Conference "Liquidity, market frictions, and the economy"

23 May 16

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. 

This two-day conference brings together renowned international scholars with the aim of informing policy makers on how to improve market functioning and the interplay between private liquidity and monetary creation. By investigating how policy efficiency varied with frictions in crises times 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. 

Conveners: Vincent Bignon (Bank of France), Régis Breton (Bank of France), Sébastien Lotz (Paris 2), Guillaume Plantin (Sciences Po), Guillaume Rocheteau (Irvine), Mariana Rojas Breu (Dauphine)



This conference will take place in the conference center facility of the Banque de France in Paris on June 27-28, 2016

For more informations, please visit the website of Banque de France

Consult the program


Registration is mandatory. If you would like to attend, please complete the registration form and return before june, 13th by email to

Registration Form

Go to the Banque de France

Adress : Conference center facility of the Banque de France
            31 rue Croix des Petits Champs, 75001 Paris 

Access plan