ECB Conference on Money Markets 2023
Thursday, 9 and Friday, 10 November 2023
European Central Bank, Frankfurt am Main
Hybrid event
The Money Market Conference is an annual event organised by the European Central Bank in Frankfurt. It brings together central bankers, academics and market practitioners to exchange views on the functioning of money markets in the context of monetary policy implementation. In 2023, the conference will devote particular attention to the review of central banks’ operational frameworks and the effects of monetary policy tightening.
Photos
High-quality images of the conference are available on Flickr.
Programme
Times are Central European Time (UTC+1)
- 8:30
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Registration
- 9:00
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Conference Chair: Welcome and housekeeping
- 9:10
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Opening remarks
Philip R. Lane, Member of the Executive Board, European Central Bank
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Session 1 – Monetary policy implementation
Chair: Carlo Altavilla, European Central Bank
- 9:30
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Safe Asset Scarcity and Monetary Policy Transmission
- Davide Tomio*, Darden School of Business, University of Virginia
- Co-authors: Miklos Vari, Benoit Nguyen
Discussant: Stephan Jank, Deutsche Bundesbank
- 10:15
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The anatomy of a peg: lessons from China’s parallel currencies
- Ricardo Reis*, London School of Economics
- Co-author: Saleem Bahaj
Discussant: José-Luis Peydró, Imperial College London
- 11:00
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Coffee break
- 11:30
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Keynote speech
Repo and FX Swaps: A Tale of Two MarketsWenxin Du, Columbia Business School
- 12:30
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Lunch break
-
Session 2 – Central bank operational frameworks
Chair: Thomas Vlassopoulos, European Central Bank
- 13:30
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Reserve Demand, Interest Rate Control, and Quantitative Tightening
- Annette Vissing-Jorgensen*, Federal Reserve Board
- Co-author: David Lopez-Salido
Discussant: Stefano Corradin, European Central Bank
- 14:15
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Stop Believing in Reserves
- Sriya Anbil*, Federal Reserve Board
- Co-authors: Romina Ruprecht, Alyssa Anderson, Ethan Cohen
Discussant: Rafael Repullo, CEMFI
- 15:00
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Coffee break
- 15:30
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Market participants panel
Chair: Imène Rahmouni-Rousseau, European Central Bank
Panellists:
- Seth Carpenter, Global Chief Economist, Morgan Stanley
- Arancha Cano, Portfolio Manager, Wellington Management
- Louis Harreau, ECB watcher Economist, Credit Agricole CIB
- Giuseppe Maraffino, Rates Strategist, LMR partners
- 17:00
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Get-together
- 8:45
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Registration
-
Session 3 – Non-banks and the lender of last resort
Chair: Andrew Hauser, Bank of England
- 9:00
-
Central Bank's Balance Sheet and Treasury Markets Disruptions
- Quentin Vandeweyer*, University of Chicago Booth School of Business
- Co-authors: Adrien d’Avernas and Damon Petersen
Discussant: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
- 9:45
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Central Banks as Dollar Lender of Last Resort: Implications for Regulation and Reserve Holdings
- Jeremy C. Stein*, Harvard University
- Co-authors: Mitali Das, Gita Gopinath, Taehoon Kim
Discussant: Evgenia Passari, Université Paris Dauphine - PSL
- 10:30
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Coffee break
-
Session 4 – Banking
Chair: Philipp Hartmann, European Central Bank
- 11:00
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Endogenous Bank Fragility in a Macroeconomic Model
- Davide Porcellacchia*, European Central Bank
- Co-author: Kevin D. Sheedy
Discussant: Ansgar Walther, Imperial College London
- 11:45
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Liquidity, liquidity everywhere, not a drop to use – Why flooding banks with central bank reserves may not expand liquidity
- Viral V. Acharya*, New York University Stern School of Business
- Co-author: Raghuram Rajan
Discussant: William Diamond, University of Pennsylvania Wharton School
- 12:30
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Lunch break
- 13:30
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Keynote speech
Lorie Logan, Federal Reserve Bank of Dallas
- 14:30
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Coffee break
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Session 5 – New forms of money
Chair: Ulrich Bindseil, European Central Bank
- 15:00
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CBDC and the operational framework of monetary policy
- Jorge Abad*, Banco de España
- Co-authors: Galo Nuño and Carlos Thomas
Discussant: Cyril Monnet, University of Bern
- 15:45
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Stablecoin Runs and the Centralization of Arbitrage
- Yiming Ma*, Columbia Business School
- Co-authors: Yao Zeng and Anthony Lee Zhang
Discussant: Ganesh Viswanath-Natraj, Warwick Business School
- 16:30
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Wrap-up
- 16:45
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End of the conference
Please note that this programme may be subject to change without notice.
Time allocation: 25 minutes for each paper presenter, 15 minutes for each discussant, 5 minutes for a general discussion.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please inform us in advance of the Conference on Money Markets 2023. The event may be filmed and the video recording (or parts of it) may be published on the internet / intranet.
General information
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- María Encío, Money Market and Liquidity Division, European Central Bank
- Christian Kubitza, Financial Research Division, European Central Bank
- Barbara Meller, Market Operations Analysis Division, European Central Bank
- Francesco Mongelli, Directorate General Monetary Policy, European Central Bank
- Sebastiaan Pool, Monetary Policy Strategy Division, European Central Bank
Nina Willenberg
MMconference@ecb.europa.eu