*EXCEPTIONAL* Conference "Liquidity, market frictions, and the economy” - June 27-28th

The Banque de France, SciencesPo, the University of Panthéon-Assas and the University of Paris-Dauphine are pleased to announce the organisation of an exceptional conference that will bring together internationally renowned scholars with the aim of informing policy makers on how to improve market functioning and the interplay between private liquidity and monetary creation.

Central banks do not operate in a frictionless world. Different types of assets, goods or labor are neither equally liquid nor traded in perfectly competitive markets. Quite the contrary, frictions are everywhere; they shape the organization and functioning of markets, they determine the liquidity of the assets, services and goods traded. They therefore have a first order effect on the efficiency of policies of liquidity regulation or creation and hence on aggregate economic activity.

By investigating how policy efficiency varies with frictions in times of crisis but also under normal circumstances, they highlight the importance of paying attention to operational dimensions such as the informational properties of assets or the microstructure of markets. They also shed new light on the interaction between liquidity and financial stability, the impact of the structure of financial markets on the transmission of monetary policy, the role of collateral and intermediaries in financial markets.

Link to programme (PDF)

When? JUNE 27th and 28th, 2016 - 10 AM to 6 PM
Where? Banque de France Conference Center, Paris.

Registration is MANDATORY. If you would like to attend, please complete the registration form (web link) and return before JUNE 13th by email to

Conveners: Vincent BIGNON (Bank of France), Régis BRETON (Bank of France), Sébastien LOTZ (Paris 2), Guillaume PLANTIN (SciencesPo Department of Economics), Guillaume ROCHETEAU (Irvine), Mariana ROJAS BREU (Dauphine).