Details about Todd Keister

Homepage:	http://www.toddkeister.net
Postal address:	Department of Economics Rutgers University 75 Hamilton Street New Brunswick, NJ 08901
Workplace:	Department of Economics, Rutgers University-New Brunswick, (more information at EDIRC) Research and Statistics Group, Federal Reserve Bank of New York, (more information at EDIRC)

Access statistics for papers by Todd Keister.

Last updated 2025-07-06. Update your information in the RePEc Author Service.

Short-id: pke17

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Working Papers

2022

1. Central Bank Digital Currency: Stability and Information
   Working Papers, Office of Financial Research, US Department of the Treasury View citations (13)
   Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2022) View citations (44)
   See also Journal Article Central bank digital currency: Stability and information, Journal of Economic Dynamics and Control, Elsevier (2022) View citations (42) (2022)
2. How would a Central Bank Digital Currency Affect Financial Stability?
   The OFR Blog, Office of Financial Research, US Department of the Treasury View citations (9)

2021

3. Should Central Banks Issue Digital Currency?
   Working Papers, Federal Reserve Bank of Philadelphia View citations (64)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2019) View citations (34)
   See also Journal Article Should Central Banks Issue Digital Currency?, The Review of Economic Studies, Review of Economic Studies Ltd (2023) View citations (41) (2023)

2020

4. Allocating Losses: Bail-ins, Bailouts and Bank Regulation
   ECONtribute Discussion Papers Series, University of Bonn and University of Cologne, Germany View citations (4)
   Also in CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany (2020) View citations (4)
   See also Journal Article Allocating losses: Bail-ins, bailouts and bank regulation, Journal of Economic Theory, Elsevier (2023) View citations (10) (2023)

2019

5. Bailouts, Bail-ins and Banking Crises
   CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany View citations (3)
   Also in 2017 Meeting Papers, Society for Economic Dynamics (2017) View citations (14)

2016

6. Aggregate Liquidity Management
   Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
7. Monetary Policy, Credit Markets and Banking Regulation
   2016 Meeting Papers, Society for Economic Dynamics

2015

8. Floor systems and the Friedman rule: the fiscal arithmetic of open market operations
   Staff Reports, Federal Reserve Bank of New York View citations (2)
9. Online Appendix to "Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?"
   Online Appendices, Review of Economic Dynamics View citations (3)
   See also Journal Article Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2016) View citations (15) (2016)
10. Optimal Banking Contracts and Financial Fragility
    Working Paper, Federal Reserve Bank of Richmond View citations (7)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012)
    See also Journal Article Optimal banking contracts and financial fragility, Economic Theory, Springer (2016) View citations (8) (2016)

2014

11. Bailouts and Financial Fragility
    Departmental Working Papers, Rutgers University, Department of Economics View citations (25)
    Also in Staff Reports, Federal Reserve Bank of New York (2010) View citations (20)
    See also Journal Article Bailouts and Financial Fragility, The Review of Economic Studies, Review of Economic Studies Ltd (2016) View citations (92) (2016)
12. Expectations vs. fundamentals: Does the cause of banking panics matter for prudential policy?
    2014 Meeting Papers, Society for Economic Dynamics
13. On the economics of committed liquidity facilities
    BIS Working Papers, Bank for International Settlements View citations (4)
    See also Chapter On the Economics of Committed Liquidity Facilities, RBA Annual Conference Volume (Discontinued), Reserve Bank of Australia (2013) View citations (1) (2013)

2013

14. Liquidity regulation and the implementation of monetary policy
    Departmental Working Papers, Rutgers University, Department of Economics View citations (22)
    Also in BIS Working Papers, Bank for International Settlements (2013) View citations (24)
    See also Journal Article Liquidity regulation and the implementation of monetary policy, Journal of Monetary Economics, Elsevier (2017) View citations (42) (2017)

2012

15. Cash Assets of Foreign Banks: An Example of Seasonal Adjustment Gone Awry
    Liberty Street Economics, Federal Reserve Bank of New York

2011

16. Expectations versus fundamentals: does the cause of banking panics matter for prudential policy?
    Staff Reports, Federal Reserve Bank of New York View citations (6)

2009

17. Central Bank Lending and Inflation
    2009 Meeting Papers, Society for Economic Dynamics
18. Why are banks holding so many excess reserves?
    Staff Reports, Federal Reserve Bank of New York View citations (63)
    See also Journal Article Why are banks holding so many excess reserves?, Current Issues in Economics and Finance, Federal Reserve Bank of New York (2009) View citations (85) (2009)

2008

19. Run Equilibria in a Model of Financial Intermediation
    2008 Meeting Papers, Society for Economic Dynamics View citations (5)
    Also in Staff Reports, Federal Reserve Bank of New York (2008) View citations (5)

2007

20. Bank runs and institutions: the perils of intervention
    Working Paper, Federal Reserve Bank of Richmond View citations (26)
    See also Journal Article Bank Runs and Institutions: The Perils of Intervention, American Economic Review, American Economic Association (2009) View citations (173) (2009)
21. Commitment and Equilibrium Bank Runs
    2007 Meeting Papers, Society for Economic Dynamics View citations (6)
    Also in Staff Reports, Federal Reserve Bank of New York (2007) View citations (6)

2006

22. Banking Policy without Commitment: Suspension of Convertibility Taken Seriously
    2006 Meeting Papers, Society for Economic Dynamics
23. Expectations and Contagion in Self-fulfilling Currency Attacks
    2006 Meeting Papers, Society for Economic Dynamics View citations (3)
    Also in Working Papers, Centro de Investigacion Economica, ITAM (2005) View citations (1)
    Staff Reports, Federal Reserve Bank of New York (2006) View citations (3)
    See also Journal Article EXPECTATIONS AND CONTAGION IN SELF-FULFILLING CURRENCY ATTACKS, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2009) View citations (5) (2009)

2005

24. Lecture Notes on The Optimal Growth Problem
    MPRA Paper, University Library of Munich, Germany

2004

25. Bank Runs and Investment Decisions Revisited
    2004 Meeting Papers, Society for Economic Dynamics
    Also in Working Paper, Federal Reserve Bank of Richmond (2004)
    See also Journal Article Bank runs and investment decisions revisited, Journal of Monetary Economics, Elsevier (2006) View citations (61) (2006)

2003

26. Aggregate demand management with multiple equilibria
    Working Paper, Federal Reserve Bank of Richmond View citations (2)
27. Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium
    Working Papers, Centro de Investigacion Economica, ITAM View citations (6)
    See also Journal Article DISCOUNT WINDOW POLICY, BANKING CRISES, AND INDETERMINACY OF EQUILIBRIUM, Macroeconomic Dynamics, Cambridge University Press (2006) View citations (29) (2006)
28. Economic growth, liquidity, and bank runs
    Working Paper, Federal Reserve Bank of Richmond View citations (72)
    See also Journal Article Economic growth, liquidity, and bank runs, Journal of Economic Theory, Elsevier (2003) View citations (79) (2003)
29. Government Policy and the Probability of Coordination Failures
    Working Papers, Centro de Investigacion Economica, ITAM View citations (8)
    See also Journal Article Government policy and the probability of coordination failures, European Economic Review, Elsevier (2005) View citations (24) (2005)

2002

30. Comparing Sunspot Equilibrium and Lottery Equilibrium Allocations: The Finite Case
    Working Papers, Cornell University, Center for Analytic Economics View citations (1)
    See also Journal Article Comparing Sunspot Equilibrium And Lottery Equilibrium Allocations: The Finite Case, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2004) View citations (10) (2004)

2001

31. Optimal policy with probabilistic equilibrium selection
    Working Paper, Federal Reserve Bank of Richmond View citations (2)

2000

32. Government Policy and Probabilistic Equilibrium Selection
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society
33. Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate
    Working Papers, Centro de Investigacion Economica, ITAM
34. Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort
    Working Papers, Centro de Investigacion Economica, ITAM View citations (5)
    See also Journal Article Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort, Journal of Economic Theory, Elsevier (2001) View citations (47) (2001)

1999

35. A Characterization of Robust Sunspot Equilibria
    University of California at Santa Barbara, Economics Working Paper Series, Department of Economics, UC Santa Barbara
    See also Journal Article A Characterization of Robust Sunspot Equilibria, Journal of Economic Theory, Elsevier (2002) View citations (2) (2002)

Journal Articles

2023

1. Allocating losses: Bail-ins, bailouts and bank regulation
   Journal of Economic Theory, 2023, 210, (C) View citations (10)
   See also Working Paper Allocating Losses: Bail-ins, Bailouts and Bank Regulation, ECONtribute Discussion Papers Series (2020) View citations (4) (2020)
2. Should Central Banks Issue Digital Currency?
   The Review of Economic Studies, 2023, 90, (1), 404-431 View citations (41)
   See also Working Paper Should Central Banks Issue Digital Currency?, Working Papers (2021) View citations (64) (2021)

2022

3. Central bank digital currency: Stability and information
   Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (42)
   See also Working Paper Central Bank Digital Currency: Stability and Information, Working Papers (2022) View citations (13) (2022)
4. The economics of digital currencies: Progress and open questions
   Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (5)

2019

5. The interplay between liquidity regulation, monetary policy implementation and financial stability
   Global Finance Journal, 2019, 39, (C), 30-38 View citations (5)
   See also Chapter The Interplay Between Liquidity Regulation, Monetary Policy Implementation and Financial Stability, World Scientific Book Chapters, 2017, 173-193 (2017) View citations (1) (2017)

2017

6. Liquidity regulation and the implementation of monetary policy
   Journal of Monetary Economics, 2017, 92, (C), 64-77 View citations (42)
   See also Working Paper Liquidity regulation and the implementation of monetary policy, Departmental Working Papers (2013) View citations (22) (2013)

2016

7. Bailouts and Financial Fragility
   The Review of Economic Studies, 2016, 83, (2), 704-736 View citations (92)
   See also Working Paper Bailouts and Financial Fragility, Departmental Working Papers (2014) View citations (25) (2014)
8. Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?
   Review of Economic Dynamics, 2016, 21, 89-104 View citations (15)
   See also Working Paper Online Appendix to "Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?", Online Appendices (2015) View citations (3) (2015)
   Software Item Code and data files for "Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?", Computer Codes (2015) (2015)
9. Optimal banking contracts and financial fragility
   Economic Theory, 2016, 61, (2), 335-363 View citations (8)
   See also Working Paper Optimal Banking Contracts and Financial Fragility, Working Paper (2015) View citations (7) (2015)

2014

10. Stability of funding models: an analytical framework
    Economic Policy Review, 2014, (Feb), 29-47 View citations (23)

2013

11. Introduction to the symposium
    Annals of Finance, 2013, 9, (1), 1-4

2012

12. On the liquidity coverage ratio and monetary policy implementation
    BIS Quarterly Review, 2012 View citations (44)

2011

13. Discussion of “Banking in a Matching Model of Money and Capital”
    Journal of Money, Credit and Banking, 2011, 43, 477-485
14. Discussion of “Banking in a Matching Model of Money and Capital”
    Journal of Money, Credit and Banking, 2011, 43, (s2), 477-485

2010

15. Banking panics and policy responses
    Journal of Monetary Economics, 2010, 57, (4), 404-419 View citations (81)
16. Comment on: "A model of a systemic bank run" by Harald Uhlig
    Journal of Monetary Economics, 2010, 57, (1), 97-100
17. On the fundamental reasons for bank fragility
    Economic Quarterly, 2010, 96, (1Q), 33-58 View citations (19)

2009

18. Bank Runs and Institutions: The Perils of Intervention
    American Economic Review, 2009, 99, (4), 1588-1607 View citations (173)
    See also Working Paper Bank runs and institutions: the perils of intervention, Working Paper (2007) View citations (26) (2007)
19. Bank runs as coordination failures: An experimental study
    Journal of Economic Behavior & Organization, 2009, 71, (2), 300-317 View citations (97)
20. EXPECTATIONS AND CONTAGION IN SELF-FULFILLING CURRENCY ATTACKS
    International Economic Review, 2009, 50, (3), 991-1012 View citations (5)
    See also Working Paper Expectations and Contagion in Self-fulfilling Currency Attacks, 2006 Meeting Papers (2006) View citations (3) (2006)
21. Run equilibria in the Green-Lin model of financial intermediation
    Journal of Economic Theory, 2009, 144, (5), 1996-2020 View citations (55)
22. Why are banks holding so many excess reserves?
    Current Issues in Economics and Finance, 2009, 15, (Dec) View citations (85)
    See also Working Paper Why are banks holding so many excess reserves?, Staff Reports (2009) View citations (63) (2009)

2008

23. Divorcing money from monetary policy
    Economic Policy Review, 2008, 14, (Sep), 41-56 View citations (115)
24. Understanding monetary policy implementation
    Economic Quarterly, 2008, 94, (Sum), 235-263 View citations (64)

2006

25. Bank runs and investment decisions revisited
    Journal of Monetary Economics, 2006, 53, (2), 217-232 View citations (61)
    See also Working Paper Bank Runs and Investment Decisions Revisited, 2004 Meeting Papers (2004) (2004)
26. DISCOUNT WINDOW POLICY, BANKING CRISES, AND INDETERMINACY OF EQUILIBRIUM
    Macroeconomic Dynamics, 2006, 10, (1), 1-19 View citations (29)
    See also Working Paper Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium, Working Papers (2003) View citations (6) (2003)

2005

27. Government policy and the probability of coordination failures
    European Economic Review, 2005, 49, (4), 939-973 View citations (24)
    See also Working Paper Government Policy and the Probability of Coordination Failures, Working Papers (2003) View citations (8) (2003)
28. Optimal fiscal policy under multiple equilibria
    Journal of Monetary Economics, 2005, 52, (8), 1359-1377 View citations (12)

2004

29. Comparing Sunspot Equilibrium And Lottery Equilibrium Allocations: The Finite Case
    International Economic Review, 2004, 45, (2), 351-386 View citations (10)
    See also Working Paper Comparing Sunspot Equilibrium and Lottery Equilibrium Allocations: The Finite Case, Working Papers (2002) View citations (1) (2002)

2003

30. Economic growth, liquidity, and bank runs
    Journal of Economic Theory, 2003, 109, (2), 220-245 View citations (79)
    See also Working Paper Economic growth, liquidity, and bank runs, Working Paper (2003) View citations (72) (2003)

2002

31. A Characterization of Robust Sunspot Equilibria
    Journal of Economic Theory, 2002, 107, (1), 136-144 View citations (2)
    See also Working Paper A Characterization of Robust Sunspot Equilibria, University of California at Santa Barbara, Economics Working Paper Series (1999) (1999)
32. Equilibrium Prices When the Sunspot Variable Is Continuous
    Journal of Economic Theory, 2002, 107, (1), 11-38 View citations (13)

2001

33. Dollarization as a monetary arrangement for emerging market economies
    Review, 2001, 83, (Nov.), 29-40 View citations (14)
34. Growth Dynamics and Returns to Scale: Bifurcation Analysis
    Journal of Economic Theory, 2001, 96, (1-2), 70-96 View citations (7)
35. MONEY TAXES, MARKET SEGMENTATION, AND SUNSPOT EQUILIBRIA
    Macroeconomic Dynamics, 2001, 5, (3), 327-352
36. Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort
    Journal of Economic Theory, 2001, 99, (1-2), 187-219 View citations (47)
    See also Working Paper Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort, Working Papers (2000) View citations (5) (2000)

1998

37. Money Taxes and Efficiency When Sunspots Matter
    Journal of Economic Theory, 1998, 83, (1), 43-68 View citations (9)
38. Options and sunspots in a simple monetary economy
    Economic Theory, 1998, 11, (2), 295-315 View citations (9)

Chapters

2017

1. The Interplay Between Liquidity Regulation, Monetary Policy Implementation and Financial Stability
   Chapter 13 in Achieving Financial Stability Challenges to Prudential Regulation, 2017, pp 173-193 View citations (1)
   See also Journal Article The interplay between liquidity regulation, monetary policy implementation and financial stability, Elsevier (2019) View citations (5) (2019)

2013

2. On the Economics of Committed Liquidity Facilities
   A chapter in Liquidity and Funding Markets, 2013 View citations (1)
   See also Working Paper On the economics of committed liquidity facilities, Bank for International Settlements (2014) View citations (4) (2014)

Software Items

2015

1. Code and data files for "Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2016) View citations (15) (2016)