ECB Workshop on “Excess liquidity and money market functioning”
| 8.30 a.m. | Registration |
| 9 a.m. | Welcome address Frank Smets, Director General Research, European Central Bank |
| Session 1 Money markets during the crisis Chair: Francesco Drudi, European Central Bank |
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| 9.15 a.m. | Frictions in the interbank market and the demand for reserves: lessons from the financial crisis Morton Bech, Bank for International Settlements paper, presentation Discussant: Flemming Würtz, European Central Bank presentation |
| 10 a.m. | The Federal Reserve's balance sheet and overnight interest rates Bernd Schlusche, Board of Governors of the Federal Reserve System paper, presentation Discussant: Jack Meaning, University of Kent |
| 10.45 a.m. | Coffee break |
| 11 a.m. | Measuring stress in the money markets: the CDSS index Selva Demiralp, Koç University paper, presentation Discussant: Manfred Kremer, European Central Bank |
| 11.45 a.m. | A model of the euro area yield curve with discrete policy rates Jean-Paul Renne, Banque de France paper, presentation Discussant: Wolfgang Lemke, European Central Bank presentation |
| 12.30 p.m. | Buffet lunch |
| 1.30 p.m. | Keynote speech Inside and outside liquidity provision Jamie McAndrews, Federal Reserve Bank of New York presentation |
| Session 2 Micro-data based analysis of money markets Chair: Benjamin Sahel, European Central Bank |
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| 2.15 p.m. | Relationship lending in the interbank market and the price of liquidity Falk Bräuning, University of Amsterdam paper Discussant: Viktors Stebunovs, Board of Governors of the Federal Reserve System presentation |
| 3 p.m. | Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: evidence from the euro area banking system Massimiliano Affinito, Banca d'Italia paper Francis A. Longstaff, University of California, Los Angeles and NBER and Discussant: Filippo Altissimo, Tudor Investment |
| 3.45 p.m. | Coffee break |
| Session 3 Foreign exchange money markets during the crisis Chair: Philipp Hartmann, European Central Bank |
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| 4.15 p.m. | Access policy and money market segmentation Sébastien Kraenzlin, Swiss National Bank paper Discussant: Renaud Beaupain, Lille Catholic University and LEM-CNRS presentation |
| 5 p.m. | Liquidity shocks, dollar funding costs and the bank lending channel during the European sovereign crisis Ricardo Correa, Federal Reserve Board paper, presentation Discussant: Florian Heider, European Central Bank presentation |
| 5.45 p.m. | Limits to arbitrage during the crisis: funding liquidity constraints and covered interest parity Angelo Ranaldo, University of St Gallen paper Discussant: Dagfinn Rime, Norges Bank presentation |
| 7.15 p.m. | Dinner Hosted by Peter Praet, Member of the Executive Board of the European Central Bank |
| 9 a.m. | Session 4 The impact of liquidity regulation on money markets Todd Keister, Rutgers University paper, presentation Discussant: Cyril Monnet, University of Bern presentation |
| 9.45 a.m. | The impact of the LCR on the interbank money market Clemens Bonner, De Nederlandsche Bank paper, presentation Discussant: Beatrice Scheubel, European Central Bank presentation |
| 10.30 a.m. | The policy perspective: where do we stand in the Eurosystem? Stefan Schmitz, Oesterreichische Nationalbank presentation |
| 11 a.m. | Coffee break |
| 11.30 p.m. | Panel discussion with market participants Chair: Francesco Papadia intervention Discussants: Mark Dearlove, Barclays, London; presentation Andreas Biewald, Commerzbank, Frankfurt; Pier Mario Satta, UniCredito, Milan |
| 1 p.m. | End of workshop and buffet lunch |
| Conference dates | 19th and 20th November 2012 |
| [email protected] | |
| Purpose | Money markets have taken the centre stage in economic and policy debates since the start of the financial crisis in August 2007. As they represent the initial step in the monetary transmission mechanism, their proper functioning is a pre-condition for standard monetary policy measures to be effective. Confronted with seriously impaired money markets, central banks around the world have launched a series of non-standard monetary policy measures aimed – among other things – at ensuring that monetary policy impulses continued to be effectively transmitted. The workshop intends bringing together central bankers, practitioners and academics to discuss the current state of health of money markets, the impact on their functioning of the recently implemented non-standard measures and the possible side effects of large amounts of excess liquidity currently present in many developed economies. A panel with representatives from the financial industry on the impact of 3-year Long Term Refinancing Operations is also envisaged. |
| Conference organisers | Nuno Cassola, Alain Durré, Jens Eisenschmidt and Simone Manganelli (all ECB). |
| Conference venue | European Central Bank Kaiserstraße 29 60311 Frankfurt am Main Tel.: +49 (0) 69 1344 0 Fax: +49 (0) 69 1344 6000 E-mail: [email protected] |
| Conference language | English |
| Contact persons | Alain Durré DG -Research Financial Research Division Tel.: +49 (0) 69 1344 5972 E-mail: [email protected] |
| Dinner venue | KuBu Opernplatz 2 60313 Frankfurt |
| Website | http://www.ecb.europa.eu/events/conferences/html/20120910_exliqmmf.en.html |
| Programme | Please note that this programme may be subject to change without notice. |