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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

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

30 August 2024
OCCASIONAL PAPER SERIES - No. 355
Details
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
Details
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
Details
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
Details
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
2024
Journal of Banking & Finance
  • Carrera de Souza, T. and Hudepohl, T.
2023
Encyclopedia of Monetary Policy, Financial Markets and Banking
Quantitative Easing and Portfolio Rebalancing: A Survey of the Empirical Literature
  • Hudepohl, T. and te Kaat, D.
2023
Economisch Statistische Berichten
  • Hudepohl, T.
2022
SUERF Policy Brief, No. 367
  • Carrera de Souza, T. and Hudepohl, T.
2022
DNB Working Paper, No. 756
  • Hudepohl, T.
2021
Journal of International Money and Finance
  • Hudepohl, T., van Lamoen, R. and de Vette, N.
2021
VBA Journaal, 37(145), pp. 31-38
  • Hudepohl, T. and Overduijn, D.
2021
SUERF Policy Brief, No. 253
  • Hudepohl, T., Huiting, J. and Petersen, A.
2020
Economisch Statistische Berichten, 105(4792), pp. 585-587
  • Bats, J., Hudepohl, T. and Petersen, A.
2019
DNB Working Paper, No. 631
  • Bats, J. and Hudepohl, T.
2019
Economisch Statistische Berichten
  • Bats, J. and Hudepohl, T.