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Workshop: Monetary Policy and the Money Market

Held at the Federal Reserve Bank of New York on 5-6 June 2003

Programme organisers

Ignazio Angeloni (European Central Bank)
Leonardo Bartolini (Federal Reserve Bank of New York)
Marvin Goodfriend (Federal Reserve Bank of Richmond)

Scope of the Workshop

The money market is the first step in the transmission of monetary policy and a key source of information on expectations about monetary policy. The scope of this workshop is to discuss a selected number of research papers focusing on interactions between money markets, financial markets and monetary policy in the United States and in the euro area.

Local Contact and Workshop Registration

Marie Krynicky, Marie.Krynicky@ny.frb.org, +1 21 27 20 86 31
Linda Cimini, Linda.Cimini@ny.frb.org, +1 21 27 20 17 50

Contact at the ECB

Susana Sommaggio, Susana.Sommaggio@ecb.int, +49 69 13 44 78 90

List of participants

pdf 53 kB, en

Thursday, June 5

12:00 p.m.

Lunch, Officers' Dining Room, Federal Reserve Bank of New York, 10th floor

Welcome Remarks:
Christine M. Cumming, Executive Vice President and Director of Research, Federal Reserve Bank of New York
1:15 p.m.

Spillovers Across U.S. Financial Markets pdf 477 kB, en.

Roberto Rigobon (Massachusetts Institute of Technology)
Brian Sack (Board of Governors of the Federal Reserve)

Discussant: Pierluigi Balduzzi (Boston College, Carroll School of Management) pdf 477 kB, en.
2:45 p.m.

Coffee
3:00 p.m.

Excess Reserves and the ECB's Implementation of Monetary Policy pdf 85 kB, en.

Ulrich Bindseil (European Central Bank)
Gonzalo Camba-Mendez (European Central Bank)
Astrid Hirsch (European Central Bank)
Benedict Weller (European Central Bank)

Discussant: James Clouse (Board of Governors of the Federal Reserve) pdf 89 kB, en.
4:30 p.m.

Coffee
4:45 p.m.

Euler Equations and Money Market Interest Rates: A Challenge for Monetary Policy Models pdf 184 kB, en.

Robert Cumby (Georgetown University)
Behzad Diba (Georgetown University)
Matt Canzoneri (Georgetown University)

Discussant: Marvin Goodfriend (Federal Reserve Bank of Richmond) pdf 38 kB, en.
6:15 p.m.

Reception, Federal Reserve Bank of New York, 11 th floor
6:45 p.m.

Dinner, President's Lounge and Dining Room A, Federal Reserve Bank of New York, 11th floor

Friday, June 6

8:30 a.m.

Continental Breakfast
9:00 a.m.

The Performance of the Euribor Futures Market: Efficiency and the Impact of ECB Policy Announcements pdf 326 kB, en.

Kirstin Bernoth (ZEI, Center for European Integration Studies)
Jürgen Von Hagen (ZEI, Center for European Integration Studies)

Discussant: Ken Kuttner (Federal Reserve Bank of New York) pdf 35 kB, en.
10:30 a.m.

Coffee
10:45 a.m.

The Fed's New Discount Window and Interbank Borrowing pdf 272 kB, en.

Craig Furfine (Federal Reserve Bank of Chicago)

Discussant: Rick Mishkin (Columbia University, Graduate School of Business) pdf 27 kB, en.
12:15 p.m.

Lunch, President's Lounge and Dining Room A, Federal Reserve Bank of New York, 11th floor
1:45 p.m.

Interdependence Between the Euro Area and the U.S.: What Role for EMU? pdf 694 kB, en.

Michael Ehrmann (European Central Bank)
Marcel Fratzscher (European Central Bank)

Discussant: Frank Diebold (University of Pennsylvania) pdf 86 kB, en.
3:00 p.m.

Coffee
3:15 p.m.

Liquidity and Announcement Effects in the Euro Area pdf 639 kB, en.

Paolo Angelini (Banca d'Italia)

Discussant: Oscar Jorda (University of California, Davis) pdf 215 kB, en.
4:45 p.m.

Concluding Remarks
Francesco Papadia, Director General, Operations, European Central Bank pdf 477 kB, en.
5:00 p.m.

Adjourn

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