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Author:Ennis, Huberto M. 

Briefing
Bank Lending in the Time of COVID

We discuss the evolution of bank lending during the first several months of the COVID-19 pandemic. Large domestic banks and foreign-related banks increased significantly their lending to businesses during these months, much of it through existing lines of credit. Small domestic banks played an active role in providing paycheck protection loans. In terms of consumer credit, the stock of banks' residential mortgage loans did not change substantially, and the amount of bank credit flowing directly to consumers decreased.
Richmond Fed Economic Brief , Volume 21 , Issue 05

Working Paper
Banking and the political support for dollarization

In this paper we study dollarization as a commitment device that the Central Bank could use to avoid getting involved in an undesirable banking-sector bailout. We show how a political process could induce an equilibrium outcome that differs from the one that a benevolent Central Bank would want to implement. Dollarization then could be used to restore the economy to the benevolent outcome. In so doing though, political support for dollarization becomes essential. For our benchmark case, dollarization does not have enough support to be actually implemented. But when we study the interaction ...
Working Paper , Paper 00-12

Working Paper
Shortages of small change in early Argentina

In this note I review evidence suggesting that shortages of small change occurred in the territory of Argentina during the end of the eighteenth and the beginning of the nineteenth centuries. For the colonial period (until 1810) the main pieces of evidence are: (i) the widespread use of informal means of payment, (ii) the difficulties faced in retiring from circulation low quality subsidiary coins, and (iii) the numerous official resolutions banning the exporting of fractional money from the colonies. For the period from 1810 to 1825, the episodes surrounding the introduction of copper coins ...
Working Paper , Paper 03-12

Journal Article
Some recent trends in commercial banking

Economic Quarterly , Volume 90 , Issue Spr , Pages 41-61

Working Paper
Avoiding the inflation tax

Working Paper , Paper 05-10

Working Paper
Discussion on \"Scarcity of Safe Assets, Inflation, and the Policy Trap\" by Andolfatto and Williamson

This discussion was prepared for the 84th Meeting of the Carnegie-Rochester-NYU Conference Series on Public Policy "Monetary Policy: An Unprecedented Predicament" held on November 14-15, 2014, at Carnegie Mellon University.
Working Paper , Paper 15-3

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

On November 21, 1985, the Bank of New York (BoNY) suffered a software failure that left it unable to redeliver securities it had received from other institutions as an intermediary. The result of the failure was that the bank sought and received $22.6 billion in discount window lending from the New York Fed, a record-setting amount. The episode presents a case study for considering when discount window lending and similar interventions are justified as a matter of efficiency, as well as the need for policymakers to take account of possible moral hazard that may lead to inadequate safeguards ...
Richmond Fed Economic Brief , Issue May

Journal Article
Some theoretical considerations regarding net asset values for money market funds

The instability of money market mutual funds is a subject of active debate. A new regulatory framework is likely to be implemented soon in the United States. The design of such a framework should depend on an assessment of which is the main economic function fulfilled by these funds. If money funds are providing maturity transformation, then redemption values that permanently reflect the market value of assets may be hard to compute and may undermine the purpose of the funds. If funds are mainly investment managers, then market-based redemption values can be appropriate and increase the ...
Economic Quarterly , Volume 98 , Issue 4Q , Pages 231-254

Journal Article
Large U.S. Bank Holding Companies During the 2007-09 Financial Crisis: An Overview of the Data

Large banking organizations were at the center of the recent financial crisis in the United States. Their role in the economy and how to regulate them has been the subject of active debate. We study the financial performance of U.S. bank holding companies with more than $10 billion in assets during the period between the beginning of 2005 and the end of 2011. The objective is to provide some perspective on the impact of the crisis on these companies and the way they dealt with and emerged from such stressful times.
Economic Quarterly , Issue 2Q , Pages 113-157

Working Paper
Over-the-counter loans, adverse selection, and stigma in the interbank market

It is often the case that banks in the US are willing to borrow in the fed funds market (the interbank market for funds) at higher rates than the ones they could obtain by borrowing at the Fed's discount window. This phenomenon is commonly explained as the consequence of the existence of a stigma effect attached to borrowing from the window. Most policymakers and empirical researchers consider the stigma hypothesis plausible. Yet, no formal treatment of the issue has ever been provided in the literature. In this paper, we fill that gap by studying a model of interbank credit where: (1) banks ...
Working Paper , Paper 10-07

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