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 a senior economist and research advisor 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

"Commitment and Equilibrium Bank Runs" (with Todd Keister). Staff Report No. 274, Federal Reserve Bank of New York, May 2007.

"Correlated Equilibrium and Government Commitment" (with Todd Keister).

"Liquidity Crises and Productivity Growth" (with Todd Keister).

"Optimal Banking Contracts and Fragility" (with Todd Keister).

"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.

"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.

"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