Tom Hudepohl
Market Operations
- Division
Market Operations Analysis
- Current Position
-
Economist
- Fields of interest
-
Financial Economics,Macroeconomics and Monetary Economics
- Education
- 2023
PhD in Economics, University of Groningen, The Netherlands
- 2019-2021
Chartered Financial Analyst (CFA)
- 2016-2017
LLM in European Law, Radboud University Nijmegen, The Netherlands
- 2015-2016
MSc in Financial Economics, Radboud University Nijmegen, The Netherlands
- Professional experience
- 2023-
Economist, Market Operations Analysis Division, Directorate General Market Operations
- 2017-2023
Economist, Monetary Operations Department, Financial Markets Division, De Nederlandsche Bank
- 18 June 2024
- THE ECB BLOGDetails
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
- 22 March 2024
- THE ECB BLOGDetails
- JEL Code
- G20 : Financial Economics→Financial Institutions and Services→General
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 22 September 2021
- OCCASIONAL PAPER SERIES - No. 282Details
- Abstract
- This paper discusses commercial banks’ demand for central bank reserves under two alternative monetary policy framework configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It outlines the interaction between the monetary implementation framework used to steer short-term market interest rates and banks’ demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of holding reserves and enabled banks to hold relatively large buffers of reserves compared with the corridor system. Additionally, the demand for reserves may have increased endogenously, as the environment of ample liquidity conditions has incentivised many banks to adapt their business models. In parallel, the demand for reserves has also increased for more exogenous reasons such as post-global financial crisis liquidity regulation and increased liquidity concentration. Our estimates indicate an increase, over recent years, in the level of excess liquidity required in the euro area to avoid a rise in short-term market rates. Moreover, the dependency on the adopted monetary policy instruments and the external environment highlights the increased uncertainty in estimating future levels of required reserves
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 2024
- Journal of Banking & Finance
- 2023
- Encyclopedia of Monetary Policy, Financial Markets and BankingQuantitative Easing and Portfolio Rebalancing: A Survey of the Empirical Literature
- 2023
- Economisch Statistische Berichten
- 2022
- SUERF Policy Brief, No. 367
- 2022
- DNB Working Paper, No. 756
- 2021
- Journal of International Money and Finance
- 2021
- VBA Journaal, 37(145), pp. 31-38
- 2021
- SUERF Policy Brief, No. 253
- 2020
- Economisch Statistische Berichten, 105(4792), pp. 585-587
- 2019
- DNB Working Paper, No. 631
- 2019
- Economisch Statistische Berichten