COMMERCIAL AND INDUSTRIAL MATHEMATICS

THE FIELDS INSTITUTE FOR RESEARCH IN MATHEMATICAL SCIENCES 20th ANNIVERSARY YEAR February 28-March 1, 2013 Short Course on Monetary Policy Implementation and Central Bank Financial Crises Management Instructor: Ulrich Bindseil European Central Bank held at the Fields Institute, 222 College St., Toronto Registration for Short Course on site Feb. 28 Schedule: Feb 28th, 9:00 a.m. to 12:00 and 1:00 to 4:00 p.m. March 1st, 9:30 to 11:30 a.m. Lecture Notes for Registered Participants only (password protected) Printed copies will be distributed on site, but the electronic version is available in advance to registered participants who request a password by sending an e-mail to gensci<at>fields.utoronto.ca February 27, 2013 Fields Quantitative Finance Seminar Speaker: Ulrich Bindseil March 1, 2013 Panel discussion on monetary policy, liquidity, and counterparty risks

Content:

(1) Monetary policy implementation in normal times:
- monetary policy instruments (open market operations, standing
facilities, reserve requirements, outright portfolios, collateral)
- the central bank balance sheet
- the operational target and the control of overnight rates

(2) Monetary policy implementation in times of crisis
- the nature of financial crisis and the related impairment of the
monetary policy transmission mechanism
- operational targets in crisis times
- monetary policy instruments in crisis times

(3) Central banks as lender of last resort in financial crises -
rationale and overview of tools
- Rationale
- Forms of "last resort" lending of the central bank
- Central bank risk taking and moral hazard

(4) The Eurosystem's crisis management measures 2007-2012- a review and
assessment
- first phase: the banking crisis
- second phase: the dual sovereign-banking crisis
- outlook

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March 1, 2013
Panel Discussion on Monetary Policy, Liquidity, and Counterparty Risks

Time: 12:00 to 13:30
Location: The Fields Institute, 222 College Street, Toronto
Moderator: Michel Maila (Global Risk Institute)
Participants: Ulrich Bindseil (European Central Bank), Rhys Mendes (Bank of Canada), Angelo Melino (University of Toronto).

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