International Conferences on Sovereign Bond Markets



Monday, April 1, 2019

Final conference of the "Quantitative Easing and Financial (In)Stability" Project funded by Volkswagen Foundation


Tuesday, April 2, 2019

8.00 - 9.00 Registration


9.00 - 9.15 Opening Remarks: Peter Praet, Member of the Executive Board of the European Central Bank


9.15 _- 12.00 Session 1: Channels of QE Effectiveness
9.15 _- 10.00 Inspecting the Mechanism of Quantitative Easing in the Euro Area
François Koulischer, University of Luxembourg (joint with Ralph S.J. Koijen, Benoît Nguyen and Motohiro Yogo)
Discussant: Angela Maddaloni, European Central Bank
10.00 _- 10.10 Coffee Break
10.10 _- 11.00 The Policy Trilemma and the Global Financial Cycle: Evidence from the International Transmission of Unconventional Monetary Policy
Alessandro Galesi, Banco de España (joint with Stéphane Dées)
Discussant: Bas van Aarle, Center for Economics and Leuven Center for Irish Studies(LCSI), KU Leuven
11.00 - 11.10 Coffee Break
11.10 _- 12.00 The Scarcity Effect of Qunatitative Easing on Repo Rates: Evidence from the Euro Area
Miklos Vari, International Monetary Fund (joint with William Arrata, Benoît Nguyen and Imene Rahmouni-Rousseau)
Discussant: Claus Brand, European Central Bank
12.00 - 13.30 Lunch Break
13.30 - 17.15 Session 2: QE and Financial Markets
13.40 _- 14.30 Quantify the Quantitative Easing: Impact on Bonds and Corporate Debt Issuance
Karamfil Todorov, London School of Economics and Political Science
Discussant: Gaston Chaumont, Pennsylvania State University
14.30 _- 15.20 Quantitative Easing and the Price-liquidity Trade-off
Annukka Ristiniemi, Sveriges Riksbank (joint with Marien Ferdinandusse and Maximilian Freier)
Discussant: Davide Tomio, Darden School of Business, University of Virginia

15.20 - 15.35 Coffee Break
15.35 _- 16.25 The Impact of QE on Liquidity: Evidence from the UK Corporate Bond Purchase Scheme
Iryna Kaminska, Bank of England (joint with Lena Boneva, David Elliott, Oliver Linton, Nick McLaren, Ben Morley)
Discussant: Larissa Schäfer, Frankfurt School of Finance & Management
16.25 - 17.15

Quantitative Easing and the Safe Asset Illusion
Alexander Bechtel, University of St. Gallen (joint with Jens Eisenschmidt and Angelo Ranaldo)
Discussant: Jean-David Sigaux, European Central Bank


DINNER (by invitation only)


Wednesday, April 3, 2019

9.00 _- 9.30 Keynote Speech: Jutta Doenges, Member of the Executive Board, German Finance Agency
9.30 _- 11.35 Session 3: Sovereign Bond Markets and Risk
9.30 _- 10.20 Default Risk and the Pricing of U.S. Sovereign Bonds
Guillaume Roussellet, McGill University (joint with Robert Dittmar, Alex Hsu and Peter Simasek)
Discussant: Patrick Augustin, McGill University
10.20 - 10.30 Coffee Break
10.30 _- 11.20 OTC Discount
Michael Schneider, SAFE and Deutsche Bundesbank (joint with Calebe de Roure, Emanuel Moench and Loriana Pelizzon)
Discussant: Sven Klingler, Norwegian Business School
11.20 - 11.30 Coffee Break
11.30 - 12.45

Panel discussion
Moderator: Marti Subrahmanyam, New York University

Christian Wellner, Head of the Strategy Division, Federal Agency for Financial Market Stabilisation
Guido Galassi, Head of Product Management, MTS Markets
Matthias Graulich, Executive Board, Eurex Clearing
Giuseppe Maraffino, Fixed Income Strategist, Director at Barclays Capital
Karsten Stroborn, Head of the Monetary Implementation Division of the Market Operations Group, Deutsche Bundesbank

12.45 - 13.00

Closing Remarks

13.00 - 14.00 Lunch and end of the conference



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