Monetary Operations: Tools and Techniques for Policy Implementation 2022b

María J. Nieto is Associate to the Director General, Banking Regulation at Bank of Spain where she has developed different responsibilities in the realm of financial stability and its regulatory framework including crisis management since December 2000. Ms Nieto has been a contributor to the Basel Committee of Banking Supervisors as well as the European Commission, BIS, ECB and OECD. She is author of several articles on banking and regulatory issues that have been published by prestigious journals and member of the Editorial Boards of the Journal of Banking Regulation and the Journal of Financial Regulation and Compliance. She has cooperated as consultant with the IMF and the Federal Reserve Bank of Atlanta and has worked at the ECB, Council of Economic Advisors to the Spanish President, the EBRD and the IMF. Ms Nieto earned a PhD cum laude from the Universidad Complutense de Madrid and a MBA from the University of California Los Angeles.

Francesco Papadia is chair of Prime Collateralised Securities, chair of the Selection Panel of the Hellenic Financial Stability Fund, resident fellow of Bruegel and lectures at various Universities. Between June 1998 and May 2012 he was director general for Market Operations at the European Central Bank. Before that he held different positions at Research Department and Foreign Department of Banca d'Italia. Between 1980 and 1983 he was economic advisor at the Directorate General for Economic and Financial Affairs of the European Commission. From 1974 to 1979 he served as economist in the Research Department of Banca d'Italia. Francesco Papadia holds a degree in Law from the University of Rome. He did his postgraduate studies in Economics at Istao, Ancona and at the London Business School. He has published numerous articles and books.

Born 1953. Mr. Grønn holds a graduate degree in economics (cand.oecon. 1979) from the University of Oslo. Work experience since 1980 includes various positions at Norges Bank, including Director of International Department, Director of Statistics Department, and Special Advisor to the Governor. Mr. Grønn spent altogether eight years at IMF’s Executive Board in Washington DC, as Senior Advisor (1989-1992), Alternate Executive Director (2011-2013) and Executive Director (2013-2016), as well as one year at the ECB in Frankfurt as national central bank expert, monetary policy (2005-2006). He retired from his position at Norges Bank in July 2021, but continues as a consultant on a part-time basis.

Carlos Cantú joined the BIS in the spring of 2016. He obtained his MA and PhD in economics from the University of California, Los Angeles. Before obtaining his PhD, he worked for the Bank of Mexico in the Economic Research Department. He is part of the secretariat of the BIS Consultative Group on Innovation and the Digital Economy Technical Task Force on CBDCs.

Francesco Papadia is chair of Prime Collateralised Securities, chair of the Selection Panel of the Hellenic Financial Stability Fund, resident fellow of Bruegel and lectures at various Universities. Between June 1998 and May 2012 he was director general for Market Operations at the European Central Bank. Before that he held different positions at Research Department and Foreign Department of Banca d'Italia. Between 1980 and 1983 he was economic advisor at the Directorate General for Economic and Financial Affairs of the European Commission. From 1974 to 1979 he served as economist in the Research Department of Banca d'Italia. Francesco Papadia holds a degree in Law from the University of Rome. He did his postgraduate studies in Economics at Istao, Ancona and at the London Business School. He has published numerous articles and books.

Miklos Vari is currently a Research Economist in the Bank of France monetary policy division, and a consultant for the IMF monetary and capital market department. He was previously an analyst in the ECB’s Directorate-General of market operations and an Economist at the International Monetary Fund. He has written policy papers and published academic articles in leading economics and finance economic journals on the impact of central bank’s market interventions. Miklos hold a PhD from the Paris School of Economics.

Andy is currently a Visiting Fellow at the Hoover Institution, Stanford University. He worked at the BIS from 2002-21 where, most recently, he held the position of Head of Monetary Policy and, prior to that, Head of Economics for Asia and the Pacific. Before joining the BIS, he served on the staff of President Bush’s Council of Economic Advisers, was an Assistant Vice President and Economist at the Federal Reserve Bank of Kansas City, taught as an Adjunct Associate Professor at the University of Chicago Graduate School of Business, was a visitor at the IMF, and has worked with many central banks across the globe during his career. Andy has authored numerous publications in the fields of international monetary policy, macroeconomics, and financial stability. Andy holds a Ph.D. in economics from the University of Chicago.

Freyr Hermannsson is an experienced central banker and has worked with a dozen central banks and United Nations agencies since the turn of the century. He is an independent advisor focusing on sovereign asset and liability management, particularly balance sheet management and central bank policy solvency, reserve management and public debt management. He has hands-on knowledge of monetary and exchange operations, FX markets development, exchange rate regimes, FX regulations (incl. capital controls) and capital account liberalization, central banking recapitalization and related accounting issues.

Mr. Hermannsson initially joined the Central Bank of Iceland in 2000 and after several years in the private sector was drafted back into the central bank in Iceland’s 2008 financial crisis where he served as Head of Treasury. He led international reserves management, implemented central bank open market operations, negotiated government debt transactions, developed capital controls, and worked on crisis prevention and management during and after the crisis of 2008.

A mathematician by education, he holds a M.Sc. from Columbia University in Operation Research and a B.Sc. in Mathematics from the University of Gothenburg, Sweden. He has lectured on the mathematics and economics of financial markets as an Adjunct Lecturer at the Faculty of Economics of the University of Iceland.

Simon Gray worked at the Bank of England for some 27 years before joining the IMF in 2007. Simon has recently retired, but over the past 25 years he has worked with central banks around the globe, predominantly on monetary operations framework and FX issues. He has written widely on these topics, both while in the Bank of England’s CCBS, and at the IMF, including most recently an IMF Working Paper on unifying exchange rates in countries where parallel exchange rate markets have emerged; and an IMF Departmental Paper on central bank asset purchases. Simon has also worked on a number of FSAPs, most recently leading the FSAP for China in 2017.

Niko Herrala works as a Head of Division in the Market Operations Department at the Bank of Finland. He is also a member of ESCB's Working Group on Monetary Policy Implementation.

Elisa Vilorio Medina is a Technical Consultant of the Treasury Department of the Central Bank of Dominican Republic. Dr. Vilorio’s tenure responsibilities as Deputy Director of Foreign Reserve management for more than 10 years included the design and execution of the FX reserves portfolio investment strategy, quantitative analysis of risk management and strategic asset allocation. Furthermore, Dr. Vilorio was one of the lead managers of the successful Repurchase Operation of the Brady Bonds of the Central Bank of Dominican Republic in 2017.

Dr. Vilorio holds a PhD in Economics from Florida International University (FIU), a Master of Science in Finance and a post-graduate degree in Risk Management from the IAE Aix en Provence in France and is a Fulbright Alumni. She has presented her Macroeconomic research in different Annual meetings at the American Economic Association (AEA), Southern Economic Association (SEA), Midwest Economic Association (MEA), Eastern Economic Association (EEA), International Atlantic Economic Society (IAES) and International Trade and Finance Association (ITFA).

Also, Dr. Vilorio has participated in different projects with the World Bank under the Reserve Advisory Management (RAMP) program. Furthermore, Dr. Vilorio has published several articles in the Central Banking Journal related to active management of a portfolio of International Reserves and hedging strategies using interest rate futures.

Roberto Motto is Senior Adviser in the Directorate General Monetary Policy of the European Central Bank (ECB). He holds a Ph.D. in Economics from the University of York. He has worked at the ECB since 2000. His expertise is in monetary policy and macroeconomics. He has published in several international journals such as “American Economic Review”, “Journal of Monetary Economics”, “Journal of Money, Credit and Banking”, “Journal of Economic Dynamics and Control”, and has co-authored a book on the history of the ECB monetary policy.