Todd Keister

Rutgers, The State University of New Jersey - Department of Economics

Professor of Economics

75 Hamilton Street

New Brunswick, NJ 08901

United States

http://econweb.rutgers.edu/tkeister

SCHOLARLY PAPERS

36

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CITATIONS
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223

Scholarly Papers (36)

1.
Downloads 713 ( 34,316)
Citation 35

Why are Banks Holding so Many Excess Reserves?

Current Issues in Economics and Finance, Vol. 15, No. 8, December 2009
Number of pages: 10 Posted: 28 Jan 2010
Todd Keister and James McAndrews
Rutgers, The State University of New Jersey - Department of Economics and Federal Reserve Bank of New York
Downloads 535 (49,539)
Citation 29

Abstract:

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bank reserves, money multiplier

Why Are Banks Holding So Many Excess Reserves?

FRB of New York Staff Report No. 380
Number of pages: 15 Posted: 30 Jul 2009
Todd Keister and James McAndrews
Rutgers, The State University of New Jersey - Department of Economics and Federal Reserve Bank of New York
Downloads 178 (166,736)
Citation 29

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bank reserves, central bank liquidity facilities, money multiplier

2.

On the Liquidity Coverage Ratio and Monetary Policy Implementation

BIS Quarterly Review December 2012
Number of pages: 13 Posted: 10 Apr 2013
Todd Keister and Morten L. Bech
Rutgers, The State University of New Jersey - Department of Economics and Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures
Downloads 523 (51,621)
Citation 10

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3.

Divorcing Money from Monetary Policy

Economic Policy Review, Vol. 14, No. 2, September 2008
Number of pages: 16 Posted: 02 Aug 2008
Todd Keister, Antoine Martin and James McAndrews
Rutgers, The State University of New Jersey - Department of Economics, Federal Reserve Bank of New York - Research and Statistics and Federal Reserve Bank of New York
Downloads 246 (122,647)
Citation 39

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monetary policy implementation, interest on reserves, daylight credit, liquidity policy

4.

Bailouts and Financial Fragility

FRB of New York Staff Report No. 473 (Revised)
Number of pages: 40 Posted: 21 Sep 2010 Last Revised: 26 Jul 2012
Todd Keister
Rutgers, The State University of New Jersey - Department of Economics
Downloads 193 (154,999)
Citation 37

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bank runs, bailouts, moral hazard, prudential regulation

5.

Stability of Funding Models: An Analytical Framework

Economic Policy Review, Vol. 20, No. 1, 2014
Number of pages: 19 Posted: 05 Mar 2014
Federal Reserve Banks - Federal Reserve Bank of New York, Rutgers, The State University of New Jersey - Department of Economics, Federal Reserve Bank of New York and University of Amsterdam - Faculty of Economics and Business (FEB)
Downloads 160 (182,862)
Citation 5

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financial crisis, bank run, market run, maturity, wholesale funding, liquidity

6.

Liquidity Regulation and the Implementation of Monetary Policy

BIS Working Paper No. 432
Number of pages: 41 Posted: 27 Feb 2014
Morten L. Bech and Todd Keister
Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures and Rutgers, The State University of New Jersey - Department of Economics
Downloads 160 (182,862)
Citation 12

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Basel III, Liquidity regulations, LCR, Reserves, Corridor system, Monetary policy

7.

Understanding Monetary Policy Implementation

FRB Richmond Economic Quarterly, Vol. 94, No. 3, Summer 2008, pp. 235-263
Number of pages: 30 Posted: 11 Dec 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 108 (248,336)
Citation 35

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8.

Commitment and Equilibrium Bank Runs

FRB of New York Staff Report No. 274
Number of pages: 41 Posted: 14 Feb 2007 Last Revised: 10 Jun 2010
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 92 (276,341)
Citation 3

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banking panics, suspension of convertibility, time consistency

Expectations and Contagion in Self-Fulfilling Currency Attacks

FRB of New York Staff Report No. 249
Number of pages: 25 Posted: 15 May 2006 Last Revised: 10 Jun 2010
Todd Keister
Rutgers, The State University of New Jersey - Department of Economics
Downloads 76 (313,700)
Citation 1

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currency crises, contagion, speculative attacks, self-fulfilling prophesies

Expectations and Contagion in Self-Fulfilling Currency Attacks

International Economic Review, Vol. 50, Issue 3, pp. 991-1012, August 2009
Number of pages: 22 Posted: 09 Jul 2009
Todd Keister
Rutgers, The State University of New Jersey - Department of Economics
Downloads 2 (660,769)
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10.

On the Fundamental Reasons for Bank Fragility

FRB Richmond Economic Quarterly, vol. 96, no. 1, First Quarter 2010, pp. 33-58
Number of pages: 26 Posted: 16 Dec 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 75 (312,892)
Citation 10

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11.

Run Equilibria in a Model of Financial Intermediation

FRB of New York Staff Report No. 312
Number of pages: 48 Posted: 23 Jan 2008
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 67 (332,915)
Citation 4

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bank runs, optimal contracts, private information, incentive feasibility, self-fulfilling expectations

12.

On the Economics of Committed Liquidity Facilities

BIS Working Paper No. 439
Number of pages: 29 Posted: 27 Feb 2014
Morten L. Bech and Todd Keister
Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures and Rutgers, The State University of New Jersey - Department of Economics
Downloads 62 (346,424)
Citation 1

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Basel III, liquidity regulation, liquidity premium, liquidity coverage ratio, committed liquidity facility

13.

Economic Growth, Liquidity, and Bank Runs

Federal Reserve Bank of Richmond Working Paper No. 03-1
Number of pages: 27 Posted: 03 Dec 2012 Last Revised: 15 Feb 2013
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 50 (383,339)
Citation 32

Abstract:

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banking panics, endogenous growth, equilibrium selection

14.

Essays in Household Finance and Bank Regulation

Number of pages: 175 Posted: 14 Mar 2017
Vijay Narasiman, Divya Kirti and Todd Keister
Harvard University, Department of Economics, International Monetary Fund (IMF) and Rutgers, The State University of New Jersey - Department of Economics
Downloads 48 (390,184)

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Household finance, Consumption, Income Channel, Capital Requirements, Risk Weights, Liquidity Requirements, Bank-run, Bailouts

15.

Expectations versus Fundamentals: Does the Cause of Banking Panics Matter for Prudential Policy?

FRB of New York Staff Report No. 519
Number of pages: 33 Posted: 07 Oct 2011
Todd Keister and Vijay Narasiman
Rutgers, The State University of New Jersey - Department of Economics and Harvard University, Department of Economics
Downloads 48 (390,184)
Citation 1

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banking panics, financial regulation, bailouts

16.
Downloads 40 (418,970)
Citation 70

Bank Runs and Institutions: The Perils of Intervention

FRB Richmond Working Paper No. 07-02
Number of pages: 30 Posted: 09 Dec 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 40 (427,734)
Citation 70

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Bank Runs and Institutions: The Perils of Intervention

American Economic Review, Vol. 99, No. 4, 2009
Posted: 10 Apr 2011
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics

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Banking panics, time inconsistency, deposit freeze

Bank Runs and Investment Decisions Revisited

FRB Richmond Working Paper No. 04-03
Number of pages: 24 Posted: 05 Dec 2012 Last Revised: 20 Feb 2013
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 33 (458,406)
Citation 31

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bank runs, deposit contracts, bank reserves, sunspot equilibrium

Bank Runs and Investment Decisions Revisited

Journal of Monetary Economics, Vol. 53, 2006
Posted: 16 Feb 2013
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics

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banking panics, liquidity, investment

18.

Floor Systems and the Friedman Rule: The Fiscal Arithmetic of Open Market Operations

FRB of NY Staff Report No. 754
Number of pages: 29 Posted: 23 Dec 2015 Last Revised: 30 Aug 2017
Todd Keister, Antoine Martin and James McAndrews
Rutgers, The State University of New Jersey - Department of Economics, Federal Reserve Bank of New York - Research and Statistics and Federal Reserve Bank of New York
Downloads 30 (461,226)
Citation 1

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monetary policy implementation, central bank operations, interest on reserves

19.

Comparing Sunspot Equilibrium and Lottery Equilibrium Allocations: The Finite Case

International Economic Review, Vol. 45, No. 2, pp. 351-386, May 2004
Number of pages: 36 Posted: 26 May 2004
Rod Garratt, Todd Keister and Karl Shell
University of California, Santa Barbara (UCSB) - Department of Economics, Rutgers, The State University of New Jersey - Department of Economics and Cornell University - Department of Economics
Downloads 26 (481,278)
Citation 10
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20.

Optimal Banking Contracts and Financial Fragility

FRB Richmond Working Paper No. 15-06
Number of pages: 36 Posted: 13 Aug 2015
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 21 (509,159)
Citation 2

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21.

Aggregate Liquidity Management

FRB of Philadelphia Working Paper No. 16-32
Number of pages: 33 Posted: 28 Nov 2016
Todd Keister and Daniel R. Sanches
Rutgers, The State University of New Jersey - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 13 (555,697)

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monetary theory and policy, liquidity premium, Friedman rule, investment, bank lending channel

22.

Aggregate Demand Management with Multiple Equilibria

FRB Richmond Working Paper No. 03-4
Number of pages: 41 Posted: 03 Dec 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 13 (555,697)
Citation 1

Abstract:

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search frictions, coordination, equilibrium selection, government policy

23.

Optimal Policy with Probabilistic Equilibrium Selection

FRB Richmond Working Paper No. 01-3
Number of pages: 41 Posted: 29 Nov 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics
Downloads 9 (580,223)

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coordination failure, government policy, learning

24.

Should Central Banks Issue Digital Currency?

FRB of Philadelphia Working Paper No. 19-26
Posted: 06 Jun 2019
Todd Keister and Daniel R. Sanches
Rutgers, The State University of New Jersey - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of Philadelphia

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Monetary policy, liquidity premium, collateral constraint, aggregate investment, cryptocurrency

25.

Growth Dynamics and Returns to Scale: Bifurcation Analysis

Journal of Economic Theory, Vol. 96, No. 1-2, 2001
Posted: 16 Feb 2013
Gaetano Antinolfi, Todd Keister and Karl Shell
Washington University in St. Louis - Department of Economics, Rutgers, The State University of New Jersey - Department of Economics and Cornell University - Department of Economics

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endogenous growth, transcritical bifurcation

26.

Money Taxes, Market Segmentation, and Sunspot Equilibria

Macroeconomic Dynamics, Vol. 5, No. 3, 2001
Posted: 16 Feb 2013
Todd Keister
Rutgers, The State University of New Jersey - Department of Economics

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Segmented Markets, taxation, Economic Volatility, indeterminacy

27.

Money Taxes and Efficiency When Sunspots Matter

Journal of Economic Theory, Vol. 83, No. 1, 1998
Posted: 16 Feb 2013
Todd Keister
Rutgers, The State University of New Jersey - Department of Economics

Abstract:

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Segmented Markets, taxation, Economic Volatility, indeterminacy

28.

Equilibrium Prices When the Sunspot Variable is Continuous

Journal of Economic Theory, Vol. 107, No. 1, 2002
Posted: 16 Feb 2013
University of California, Santa Barbara (UCSB) - Department of Economics, Rutgers, The State University of New Jersey - Department of Economics, University of California, Santa Barbara (UCSB) - Department of Economics and Cornell University - Department of Economics

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indivisibilities, nonconvexities, sunspot equilibrium, lottery equilibrium

29.

Government Policy and the Probability of Coordination Failures

European Economic Review, Vol. 49, No. 4, 2005
Posted: 16 Feb 2013
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics

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coordination problems, equilibrium selection, learning, network externalities

30.

Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort

Journal of Economic Theory, Vol. 99, No. 1-2, 2001
Posted: 16 Feb 2013
Washington University in St. Louis - Department of Economics, World Bank and Rutgers, The State University of New Jersey - Department of Economics

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banking crises, discount window policy, elastic currency, inflation, lender of last resort, liquidity crises, multiple equilibria

31.

Optimal Fiscal Policy under Multiple Equilibria

Journal of Monetary Economics, Vol. 53, No. 2, 2005
Posted: 16 Feb 2013
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics

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coordination problems, equilibrium selection, search and matching, taxation

32.

Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium

Macroeconomic Dynamics, Vol. 10, No. 1, 2006
Posted: 16 Feb 2013
Gaetano Antinolfi and Todd Keister
Washington University in St. Louis - Department of Economics and Rutgers, The State University of New Jersey - Department of Economics

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Discount Window Lending, Liquidity Crisis, investment, Friedman Rule

33.

Bank Runs as Coordination Failures: An Experimental Study

Journal of Economic Behavior and Organization, Vol. 71, No. 2, 2009
Posted: 16 Feb 2013 Last Revised: 23 Aug 2014
Rod Garratt and Todd Keister
University of California, Santa Barbara (UCSB) - Department of Economics and Rutgers, The State University of New Jersey - Department of Economics

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experimental coordination games, banking panics, Bayesian updating, demand deposits

34.

Options and Sunspots in a Simple Monetary Economy

Economic Theory, Vol. 11, No. 2, 1998
Posted: 30 Jul 2012
Gaetano Antinolfi and Todd Keister
Washington University in St. Louis - Department of Economics and Rutgers, The State University of New Jersey - Department of Economics

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options, volatility, sunspot immunity

35.

Banking Panics and Policy Responses

Journal of Monetary Economics, Vol. 57, No. 4, 2010
Posted: 09 Mar 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics

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Bank runs, Limited commitment, Time consistency, Suspension of convertibility

36.

Run Equilibria in the Green-Lin Model of Financial Intermediation

Journal of Economic Theory, Vol. 144, No. 5, 2009
Posted: 09 Mar 2012
Huberto M. Ennis and Todd Keister
Federal Reserve Banks - Federal Reserve Bank of Richmond and Rutgers, The State University of New Jersey - Department of Economics

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Bank runs, Implementation, Private information, Multiple equilibria, Correlated types