Call for Papers

Joint ECB-IMF Workshop on Money Markets, Monetary Policy Implementation and Market Infrastructures

European Central Bank, October 24-25, 2016

Well-functioning money markets are critical to monetary policy transmission. Collateral markets and market infrastructures, such as clearing and settlement systems, are undergoing important changes on the path towards greater integration across Europe. Both areas have been profoundly affected by the financial and sovereign debt crises, broader changes in the financial market environment, and regulatory reforms and policies. In response to the crisis, the ECB and other central banks have taken non-standard policy measures, comprising sizeable asset purchase programs, more flexible access to liquidity through wider collateral eligibility and expanded refinancing operations, and negative interest rates. At the same time, central banks have to consider the impact of these measures on market functioning and how they would influence monetary normalization in a post-crisis environment.

Scope/Call for Papers

The workshop combines academic discussion and practical considerations regarding the functioning of money markets. The organizers have issued a call for papers to complement presentations from policy makers and market practitioners. Submissions are welcome on all topics relating to money markets, monetary policy implementation and central bank operations frameworks, in particular:

  • optimal design of the implementation framework for conventional/unconventional monetary policy measures;
  • the evolution of central bank balance sheets, their role in monetary policy implementation and impact on money markets;
  • the monetary policy transmission mechanism through money markets;
  • the effects of negative interest rates on money markets and market liquidity;
  • the measurement of market fragmentation in money markets and its implications for monetary policy implementation;
  • the role of collateral markets for monetary policy implementation and implications for market liquidity;
  • the impact of regulatory reforms on money markets, securities financing transactions and monetary policy implementation;
  • structural changes in market infrastructures, clearing and settlement systems, and functioning of collateral markets;
  • the future prospects for money markets in the light of new thinking about the optimal features of monetary policy implementation frameworks.


Papers should be submitted in portable document format (PDF) to by July 31, 2016. The authors of accepted papers will be notified by the end of August 2016. Travel (economy fare) and accommodation costs of academic speakers and discussants will be reimbursed. Further information can be obtained here.

Organizational information

Attendance of the workshop is by invitation only. The workshop will start in the morning of Monday, 24 October 2016 and end on Tuesday, 25 October 2016. A dinner is planned for the evening of the first day.

Conference organisers

  • Fabian Eser (ECB/Monetary Policy Strategy)
  • Peter Hoffmann (ECB/Financial Research)
  • Olivier Vergote (ECB/Money Markets and Liquidity)
  • Kerstin Junius (ECB/Market Operations Analysis)
  • Dirk Bullmann (ECB/Market Infrastructure and Payments)
  • Andreas (Andy) Jobst (IMF/European Department)
  • Huidan Lin (IMF/European Department)