Central bank reserves: Implications for monetary policy, financial stability and regulation

Welcome remarks

Hyun Song Shin (BIS)

Session 1 - Central bank balance sheets, spillovers and global liquidity

Chair: Hyun Song Shin (BIS)

• Macro-financial implications of the surging global demand and supply of international reserves (with Vincenzo Quadrini, University of Southern California)
  Presentation
  Presenter: Enrique G Mendoza (University of Pennsylvania)
• Central bank equity and foreign exchange reserves: Evidence from the sterling crisis (with Maylis Avaro)
  Presenter: Marc Flandreau (University of Pennsylvania)
• Global portfolio investments and FX derivatives (with Hyun Song Shin and Tsvetelina Nenova)
  Presentation
  Presenter: Andreas Schrimpf (BIS)

Commentary: Wenxin Du (Harvard Business School)
Presentation

Session 2: Monetary policy with ample central bank reserves

Chair: Benoit Mojon (BIS)

• Monetary policy operations: Theory, evidence, and tools for quantitative analysis (with Ricardo Lagos, New York University)
  Presentation
  Presenter: Gastón Navarro (Board of Governors of the Federal Reserve System)
  
• The optimal supply of central bank reserves under uncertainty (with Gara Afonso, Thomas Mertens and John Williams)
  Presentation
  Presenter: Gabriele La Spada (Federal Reserve Bank of New York)
  
• Quantitative easing and quantitative tightening: the money channel (with Michael Kumhof)
  Presentation
  Presenter: Mauricio Salgado-Moreno (Bank of England)
  

Commentary: Ricardo Reis (London School of Economics)
Presentation

Session 3: Reserves, liquidity and regulation

Chair: Gaston Gelos (BIS)

• Bank fragility and risk management (with Toni Ahnert, European Central Bank, Christoph Bertsch, Sveriges Riksbank and Robert Marquez, University of California, Davis)
  Presenter: Agnese Leonello (European Central Bank)
• Pricing liquidity support: A PLB for Switzerland (with Cyril Monnet and Remo Taudien)
  Presentation
  Presenter: Dirk Niepelt (University of Bern)
• Bank regulation, monetary policy and banks' supply of liquidity services
  Presentation
  Presenter: Josef Schroth (Bank of Canada)

Commentary: Franklin Allen (Imperial College London)
Presentation

Session 4: Central banks, liquidity and financial stability

Chair: Frank Smets (BIS)

• Where collateral sleeps (with Gary B Gorton, Yale University and Chase Ross, Board of Governors of the Federal Reserve System)
  Presentation
  Presenter:  Sharon Ross (Board of Governors of the Federal Reserve System) 
• The central bank's balance sheet and Treasury market disruptions (with Adrien d'Avernas, Stockholm School of Economics and Damon Petersen, Massachusetts Institute of Technology)
  Presenter: Quentin Vandeweyer (The University of Chicago Booth School of Business)
• QE, bank liquidity risk management, and non-bank funding: evidence from administrative data (with Matthew Darst, Board of Governors of the Federal Reserve System, Sotirios Kokas, University of Essex, Alexandros Kontonikas, University of Essex and Jose-Luis Peydro, Imperial College London & CEPR)
  Presentation
  Presenter: Alexandros Vardoulakis (Board of Governors of the Federal Reserve System)

Commentary: Kristin Forbes (Massachusetts Institute of Technology)
Presentation