Money Markets in a New Era of Central Bank Policies, SHoF Annual Conference 2021 (Day 1)

Throughout the 2008-2009 financial crisis and the ongoing COVID-19 pandemic, central banks over the world developed new-unconventional-monetary policy instruments. In the process, central bank balance sheets increased more than tenfold at a global level. This move broke with decades of tradition of low foot-print monetary policy practices and requires academics and market participants to update their conceptual frameworks of how monetary policy affects financial markets and the economy.
Keynote presentation: Darrell Duffie (Stanford University) "How much central bank money does it now take to run the financial system?"
From work with Adam Copeland and David Yilin Yang
00:00 Introduction
00:02 Keynote presentation: Darrell Duffie (Stanford University) - "How much central bank money does it now take to run the financial system?"
57:27 Keynote presentation: Imène Rahmouni-Rousseau (European Central Bank) - "Money markets at the crossroads
1:30:19 Panel discussion with Daniela Gabor (UWE Bristol), Bill Nelson (Bank Policy Institute), Zoltan Pozsar (Credit Suisse) and Jaana Sulin (Nordea), moderated by Izabella Kaminska (Financial Times)
2:30:13 Paper presentation: "Safe Asset Carry Trade" by Angelo Ranaldo (University of St. Gallen), and discussion by Moritz Lenel (Princeton University)
3:12:56 Paper presentation: "Monetary Policy Transmission in Segmented Markets" by Yiming Ma (Columbia Business School), and discussion by Wenhao Li (USC Marshall)
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[@marat12111982]

Thanks for putting the conference recordings online, very interesting keynotes and discussion panels. What I am puzzling about though is the remark by Rahmouni-Rousseau at the 1:14:18 time mark czcams.com/video/rS44Icbw31U/video.html about minimum reserve requirements for commercial banks in the Euroarea. She said: "there is no strict regulatory requirement for Euroarea banks to hold reserves; the requirement is on HQLA" and banks just prefer to hold reserves instead of hqla's. Does that mean legally there are no minimum reserve requirements?

[@emmanuellepolitronacci9484]

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