Morten Linnemann Bech
Centre Head - Switzerland
BIS Innovation Hub
morten.bech@bis.org
Morten Bech joined the BIS in mid-2011. Before taking up his current assignment in 2020, he was the head of the secretariat supporting the Committee on Payments and Market Infrastructures with responsibility for coordinating and contributing to the activities of the Committee and its various working groups. He has also served as Secretary to the Markets Committee. He previously worked for the Federal Reserve Bank of New York and the Danish central bank. In 2009, he was a visitor at the Monetary Affairs Division of the Federal Reserve Board in Washington DC. He holds a PhD in economics from the University of California, Santa Barbara. He has written on various issues relating to monetary policy implementation, money markets, the network topology of financial markets, large-value payment systems and systemic risk.
Fields of interest
- Monetary policy
- Financial markets
- Financial market infrastructures
- " Liquidity regulation and the implementation of monetary policy", Journal of Monetary Economics, vol 92, December 2017.
- "A search-based model of the interbank money market and monetary policy implementation", Journal of Economic Theory, vol 164, July 2016, pp 32-67.
- " The financial crisis and the changing dynamics of the yield curve" (with Y Lengwiler), Working papers, no 2012/06, Faculty of Business and Economics, University of Basel, 2012.
- " Monetary policy in a downturn: are financial crises special?", (with L Gambacorta and E Kharroubi), BIS Working Papers, no 388, September 2012.
- " Illiquidity in the interbank payment system following wide-scale disruptions" (with R Garratt), Journal of Money, Credit and Banking, vol 44, no 5, 2012.
- " Arbitrage liquidity and exit: the repo and federal funds markets before during and emerging from the financial crisis" (with E Klee and V Stebunovs), Financial and Economic Discussion Series, Board of Governors of the Federal Reserve System, July 2011.
- " The mechanics of a graceful exit: interest on reserves and segmentation in the federal funds market" (with E Klee), Journal of Monetary Economics, vol 58, issue 5, 2011.
- " Mapping change in the federal funds market" (with C Bergstrom, R Garratt and M Rosvall), Federal Reserve Bank of New York, Staff Reports, no 507, 2011.
- " The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market" (with E Klee), Board of Governors of The Federal Reserve System, Finance and Economics Discussion Series, no 2010-07, 2010.
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"The topology of the federal funds market" (with E Atalay), Physica A: Statistical Mechanics and its Applications, vol 389, no 22, 2010.
- " The Federal Home Loan Bank System: the lender of next-to-last resort?" (with A Ashcraft and S Frame), Journal of Money, Credit and Banking, vol 42, issue 4, June 2010.
- " The topology of the federal funds market" (with E Atalay), Physica A: Statistical Mechanics and its Applications, vol 389, issue 22, November 2010.
- " Which bank is the 'central' bank?" (with J Chapman and R Garratt), Journal of Monetary Economics, vol 57, issue 3, April 2010.
- " Profits and balance sheet developments at US commercial banks in 2008" (with T Rice), Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, June 2009.
- " The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market" (with E Klee), Federal Reserve Bank of New York, Staff Reports, no 416, 2009.
- " "The topology of Danish interbank money flows" (with K Rørdam), FRU Working Papers, no 2009/01, University of Copenhagen, Department of Economics Finance Research Unit, 2009.
- " The topology of the federal funds market" (with E Atalay), Federal Reserve Bank of New York, Staff Reports, no 354, November 2008.
- " The Federal Home Loan Bank System: the lender of next-to-last resort?" (with A Ashcraft and W Scott Frame), Federal Reserve Bank of New York, Staff Reports, no 357, November 2008.
- " Congestion and cascades in payment systems" (with K Soramäki, W Beyeler and R Glass), Physica A: Statistical Mechanics and Its Applications, vol 384, no 2, October 2007.
- " The topology of interbank payment flows" (with K Soramäki, J Arnold, R Glass and W Beyeler), Physica A: Statistical Mechanics and Its Applications, vol 379, no. 1, June 2007.
- " The topology of interbank payment flows" (with K Soramäki, J Arnold, R Glass and W Beyeler), Federal Reserve Bank of New York, Staff Reports, no 243, March 2006.
- " The intraday liquidity management game" (with R Garratt), Journal of Economic Theory, vol 109, 2003, pp 198-219.
- " Gridlock resolution in interbank payment systems" (with K Soramäki), Bank of Finland, Discussion Papers, no 9/2001, June 2001.