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Tom Hudepohl

Market Operations

Division: Market Operations Analysis
Current Position: Economist
Fields of interest: Financial Economics,Macroeconomics and Monetary Economics
Email: tom.hudepohl@ecb.europa.eu

Biography

Education: 2023
PhD in Economics, University of Groningen, The Netherlands; 2019-2021
Chartered Financial Analyst (CFA); 2016-2017
LLM in European Law, Radboud University Nijmegen, The Netherlands; 2015-2016
MSc in Financial Economics, Radboud University Nijmegen, The Netherlands
Professional experience: 2023-
Economist, Market Operations Analysis Division, Directorate General Market Operations; 2017-2023
Economist, Monetary Operations Department, Financial Markets Division, De Nederlandsche Bank

ECB publications

30 August 2024

OCCASIONAL PAPER SERIES - No. 355

The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework in 2022 and 2023

English

Abstract: The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs). The period covered by this report (2022-23) was dominated by high inflation, which led to a change from an easing to a tightening monetary policy environment in line with the mandate of the European Central Bank (ECB) to pursue price stability. This report focuses on the accompanying shift in the use of MPIs. Key ECB interest rates were hiked to an unprecedented extent and at exceptional speed, leading to an exit from negative interest rates. This was accompanied by a gradual phasing-out of reinvestments under the asset purchase programmes, revisions to the conditions of targeted longer-term refinancing operations (TLTROs) and their subsequent substantial early repayments, and a phasing-out of pandemic collateral easing measures. This report discusses these developments and provides a full overview of the Eurosystem’s monetary policy implementation from 2022-23.
JEL Code: D02 : Microeconomics→General→Institutions: Design, Formation, and Operations
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E65 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Studies of Particular Policy Episodes
G01 : Financial Economics→General→Financial Crises

18 June 2024

THE ECB BLOG

How banks deal with declining excess liquidity

English

JEL Code: E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages

22 March 2024

THE ECB BLOG

Who buys bonds now? How markets deal with a smaller Eurosystem balance sheet

English

JEL Code: G20 : Financial Economics→Financial Institutions and Services→General
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation

22 September 2021

OCCASIONAL PAPER SERIES - No. 282

Demand for central bank reserves and monetary policy implementation frameworks: the case of the Eurosystem

English

Abstract: This paper discusses commercial banks’ demand for central bank reserves under two alternative monetary policy framework configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It outlines the interaction between the monetary implementation framework used to steer short-term market interest rates and banks’ demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of holding reserves and enabled banks to hold relatively large buffers of reserves compared with the corridor system. Additionally, the demand for reserves may have increased endogenously, as the environment of ample liquidity conditions has incentivised many banks to adapt their business models. In parallel, the demand for reserves has also increased for more exogenous reasons such as post-global financial crisis liquidity regulation and increased liquidity concentration. Our estimates indicate an increase, over recent years, in the level of excess liquidity required in the euro area to avoid a rise in short-term market rates. Moreover, the dependency on the adopted monetary policy instruments and the external environment highlights the increased uncertainty in estimating future levels of required reserves
JEL Code: E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies

External publications

2024

Journal of Banking & Finance

Frictions in scaling up central bank balance sheet policies: How Eurosystem asset purchases impact the repo market