ECB workshop on money markets, monetary policy implementation and central bank balance sheets

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活动简介

Properly-functioning money markets are critical to monetary policy transmission. Money markets, including repo markets, have been affected by the financial and sovereign debt crisis, by regulatory reforms and policies and by changes in the financial market environment, infrastructures and innovation. In response to the crisis, the ECB and other central banks have taken non-standard measures: sizeable asset purchase programmes, more flexible access to liquidity through wider collateral eligibility and expanded refinancing operations as well as negative interest rates. At the same time, central banks must consider the impact of their measures on market functioning and how they affect monetary normalisation in a post-crisis environment. The workshop will bring together central bankers, academics and market practitioners to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks.

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重要日期

2017-07-31

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征稿范围

Submissions are welcome on all topics relating to the aforementioned areas, in particular:

structural changes in money markets (including repo markets) and their implications for monetary policy implementation
the evolution of central bank balance sheets and its impact on their role in monetary policy implementation and on money markets (including money market liquidity)
the impact of regulatory reforms on money markets (including securities financing transactions) and their implications for monetary policy implementation
the influence of structural changes in money markets on the optimal design of the monetary policy implementation framework and the future prospects for money markets in the light of new thinking on the subject
the role of central bank collateral frameworks in money markets (including repo markets) and money market liquidity
the transmission of monetary policy through money markets
the measurement of market fragmentation in money markets and its implications for monetary policy implementation
the potential implications of issuing digital central bank currency to non-banks