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Staff Economists

Huberto M. Ennis

headshot of Huberto M. Ennis

My research interests include monetary theory, banking, macroeconomics and economic theory. My recent work has focused on bank runs, the industrial organization of the banking industry, government policy under multiple equilibria, and monetary exchange under imperfect information.

Professional Experience

Huberto Ennis is group vice president for macro and financial economics in the Research Department. He joined the Richmond Fed in August 2000 after earning his doctorate from Cornell University.

Ennis has shared his knowledge as a visiting scholar at the Central Bank of Argentina and the Federal Reserve Bank of Minneapolis as well as lectured at universities in the United States, Argentina and Spain. He served as co-director of Económica, the journal of the Institute for Economic Research at the National University of La Plata, and currently serves as an associate editor for both the Journal of Monetary Economics and Macroeconomic Dynamics.


Ph.D., Cornell University, 2000
M.A., Cornell University, 1999
M.A., Torcuato Di Tella Institute (Argentina), 1994
B.S., National University of La Plata (Argentina), 1993

Curriculum vitae

"Optimal Banking Contracts and Financial Fragility" (with Todd Keister). Economic Theory (forthcoming).

"Comment on 'Scarcity of Safe Assets, Inflation, and the Policy Trap' by Andolfatto and Williamson." Journal of Monetary Economics 73 (July 2015): 93-98.

"Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks" (with Alexander L. Wolman). International Journal of Central Banking 11, no. 1 (January 2015): 251-289.

"Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market" (with John Weinberg). Review of Economic Dynamics 16, no. 4 (October 2013): 601-616.

"Discussion of Acharya and Skeie: A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets." Journal of Monetary Economics 58, no. 5 (June 2011): 448-452.

"Banking Panics and Policy Responses" (with Todd Keister). Journal of Monetary Economics 57, no. 4 (May 2010): 404-419.

"Bank Runs and Institutions: The Perils of Intervention" (with Todd Keister). American Economic Review 99, no. 4 (September 2009): 1588-1607.

"Run Equilibria in the Green-Lin Model of Financial Intermediation" (with Todd Keister). Journal of Economic Theory 144, no. 5 (September 2009): 1996-2020.

"Avoiding the Inflation Tax." International Economic Review 50, no. 2 (May 2009): 607-625.

"Search, Money, and Inflation under Private Information." Journal of Economic Theory 138, no. 1 (January 2008): 101-131.

"Choosing a Place to Live and a Workplace" (with Santiago M. Pinto and Alberto Porto). Económica 52, no. 1-2 (2006): 15-51.

"Bank Runs and Investment Decisions Revisited" (with Todd Keister). Journal of Monetary Economics 53, no. 2 (March 2006): 217-232.

"Optimal Fiscal Policy under Multiple Equilibria" (with Todd Keister). Journal of Monetary Economics 52, no. 8 (November 2005): 1359-1377.

"Government Policy and the Probability of Coordination Failures" (with Todd Keister). European Economic Review 49, no.4 (May 2005): 939-973.

"Macroeconomic Fluctuations and Bargaining." Journal of Economic Theory 115, no. 2 (April 2004): 322-340.

"Economic Growth, Liquidity, and Bank Runs" (with Todd Keister). Journal of Economic Theory 109, no. 2 (April 2003): 220-245.

"Loanable Funds, Monitoring and Banking." European Finance Review 5, no. 1-2 (2001): 79-114.

"On Random Matching, Monetary Equilibria, and Sunspots." Macroeconomic Dynamics 5, no. 1 (February 2001): 132-142.

"On Search Theory and Customers." Económica 46, no. 1 (2000): 3-21.

First Quarter 2016

Models of Discount Window Lending: A Review

Huberto M. Ennis

Fourth Quarter 2011

Strategic Behavior in the Tri-Party Repo Market

Huberto M. Ennis

First Quarter 2010

On the Fundamental Reasons for Bank Fragility

Huberto M. Ennis and Todd Keister

Summer 2008

Understanding Monetary Policy Implementation

Huberto M. Ennis and Todd Keister

Spring 2006

The Problem of Small Change in Early Argentina

Huberto M. Ennis

Spring 2005

Bank Risk of Failure and the Too-Big-to-Fail Policy

Huberto M. Ennis and H. S. Malek

Spring 2004

Some Recent Trends in Commercial Banking

Huberto M. Ennis

Spring 2003

Economic Fundamentals and Bank Runs

Huberto M. Ennis

Fall 2001

On the Size Distribution of Banks

Huberto M. Ennis

March 2018, No. 18-08

The Fed's Discount Window: An Overview of Recent Data

Huberto M. Ennis and Felix P. Ackon

June 2015, No. 15-06

Optimal Banking Contracts and Financial Fragility

Huberto M. Ennis and Todd Keister

July 2014, No. 14-14

A Simple General Equilibrium Model of Large Excess Reserves

Huberto M. Ennis

December 2007, No. 07-6

Avoiding the Inflation Tax

Huberto M. Ennis

March 2007, No. 07-2

Bank Runs and Institutions: The Perils of Intervention

Huberto M. Ennis and Todd Keister

October 2005, No. 05-10

Avoiding the Inflation Tax

Huberto M. Ennis

March 2004, No. 04-3

Bank Runs and Investment Decisions Revisited

Huberto M. Ennis and Todd Keister

September 2003, No. 03-12

Shortages of Small Change in Early Argentina

Huberto M. Ennis

June 2003, No. 03-4

Aggregate Demand Management with Multiple Equilibria

Huberto M. Ennis and Todd Keister

January 2003, No. 03-1

Economic Growth, Liquidity, and Bank Runs

Huberto M. Ennis and Todd Keister

July 2001, No. 01-4

Macroeconomic Fluctuations and Bargaining

Huberto M. Ennis

June 2001, No. 01-3

Optimal Policy with Probabilistic Equilibrium Selection

Huberto M. Ennis and Todd Keister

December 2000, No. 00-12

Banking and the Political Support for Dollarization

Huberto M. Ennis

May 2016, No. 16-05

Do Net Interest Margins and Interest Rates Move Together?

Huberto M. Ennis, Helen Fessenden and John R. Walter

May 2015, No. 15-05

Discount Window Lending: Policy Trade-offs and the 1985 BoNY Computer Failure

Huberto M. Ennis and David A. Price

February 2014, No. 14-02

Reforming Money Market Mutual Funds: A Difficult Assignment

Huberto M. Ennis and Renee Haltom

June 2011, No. 11-06

Basel III and the Continuing Evolution of Bank Capital Regulation

Huberto M. Ennis and David A. Price

May 2010, No. 10-05

Is There Stigma Associated with Discount Window Borrowing?

Huberto M. Ennis and Renee Haltom

"Argentina's Privatization: Effects on Income Distribution" (with Santiago Pinto). In Reality Check: The Distributional Impact of Privatization in Developing Countries, edited by John Nellis and Nancy Birdsall. 179-218. Washington, D.C.: Center for Global Development, 2005.

Contact Us

Huberto M. Ennis
(804) 697-8988