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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.

Photos from the conference

Programme

Times are Central European Time (UTC+1)

Thursday, 9 November 2023
8:30

Registration

9:00

Conference Chair: Welcome and housekeeping

9:10

Opening remarks

Philip R. Lane, Member of the Executive Board, European Central Bank

 

Session 1 – Monetary policy implementation

Chair: Carlo Altavilla, European Central Bank

9:30

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

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

Coffee break

11:30

Keynote speech
Repo and FX Swaps: A Tale of Two Markets

Wenxin Du, Columbia Business School

12:30

Lunch break

 

Session 2 – Central bank operational frameworks

Chair: Thomas Vlassopoulos, European Central Bank

13:30

Reserve Demand, Interest Rate Control, and Quantitative Tightening

Discussant: Stefano Corradin, European Central Bank

14:15

Stop Believing in Reserves

  • Sriya Anbil*, Federal Reserve Board
  • Co-authors: Romina Ruprecht, Alyssa Anderson, Ethan Cohen

Discussant: Rafael Repullo, CEMFI

15:00

Coffee break

15:30

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

Get-together

Friday, 10 November 2023
8:45

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

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

Coffee break

 

Session 4 – Banking

Chair: Philipp Hartmann, European Central Bank

11:00

Endogenous Bank Fragility in a Macroeconomic Model

Discussant: Ansgar Walther, Imperial College London

11:45

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

Lunch break

13:30

Keynote speech 

Lorie Logan, Federal Reserve Bank of Dallas

14:30

Coffee break

 

Session 5 – New forms of money

Chair: Ulrich Bindseil, European Central Bank

15:00

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

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

Wrap-up 

16:45

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

Venue

European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main

Conference language

English

Transfers

Participants are requested to arrange their own transfers, unless indicated otherwise.

Organising committee
  • 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
Contact

Nina Willenberg
MMconference@ecb.europa.eu