Money markets and central bank balance sheets

Welcome address

Ulrich Bindseil, ECB

Session 1 Funding liquidity risk in money markets

Chair: Simone Manganelli, ECB

Covered interest rate parity, relative funding liquidity and cross-currency repos

Daniel Kohler, Swiss National Bank
Benjamin Müller*, Swiss National Bank

Discussant: Sven Klingler, BI Oslo

Liquidity risk and funding cost

Alexander Bechtel, University of St. Gallen
Angelo Ranaldo, University of St. Gallen
Jan Wrampelmeyer*, VU Amsterdam

Discussant: Benoit Nguyen, ECB

Keynote speech

Pierre-Olivier Gourinchas, University of California, Berkeley and NBER

Session 2 Transmission channels of central bank balance sheet expansions

Chair: Katrin Assenmacher, ECB

A skeptical view of the impact of the Fed's balance sheet

David Greenlaw, Morgan Stanley
James D. Hamilton, University of California, San Diego and NBER
Ethan Harris, Bank of America
Kenneth D. West*, University of Wisconsin and NBER

Discussant: Oreste Tristani, ECB

Lunch break

Session 2 continued

Lender of last resort versus buyer of last resort

Viral Acharya, Reserve Bank of India
Diane Pierret, HEC Lausanne and Swiss Finance Institute
Sascha Steffen*, Frankfurt School of Finance & Management

Discussant: Rafael Repullo, Centro de Estudios Monetarios y Financieros

Can central banks boost corporate investment: evidence from ECB liquidity injections

Stine Daetz, Danmarks Nationalbank
Marti Subrahmanyam, New York University
Dragon Tang*, University of Hong Kong
Sarah Wang, University of Warwick

Discussant: Christopher Boehm, University of Texas at Austin

Coffee break

Session 3 Collateral frameworks in central banking and central clearing

Chair: Tobias Linzert, ECB

Illiquidity, Closure Policies and the Role of LOLR

Stefano Corradin*, ECB
Suresh Sundaresan, Columbia University

Discussant: Russell Cooper, Pennsylvania State University

The pitfalls of central clearing in the presence of systemic risk

Mila Getmansky, University of Massachusetts
Christian Kubitza*, ICIR and Goethe University Frankfurt
Loriana Pelizzon, Goethe University Frankfurt, SAFE and University of Venice

Discussant: Argyris Kahros, ECB

End of first day

Dinner – by invitation only

Dinner remarks: Cornelia Holthausen, ECB

Session 4 Structural changes: The effects of shadow banks and negative interest rates

Chair: Angelika Lagerblom, ECB

Relationship lending in shadow banking: cross-holding relation in MMFs

Ai He*, Emory University

Discussant: Thorsten Beck, Cass Business School

Liability structure and risk-taking: evidence from the MMF industry

Ramin Baghai*, Stockholm School of Economics and CEPR
Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI
Ivika Jäger, Stockholm School of Economics

Discussant: Pekka Honkanen, HEC Paris

Will the benchmark rate reform make banks more or less vulnerable?

Geert Wijnhoven*, ING

Negative policy rates and bank asset allocation

Margherita Bottero, Banca d'Italia
Camelia Minoiu, IMF and Wharton School, University of Pennsylvania
José-Luis Peydró, ICREA-UPF, Barcelona GSE, CREI and CEPR
Andrea Polo, UPF, Barcelona GSE, and CEPR
Andrea Presbitero*, IMF and MoFiR
Enrico Sette, Banca d'Italia

Discussant: Kebin Ma, University of Warwick

Panel discussion with market participants "Current money market structure and the way forward"

Chair: Julija Jakovicka, ECB

Panellists:

• Harald Bänsch, HVB-UniCredit
• Giuseppe Maraffino, Barclays
• Neil McLeod, Erste Group
• Ileana Pietraru, Société Générale

End of workshop