The Role of Reserves and Central Bank Operations in the Financial System (postponed)

New York Fed and Columbia SIPA Monetary Policy Implementation Workshop
April 02, 2020

Money markets have been operating with abundant reserves since the financial crisis. Changes in market practices and regulations have altered the way that financial firms manage their liquidity, with profound implications for central bank frameworks and liquidity provision.

This workshop brings together international experts in monetary policy design and implementation—academics, industry experts, and current and former central bankers—to discuss how central banks can effectively implement policy in this new environment.

The program will focus on how central banks ensure monetary control and market functioning in an environment with higher and less certain demand for reserves and increased frictions to liquidity distribution.

This event is jointly sponsored by Columbia University’s School of International and Public Affairs and the Federal Reserve Bank of New York.

Event Details

Federal Reserve Bank of New York
33 Liberty Street
New York, NY

Preliminary Agenda
  • Opening remarks by New York Fed EVP Lorie Logan
  • Session 1: What drives banks’ demand for reserves?
  • Session 2: What are the frictions to the distribution of liquidity and how do they impact market functioning?
  • Session 3: How do central banks ensure monetary control and market functioning in this environment?

Attendance is by invitation only.

Conference Organizers
Patricia Mosser, Columbia University
Patricia Zobel, Federal Reserve Bank of New York
Gara Afonso, Federal Reserve Bank of New York

For questions on the New York Fed-Columbia SIPA Monetary Policy Implementation Workshop, please contact ny.fed.sipa.monetary.policy.workshop@ny.frb.org.

This event is open to the media. Chatham House Rule will be in effect; media may report on comments made during the event, but may not attribute remarks to individuals or organizations. To register, please contact Brian Manning at the New York Fed: brian.manning@ny.frb.org.