Michael Kumhof

International Monetary Fund (IMF)

700 19th Street, N.W.

Washington, DC 20431

United States

SCHOLARLY PAPERS

38

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CITATIONS
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127

Scholarly Papers (38)

1.
Downloads 699 ( 29,633)
Citation 10

Inequality, Leverage and Crises

IMF Working Paper No. 10/268
Number of pages: 38 Posted: 01 Feb 2011
Michael Kumhof and Romain G. Rancière
International Monetary Fund (IMF) and Paris School of Economics (PSE)
Downloads 692 (29,553)
Citation 10

Abstract:

Borrowing, Consumption, Debt, Economic models, Financial crisis, Financial risk, Financial sector, Household credit, Income distribution, Private sector, United States

Inequality, Leverage and Crises

CEPR Discussion Paper No. DP8179
Number of pages: 41 Posted: 18 Jan 2011
Michael Kumhof and Romain G. Rancière
International Monetary Fund (IMF) and Paris School of Economics (PSE)
Downloads 7 (542,055)
Citation 10
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Abstract:

Income inequality, wealth inequality, leverage, financial crises, wealth

2.
Downloads 427 ( 55,913)
Citation 3

Income Inequality and Current Account Imbalances

IMF Working Paper No. 12/8
Number of pages: 44 Posted: 02 Feb 2012
International Monetary Fund (IMF), International Monetary Fund (IMF), Paris School of Economics (PSE), Federal Reserve Bank of Dallas and College of William and Mary
Downloads 289 (87,649)
Citation 3

Abstract:

Credit demand, Cross country analysis, Current account deficits, Domestic debt, Economic models, Income distribution

Income Inequality and Current Account Imbalances

IMF Working Paper No. 12/8
Number of pages: 46 Posted: 02 Jun 2015
International Monetary Fund (IMF), International Monetary Fund (IMF), Paris School of Economics (PSE), Federal Reserve Bank of Dallas and College of William and Mary
Downloads 138 (178,195)
Citation 3

Abstract:

Credit demand, Domestic debt, Economic models, Income distribution, current account, current account deficit, private credit, current account balance, current account imbalances, current account deficits, current accounts, current account surpluses, current account balances, global current account, global current account imbalances

3.

Models of Banking: Loanable Funds or Loans that Create Funds?

Number of pages: 48 Posted: 02 Aug 2014
Zoltan Jakab and Michael Kumhof
International Monetary Fund and International Monetary Fund (IMF)
Downloads 365 (34,188)

Abstract:

Bank lending, loanable funds, endogenous money, financial accelerator, DSGE, bank leverage, credit cycles, credit rationing, macroprudential policy

4.

Effects of Fiscal Stimulus in Structural Models

IMF Working Paper No. 10/73
Number of pages: 122 Posted: 29 Mar 2010
affiliation not provided to SSRN, Federal Reserve Board - Trade and Quantitative Studies, Government of Canada - Bank of Canada, University of Palermo, International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department, Sveriges Riksbank - Research Division, Organization for Economic Co-Operation and Development (OECD) - Economics Department (ECO), Bank of Canada, International Monetary Fund (IMF), Bank of Canada - International Economic Analysis Department, International Monetary Fund (IMF), European Commission, DGECFIN, Queen's University - Department of Economics, Board of Governors of the Federal Reserve System and European Union - Directorate General for Economic and Financial Affairs (DG ECFIN)
Downloads 276 (74,067)
Citation 17

Abstract:

Budget deficits, Cross country analysis, Economic forecasting, Economic models, Europe, Fiscal policy, Government expenditures, Monetary policy, Public debt, Stabilization measures, Taxes, United States

Monetary Policy in an Equilibrium Portfolio Balance Model

IMF Working Paper No. 07/72
Number of pages: 33 Posted: 12 Apr 2007
Michael Kumhof and Stijn Van Nieuwerburgh
International Monetary Fund (IMF) and New York University Stern School of Business, Department of Finance
Downloads 203 (126,297)
Citation 1

Abstract:

Monetary Policy in an Equilibrium Portfolio Balance Model

NYU Working Paper No. FIN-11-055
Posted: 13 Jan 2012
Michael Kumhof and Stijn Van Nieuwerburgh
International Monetary Fund (IMF) and New York University Stern School of Business, Department of Finance

Abstract:

6.

Balance of Payments Crises Under Inflation Targeting

IMF Working Paper No. 07/84
Number of pages: 28 Posted: 17 Apr 2007
Michael Kumhof, Shujing Li and Isabel Kitming Yan
International Monetary Fund (IMF), China Securities Regulatory Commission and City University of Hong Kong (CityUHK) - Department of Economics & Finance
Downloads 179 (139,526)
Citation 3

Abstract:

7.

Fiscal Deficits and Current Account Deficits

IMF Working Paper No. 09/237
Number of pages: 36 Posted: 02 Nov 2009
Michael Kumhof and Douglas Laxton
International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 152 (157,909)
Citation 2

Abstract:

Budget deficits, Business cycles, Current account deficits, Economic models, Fiscal policy, Fiscal sustainability, Gross domestic product, Monetary policy, Private sector, Public debt, Savings

8.

Government Debt: A Key Role in Financial Intermediation

IMF Working Paper No. 05/57
Number of pages: 30 Posted: 13 Jan 2006
Michael Kumhof and Evan Tanner
International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 150 (160,434)
Citation 13

Abstract:

Optimal fiscal policy, distortionary taxation, inflation, government debt

9.

Financial Crises in DSGE Models: A Prototype Model

IMF Working Paper No. 14/57
Number of pages: 60 Posted: 30 Apr 2014
Jaromir Benes, Michael Kumhof and Douglas Laxton
Czech National Bank, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 144 (91,575)
Citation 1

Abstract:

Financial crisis, Credit expansion, Bank credit, Credit risk, Banks, Loans, Macroprudential Policy, Monetary policy, Economic models, lending boom, credit crunch, financialy cycle, asset price bubble, bank capital, bank balance sheets, bank deposits, banking, capital adequacy, capital regulation, probability of default, retained earnings, bank equity, banking sector, bank borrowers, prudential regulation, present value, recapitalization, bank credit creation, bank assets, bank liabilities, return on equity, bank capital regulation, banks loans, monetary authority, banking crises, banking activities, banking supervision, capital adequacy ratio, banking system, bank earnings, financial risk, b

10.

Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits

IMF Working Paper No. 09/255
Number of pages: 41 Posted: 24 Nov 2009
International Monetary Fund (IMF), Bank of Canada, Government of Canada - Bank of Canada, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 136 (155,409)
Citation 6

Abstract:

Budget deficits, Economic models, External shocks, Financial crisis, Financial sector, Fiscal policy, Global Financial Crisis 2008-2009, Government expenditures, International financial system, Monetary policy, Productivity, Public debt

11.

Politically Optimal Fiscal Policy

IMF Working Paper No. 07/68
Number of pages: 28 Posted: 12 Apr 2007
Michael Kumhof and Irina V. Yakadina
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 121 (189,904)
Citation 3

Abstract:

12.

The Future of Oil: Geology Versus Technology

IMF Working Paper No. 12/109
Number of pages: 34 Posted: 11 May 2013
International Monetary Fund (IMF), University of California Riverside, International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and affiliation not provided to SSRN
Downloads 114 (182,938)

Abstract:

Oil prices, Economic models, External shocks, Oil production, oil supply, oil demand, world oil production, higher oil prices, oil market, output growth, oil shock, world economy, aggregate demand, crude oil, conventional oil, oil and gas, fossil fuels, oil sector, oil reserves, world oil demand, oil industry, world growth, oil shale, oil production forecasts, world output, ecological economics, global supply, price fluctuations, oil recovery, dynamic effects, crude oil market, income elasticities, increased oil prices, oil producers, global oil production, oil price fluctuations, million barrels, energy information administration, oil markets, nonrenewable resources, oil price changes, opec

13.

A Party Without a Hangover? On the Effects of U.S. Government Deficits

IMF Working Paper No. 07/202
Number of pages: 40 Posted: 28 Nov 2007
Michael Kumhof and Douglas Laxton
International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 114 (186,380)
Citation 20

Abstract:

Budget deficits, United States, Working Paper, Taxes, Public debt, Economic models

14.

Fiscal Crisis Resolution: Taxation versus Inflation

HKIMR Working Paper No. 10/2004
Number of pages: 32 Posted: 22 Aug 2007
Michael Kumhof
International Monetary Fund (IMF)
Downloads 114 (198,326)
Citation 4

Abstract:

Simple Monetary Rules Under Fiscal Dominance

IMF Working Paper No. 07/271
Number of pages: 27 Posted: 21 Dec 2007
International Monetary Fund (IMF), International Monetary Fund (IMF) and Federal Reserve Board
Downloads 75 (273,842)

Abstract:

Monetary policy, Inflation, Interest rates, Debt, Government expenditures

Simple Monetary Rules under Fiscal Dominance

Number of pages: 37 Posted: 31 Oct 2008
Michael Kumhof, Ricardo Cavaco Nunes and Irina Yakadina
International Monetary Fund (IMF), Federal Reserve Board and affiliation not provided to SSRN
Downloads 33 (400,204)

Abstract:

Optimal simple policy rules, fiscal dominance

16.

Simple, Implementable Fiscal Policy Rules

IMF Working Paper No. 09/76
Number of pages: 43 Posted: 28 Apr 2009
Michael Kumhof and Douglas Laxton
International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 90 (223,253)
Citation 1

Abstract:

Fiscal policy, Business cycles, Revenues, Monetary policy, External shocks, Commodity prices, Copper, Manufacturing, Economic stabilization, Economic models

17.

Financial Crises in DSGE Models: Selected Applications of MAPMOD

IMF Working Paper No. 14/56
Number of pages: 56 Posted: 30 Apr 2014
Jaromir Benes, Michael Kumhof and Douglas Laxton
Czech National Bank, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 89 (191,049)
Citation 1

Abstract:

Financial crisis, Credit expansion, Banks, Loans, Credit risk, Macroprudential Policy, Economic models, lending boom, credit crunch, financial cycle, asset price bubble, capital adequacy, capital adequacy ratio, capital adequacy ratios, capital inflow, capital stock, bank balance sheets, banking, real appreciation, capital markets, international capital markets, bank capital, banking system, bank credit, foreign capital, bank deposits, bank equity, bank borrowers, bank agents, inflation rate, exogenous shocks, capital adjustment, banking markets, banks balance sheets, credit rationing, stock market, domestic borrowers, foreign asset, capital accumulation, hedging

18.

International Currency Portfolios

IMF Working Paper No. 09/48
Number of pages: 37 Posted: 23 Mar 2009
Michael Kumhof
International Monetary Fund (IMF)
Downloads 81 (249,667)

Abstract:

Working Papers

19.

The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure

IMF Working Paper No. 10/34
Number of pages: 74 Posted: 22 Feb 2010
International Monetary Fund (IMF), Bank of Canada, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 80 (192,249)
Citation 5

Abstract:

20.

Inequality, Leverage and Crises: The Case of Endogenous Default

IMF Working Paper No. 13/249
Number of pages: 49 Posted: 09 Jan 2014
Michael Kumhof, Romain G. Rancière and Pablo Winant
International Monetary Fund (IMF), Paris School of Economics (PSE) and Bank of England
Downloads 77 (234,224)

Abstract:

Income distribution, Private sector, Credit demand, Debt, Financial crisis, Income inequality, wealth inequality, debt leverage, financial crises, wealth in utility, global solution methods., recession, crisis probability, consumption smoothing, consumption inequality, real interest rate, crisis probabilities, general equilibrium, consumption levels, household income, lifetime consumption, systemic risk, household income inequality, income growth, crisis episodes, consumer durables, consumption declines, credit boom, consumption volatility, lifetime income, credit booms, level of consumption, consumption constant, consumer expenditure survey, financial liberalization, distribution of income,

21.

Risky Bank Lending and Optimal Capital Adequacy Regulation

IMF Working Paper No. 11/130
Number of pages: 28 Posted: 14 Jun 2011
Jaromir Benes and Michael Kumhof
Czech National Bank and International Monetary Fund (IMF)
Downloads 77 (237,449)
Citation 1

Abstract:

Bank regulations, Banks, Capital, Corporate sector, Economic models, Loans, Moral hazard

A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention

IMF Working Paper No. 02/29
Number of pages: 44 Posted: 29 Jan 2006
Michael Kumhof and Stijn Van Nieuwerburgh
International Monetary Fund (IMF) and New York University Stern School of Business, Department of Finance
Downloads 77 (269,631)
Citation 1

Abstract:

Sterilized intervention, fiscal non-neutrality, currency risk premium, portfolio balance theory

A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention

NYU Working Paper No. FIN-11-058
Posted: 13 Jan 2012
Michael Kumhof and Stijn Van Nieuwerburgh
International Monetary Fund (IMF) and New York University Stern School of Business, Department of Finance

Abstract:

23.

The Chicago Plan Revisited

IMF Working Paper No. 12/202
Number of pages: 72 Posted: 01 Nov 2012
Jaromír Beneš and Michael Kumhof
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 67 (206,207)
Citation 2

Abstract:

Chicago Plan, Chicago School Of Economics, 100% Reserve Banking, Bank Lending, Lending Risk, Private Money Creation, Bank Capital Adequacy, Government Debt, Private Debt, Boom-bust Cycles, Bank Credit, Banking Systems, Economic Models, Monetary Systems

24.

Inflation Inertia and Credible Disinflation - the Open Economy Case

NBER Working Paper No. w9557
Number of pages: 33 Posted: 06 Oct 2005
Guillermo A. Calvo, Oya Celasun and Michael Kumhof
Columbia University - School of International & Public Affairs (SIPA), International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 62 (300,652)
Citation 5

Abstract:

25.

Oil and the World Economy: Some Possible Futures

IMF Working Paper No. 12/256
Number of pages: 32 Posted: 30 Nov 2012
Michael Kumhof and Dirk Muir
International Monetary Fund (IMF) and Bank of Canada
Downloads 60 (286,506)

Abstract:

Oil production, Demand, Supply, Oil prices, External shocks, Price elasticity, Economic models, Exhaustible resources, fossil fuels, oil depletion, Hubbert's Peak, externalities., oil prices, oil exporters, exporters, oil importers, world economy, elasticity of substitution, oil shock, market equilibrium, exporting countries, transition period, oil exports, capital flows, output growth, domestic demand, balance sheets, oil imports, aggregate demand, intermediate goods, external shocks, world growth, equilibrium model, world output, oil revenues, global supply, oil-exporting countries, domestic price, current account surplus

26.

Budget Consolidation: Short-Term Pain and Long-Term Gain

IMF Working Paper No. 10/163
Number of pages: 34 Posted: 19 Jul 2010
International Monetary Fund (IMF), Government of Canada - Bank of Canada, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 59 (288,725)
Citation 2

Abstract:

27.

Pricing Policies and Inflation Inertia

IMF Working Paper No. 03/87
Number of pages: 27 Posted: 29 Jan 2006
Luis Felipe Cespedes, Michael Kumhof and Eric Parrado
International Monetary Fund (IMF), International Monetary Fund (IMF) and Central Bank of Chile
Downloads 58 (291,094)
Citation 6

Abstract:

Inflation inertia, disinflation, pricing policies

28.

Nominal Exchange Rate Anchoring Under Inflation Inertia

IMF Working Paper No. 02/30
Number of pages: 37 Posted: 29 Jan 2006
Guillermo A. Calvo, Oya Celasun and Michael Kumhof
Columbia University - School of International & Public Affairs (SIPA), International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 58 (295,792)
Citation 5

Abstract:

Inflation inertia, staggered pricing, exchange rate based stabilization

29.

Balance of Payments Anti-Crises

IMF Working Paper No. 09/134
Number of pages: 22 Posted: 28 Jul 2009
Michael Kumhof and Isabel K. Yan
International Monetary Fund (IMF) and affiliation not provided to SSRN
Downloads 49 (327,555)
Citation 1

Abstract:

30.

To Starve or Not to Starve the Beast?

IMF Working Paper No. 10/199
Number of pages: 37 Posted: 01 Feb 2011
Michael Kumhof, Douglas Laxton and Daniel Leigh
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 47 (330,483)
Citation 1

Abstract:

Budget deficits, Cross country analysis, Economic models, Fiscal analysis, Fiscal policy, Government expenditures, Tax policy, Tax reductions, United States, Welfare

31.

Chile's Structural Fiscal Surplus Rule: A Model-Based Evaluation

IMF Working Paper No. 09/88
Number of pages: 56 Posted: 28 Apr 2009
Michael Kumhof and Douglas Laxton
International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 47 (267,106)
Citation 9

Abstract:

Fiscal policy, Chile, Current account surpluses, Business cycles, Copper, Economic models

32.

Jointly Optimal Monetary and Fiscal Policy Rules Under Borrowing Constraints

IMF Working Paper No. 09/286
Number of pages: 40 Posted: 05 Jan 2010
Michael Kumhof and Huixin Bi
International Monetary Fund (IMF) and Indiana University Bloomington
Downloads 42 (336,484)

Abstract:

Borrowing, Economic models, External shocks, Fiscal policy, Monetary policy, Welfare

33.

Banks are Not Intermediaries of Loanable Funds – And Why This Matters

Bank of England Working Paper No. 529
Number of pages: 61 Posted: 31 May 2015
Zoltan Jakab and Michael Kumhof
International Monetary Fund and International Monetary Fund (IMF)
Downloads 37 (121,510)

Abstract:

Banks, financial intermediation, loanable funds, money creation, loans, deposits, leverage, spreads

34.

The Benefits of International Policy Coordination Revisited

IMF Working Paper No. 13/262
Number of pages: 54 Posted: 09 Jan 2014
International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 27 (355,059)

Abstract:

Fiscal policy, Macroprudential Policy, Monetary policy, Stabilization measures, International cooperation, Economic models, International Policy Coordination, International Spillovers, Nonlinearities, Fiscal Multipliers, Macrofinancial Linkages, Prudential Regulation, inflation, real interest rates, nominal interest rates, monetary economics, terms of trade, foreign currency, real value, aggregate demand, terms of trade shock, foreign exchange, real output, financial stability, increase in inflation, price level, nominal rate of return, relative price, inflationary pressures, inflation objective, rate of inflation, inflation targeting

35.

Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model

IMF Working Paper No. 13/55
Number of pages: 67 Posted: 15 Mar 2013
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department, Bank of Finland - Monetary Policy and Research Department, International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF), International Monetary Fund (IMF) and Queen's University - Department of Economics
Downloads 24 (390,921)

Abstract:

36.

Inflation Inertia - the Role of Multiple, Interacting Pricing Rigidities

HKIMR Working Paper No. 18/2004
Number of pages: 25 Posted: 23 Aug 2007
Michael Kumhof
International Monetary Fund (IMF)
Downloads 18 (457,401)

Abstract:

37.

Banks in the Global Integrated Monetary and Fiscal Model

IMF Working Paper No. 15/150
Number of pages: 50 Posted: 31 Aug 2015
Michal Andrle, Michael Kumhof, Douglas Laxton and Dirk Muir
International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 17 (372,108)
Citation 4

Abstract:

Multi-Region DSGE Models, Financial Accelerator, Macro-Financial Linkages, Macroprudential Policy

38.

The Macroeconomics of Central Bank Issued Digital Currencies

Bank of England Working Paper No. 605
Number of pages: 92 Posted: 18 Jul 2016
John Barrdear and Michael Kumhof
Bank of England and International Monetary Fund (IMF)
Downloads 0 (82,860)

Abstract:

Distributed ledgers, blockchain, banks, financial intermediation, bank lending, money creation, money demand, endogenous money, countercyclical policy