios, Norges Bank
Discussant: Glenn Schepens, European Central Bank
Burying LIBOR
Sven Klingler, BI Oslo
Olav Syrstad*, Norges Bank
Discussant: Falko Fecht, Frankfurt School of Finance & Management
12:15
Lunch break
13:30
Keynote speech
Central Banking with Many Voices: The Communications Arms Race
Annette Vissing-Jorgensen, Haas School of Business, University of California, Berkeley
14:30
Session 3
Intermediation networks
Chair: Angelika Lagerblom, European Central Bank
Relationships in the interbank market
Jonathan Chiu*, Bank of Canada
Jens Eisenschmidt, European Central Bank
Cyril Monnet, University of Bern
Discussant: Sven Klingler, BI Oslo
What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy?
Yiping Huang, Peking University
Xiang Li*, Halle Institute for Economic Research
Chu Wang, Peking University
Discussant: Diane Pierret, Luxembourg School of Finance
16:00
Coffee break
16:30
Session 4
Monetary policy and the market for government debt
Chair: Simone Manganelli, European Central Bank
Central bank-driven mispricing
Loriana Pelizzon*, Goethe University Frankfurt and Ca’ Foscari University of Venice
Marti G. Subrahmanyam, Stern School of Business at New York University
Davide Tomio, University of Virginia Darden School of Business
Jun Uno, Waseda University
Discussant: Alexander Duering, European Central Bank
Identifying dependencies in the demand for government securities
Jason Allen, Bank of Canada
Jakub Kastl, Princeton University
Milena Wittwer*, Stanford University
Discussant: Jens Christensen, Federal Reserve Bank of San Francisco
18:00
End of first day
19:00
Dinner - by invitation only
Tuesday, 12 November 2019
8:30
Registration
9:00
Remarks by Benoit Cœuré, Member of the Executive Board, European Central Bank
9:20
Session 5
The remuneration of excess reserves
Chair: Katrin Assenmacher, European Central Bank
Arbitrage capital of global banks
Alyssa Anderson*, Federal Reserve Board
Wenxin Du, University of Chicago Booth School of Business
Bernd Schlusche, Federal Reserve Board
Discussant: Irem Erten, Warwick Business School
Deposit insurance premiums and arbitrage
Edward Kim, UCLA Anderson School of Management
Marcelo Rezende*, Federal Reserve Board
Discussant: Jean-Edouard Colliard, HEC Paris
10:50
Coffee break
11:05
Market keynote address
The Ecosystem of Payments - Impact on today’s Stakeholders
Christian Westerhaus, Deutsche Bank
11:35
Market participants panel
Chair: Holger Neuhaus, European Central Bank
Panellists:
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-Frank Beset, Rabobank
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-Harry-David Gauvin, HSBC France
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-Maria Cristina Lege, Intesa Sanpaolo
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-Patrick Siméon, Amundi Asset Management
12:35
End of workshop followed by light lunch
Please note that this programme may be subject to change without notice.
General information
Venue
European Central Bank
Press Room
Main Building
Sonnemannstrasse 20
60314 Frankfurt am Main
Fax: +49 69 1344 6000
Conference language
English
Transfers
Participants are requested to arrange their own transfers, unless indicated otherwise.
Organisers
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-Johannes Breckenfelder
Directorate General Research
Financial Research Division
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-Marco Corsi
Directorate General Market Operations
Market Operations Analysis Division
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-Annette Kamps
Directorate General Market Operations
Money Market & Liquidity Division
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-Julian Schumacher
Directorate General Monetary Policy
Monetary Policy Strategy Division
Contacts
Nina Willenberg
Directorate General Monetary Policy
Monetary Policy Strategy Division
Contents
De Europese Centrale Bank (ECB) is verantwoordelijk voor het monetaire beleid van de Unie. De basisdoelstelling van de ECB is het handhaven van de prijsstabiliteit binnen de eurozone i en daarmee het bewaken van de koopkracht en het beheersen van de inflatie.
Sinds september 2014 speelt de ECB ook een rol in het toezicht op een deel van de Europese banken.