Conference on Markets and Intermediaries

Opening Speech

Interactions between Monetary Policy, Regulation and Financial Stability
Speaker: Joachim Nagel (Deutsche Bundesbank)

Session 1 — Non-Bank Financial Institutions

Money in the Right Hands
Presenter: Rüdiger Weber (WU Vienna)
Discussant: Felix Wilke (Nova SBE)

Fragility of Safe Asset Markets
Presenter: Thomas Eisenbach (Federal Reserve Bank of New York)
Discussant: Agnese Leonello (European Central Bank)

LASH Risk and Interest Rate Risk
Presenter: Robert Czech (Bank of England)
Discussant: Christian Kubitza (European Central Bank)

Keynote Speech

Balance Sheet Policy above the Effective Lower Bound
Speaker: Annette Vissing-Jørgensen (Federal Reserve Board)

Session 2 — Central Bank Digital Currency

A Macroeconomic Model of Central Bank Digital Currency
Presenter: Pascal Paul (Federal Reserve Bank of San Francisco)
Discussant: Rhys Bidder (King's College London)

Back to Bank: Digital Currency, Deposits' Substitution and Credit
Presenter: Lorenzo Spadavecchia (Bocconi University / Princeton University)
Discussant: Christoph Bertsch (Sveriges Riksbank)

Session 3 — Banking and Deposit Flows

The Information Advantage of Banks: Evidence from their Private Credit Assessments
Presenter: Mehdi Beyhaghi (Federal Reserve Board)
Discussant: Rainer Haselmann (Goethe University Frankfurt)

Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts
Presenter: Dominic Cucic (Danmarks Nationalbank)
Discussant: Maximilian Jager (Frankfurt School of Finance and Management)

Open to All Comers: How Unsought Deposit Inflows Affect Banks
Presenter: Andrew MacKinlay (Virginia Tech)
Discussant: Diane Pierret (University of Luxembourg)

Session 4 — Central Bank Interventions and Market Behaviour

Breaking Bagehot's Rules: Loan Contracting with Advantageous Central Bank Funding
Presenter: Christian Eufinger (IESE)
Discussant: Jing Zeng (University of Bonn)

De-Limiting Arbitrage: Evidence from the Term Asset-Backed Securities-Loan Facility
Presenter: Ralf Meisenzahl (Federal Reserve Bank of Chicago)
Discussant: Martin Götz (Deutsche Bundesbank)

Panel Discussion — The Future of Banks and the ECB's Operational Framework Review

Chair: Karsten Stroborn (Deutsche Bundesbank)
Panelists: Claudio Borio (Bank for International Settlements), Kjell G. Nyborg (University of Zurich), Imène Rahmouni-Rousseau (European Central Bank)

Followed by a presentation on Changes to the Eurosystem Operational Framework by Imène Rahmouni-Rousseau (European Central Bank).