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Money markets and central bank balance sheets, Frankfurt am Main

Frankfurt, Duitsland
© Anton Bussemaker
datum 11 november 2019 - 12 november 2019
plaats Frankfurt am Main, Duitsland
organisatie Europese Centrale Bank (ECB)

Monday, 11 and Tuesday, 12 November 2019

Press Room, Main Building, Frankfurt am Main

The ECB’s annual workshop on money markets brings together central bankers, academics and market practitioners to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks. Through a combination of research presentations, keynote speeches and insights from market participants, the workshop explores how efficient transmission of monetary policy can be ensured in the current money market environment.


  • indicates the presenter

Monday, 11 November 2019




Session 1

Demand for central bank reserves

Chair: Tobias Linzert, European Central Bank

Modelling the demand for central bank reserves

Patrick Altmeyer*, Bank of England

Pedro Gurrola-Perez, World Federation of Exchanges

Rafael Kinston, Bank of England

Jessica Redmond, Bank of England

Discussant: Marcin Kacperczyk, Imperial College London

Can the US interbank market be revived?

Kyungmin Kim*, Federal Reserve Board

Antoine Martin, Federal Reserve Bank of New York

Ed Nosal, Federal Reserve Bank of Atlanta

Discussant: Cyril Monnet, University of Bern


Coffee break


Session 2

Regulatory reforms and money markets

Chair: Julija Jakovicka, European Central Bank

Regulatory effects on short-term interest rates

Angelo Ranaldo*, University of St. Gallen

Patrick Schaffner, Bank of England and University of St. Gallen

Michalis Vasios, Norges Bank

Discussant: Glenn Schepens, European Central Bank

Burying LIBOR

Sven Klingler, BI Oslo

Olav Syrstad*, Norges Bank

Discussant: Falko Fecht, Frankfurt School of Finance & Management


Lunch break


Keynote speech

Central Banking with Many Voices: The Communications Arms Race

Annette Vissing-Jorgensen, Haas School of Business, University of California, Berkeley


Session 3

Intermediation networks

Chair: Angelika Lagerblom, European Central Bank

Relationships in the interbank market

Jonathan Chiu*, Bank of Canada

Jens Eisenschmidt, European Central Bank

Cyril Monnet, University of Bern

Discussant: Sven Klingler, BI Oslo

What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy?

Yiping Huang, Peking University

Xiang Li*, Halle Institute for Economic Research

Chu Wang, Peking University

Discussant: Diane Pierret, Luxembourg School of Finance


Coffee break


Session 4

Monetary policy and the market for government debt

Chair: Simone Manganelli, European Central Bank

Central bank-driven mispricing

Loriana Pelizzon*, Goethe University Frankfurt and Ca’ Foscari University of Venice

Marti G. Subrahmanyam, Stern School of Business at New York University

Davide Tomio, University of Virginia Darden School of Business

Jun Uno, Waseda University

Discussant: Alexander Duering, European Central Bank

Identifying dependencies in the demand for government securities

Jason Allen, Bank of Canada

Jakub Kastl, Princeton University

Milena Wittwer*, Stanford University

Discussant: Jens Christensen, Federal Reserve Bank of San Francisco


End of first day


Dinner - by invitation only

Tuesday, 12 November 2019




Remarks by Benoit Cœuré, Member of the Executive Board, European Central Bank


Session 5

The remuneration of excess reserves

Chair: Katrin Assenmacher, European Central Bank

Arbitrage capital of global banks

Alyssa Anderson*, Federal Reserve Board

Wenxin Du, University of Chicago Booth School of Business

Bernd Schlusche, Federal Reserve Board

Discussant: Irem Erten, Warwick Business School

Deposit insurance premiums and arbitrage

Edward Kim, UCLA Anderson School of Management

Marcelo Rezende*, Federal Reserve Board

Discussant: Jean-Edouard Colliard, HEC Paris


Coffee break


Market keynote address

The Ecosystem of Payments - Impact on today’s Stakeholders

Christian Westerhaus, Deutsche Bank


Market participants panel

Chair: Holger Neuhaus, European Central Bank


  • Frank Beset, Rabobank
  • Harry-David Gauvin, HSBC France
  • Maria Cristina Lege, Intesa Sanpaolo
  • Patrick Siméon, Amundi Asset Management


End of workshop followed by light lunch

Please note that this programme may be subject to change without notice.

General information


European Central Bank

Press Room

Main Building

Sonnemannstrasse 20

60314 Frankfurt am Main

+49 69 1344 0

Fax: +49 69 1344 6000


Conference language



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


  • Johannes Breckenfelder

    Directorate General Research

    Financial Research Division

  • Marco Corsi

    Directorate General Market Operations

    Market Operations Analysis Division

  • Annette Kamps

    Directorate General Market Operations

    Money Market & Liquidity Division

  • Julian Schumacher

    Directorate General Monetary Policy

    Monetary Policy Strategy Division


Nina Willenberg

Directorate General Monetary Policy

Monetary Policy Strategy Division

+49 69 1344 8303




Europese Centrale Bank (ECB)

De Europese Centrale Bank (ECB) is verantwoordelijk voor het monetaire beleid van de Unie. De basisdoelstelling van de ECB is het handhaven van de prijsstabiliteit binnen de eurozone en daarmee het bewaken van de koopkracht en het beheersen van de inflatie.

Met ingang van september 2014 speelt de ECB ook een rol in het toezicht op een deel van de Europese banken.


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