ECB Conference on Money Markets

Welcome and housekeeping by Conference Chair

Imène Rahmouni-Rousseau, Director General Market Operations

Welcome address

Shifting tides in euro area money markets: From the Global Financial Crisis to the COVID-19 pandemic

Isabel Schnabel, Member of the Executive Board

Session 1 – Monetary policy transmission

Co-Chair: Katrin Assenmacher, Head of Monetary Policy Strategy Division

Interbank Trading, Collusion, and Financial Regulation

Authors:

• Dean Corbae, University of Wisconsin-Madison and NBER
• Michael Gofman*, University of Rochester

Discussant: Vania Stavrakeva, London Business School

Monetary Policy Transmission in Segmented Markets

Authors:

• Jens Eisenschmidt, European Central Bank
• Yiming Ma*, Finance Division, Columbia Business School
• Anthony Lee Zhang, University of Chicago Booth School of Business

Discussant: Jean Edouard Colliard, HEC Paris

Session 2 – Repo markets

Co-Chair: Simone Manganelli, Head of Financial Research Division

Safe asset shortage and collateral re-use

Authors:

• Stephan Jank*, Deutsche Bundesbank
• Emanuel Mönch, Deutsche Bundesbank
• Michael Schneider, Deutsche Bundesbank

Discussant: Sebastian Infante, Board of Governors of the Federal Reserve System

Special Repo Rates and the Cross-Section of Bond Prices: the Role of the Special Collateral Risk Premium

Authors:

• Stefania D'Amico, Federal Reserve Bank of Chicago
• N. Aaron Pancost*, University of Texas at Austin McCombs School of Business

Discussant: Angelo Ranaldo, University of St. Gallen

End of first conference day

Keynote address

The role of reserves in reshaping monetary policy implementation and interbank markets in the US

Gara Afonso, Assistant Vice President in the Financial Intermediation Function, Federal Reserve Bank of New York

Session 3 – Central bank liquidity provision

Co-Chair: Simone Manganelli

U.S. Banks and Global Liquidity

Authors:

• Ricardo Correa*, Board of Governors of the Federal Reserve System
• Wenxin Du, University of Chicago Booth School of Business and NBER
• Gordon Liao, Board of Governors of the Federal Reserve System

Discussant: Valentina Bruno, American University

Public Liquidity and Bank Lending: The Perils of Large Interventions

Author: Roberto Robatto, University of Wisconsin-Madison

Discussant: Linda Schilling, École Polytechnique

Session 4 – Money markets during pandemics / Market participants panel

Co-Chair: Katrin Assenmacher

The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic

Authors:

• Haelim Anderson*, Federal Deposit Insurance Corporation
• Jin-Wook Chang, Board of Governors of the Federal Reserve System
• Adam Copeland, Federal Reserve Bank of New York

Discussant: Alexander Popov, European Central Bank

Market participants panel

Chair: Imène Rahmouni-Rousseau

Panellists:

• Jaana Sulin, Nordea Bank
• Mark Cabana, Bank of America Merrill Lynch
• Olivia Maguire, J.P. Morgan Asset Management
• Dirk Schumacher, Natixis

Wrap-up of panel and conference

Imène Rahmouni-Rousseau