Money markets are important for central banks as they represent the initial step in the monetary policy transmission mechanism. All around the world, money markets have been severely affected by the financial and sovereign debt crisis, reacting to new regulations and policy action, and more generally to broad changes in the financial market environment. In response to the crisis, central banks have implemented non-standard measures, applied negative interest rates and engaged in asset purchase programmes. As a result, they have considerably expanded their balance sheets. The workshop will bring together central bankers, practitioners and academics to discuss relevant changes in money markets, the impact of these changes on market functioning and the likely implications for the implementation of monetary policy. A panel with representatives from the financial industry is also envisaged.
Attendance of the workshop is by invitation only. It will start in the morning of Monday, 7 December 2015 and end in the early afternoon on Tuesday, 8 December 2015. A dinner is planned for the evening of the first day.
The travel (economy fare) and accommodation expenses of academic speakers and discussants will be reimbursed.
Holger Neuhaus, Olivier Vergote, Jens Eisenschmidt, Florian Heider and Tobias Linzert (all ECB).