Details about Michael Kumhof
Access statistics for papers by Michael Kumhof.
Last updated 2023-04-06. Update your information in the RePEc Author Service.
Short-id: pku60
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Working Papers
2023
- CBDC policies in open economies
BIS Working Papers, Bank for International Settlements
- Deep Reinforcement Learning in a Monetary Model
Papers, arXiv.org View citations (6)
2022
- Post-Corona Balanced-Budget Super-Stimulus: The Case for Shifting Taxes onto Land
VfS Annual Conference 2022 (Basel): Big Data in Economics, Verein für Socialpolitik / German Economic Association 
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
2021
- How Does International Capital Flow?
VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association 
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (4) Bank of England working papers, Bank of England (2020) View citations (4) BIS Working Papers, Bank for International Settlements (2020) View citations (5)
2020
- Banks are not intermediaries of loanable funds — facts, theory and evidence
Bank of England working papers, Bank of England View citations (15)
- Banks, Money, and the Zero Lower Bound on Deposit Rates
Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (5)
Also in Bank of England working papers, Bank of England (2020) View citations (14)
See also Journal Article in Journal of Economic Dynamics and Control (2021)
- Central Bank Money: Liability, Asset, or Equity of the Nation?
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (12)
2019
- Towards a new monetary theory of exchange rate determination
Bank of England working papers, Bank of England View citations (1)
2018
- Central bank digital currencies - design principles and balance sheet implications
Bank of England working papers, Bank of England View citations (97)
2016
- The macroeconomics of central bank issued digital currencies
Bank of England working papers, Bank of England View citations (138)
2015
- Banks are not intermediaries of loanable funds – and why this matters
Bank of England working papers, Bank of England View citations (79)
- Banks in The Global Integrated Monetary and Fiscal Model
IMF Working Papers, International Monetary Fund View citations (7)
- Inequality, Leverage, and Crises
PSE-Ecole d'économie de Paris (Postprint), HAL View citations (219)
Also in IMF Working Papers, International Monetary Fund (2010) View citations (134) PSE - Labex "OSE-Ouvrir la Science Economique", HAL (2015) View citations (226) CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (33) 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (25) Post-Print, HAL (2015) View citations (222)
See also Journal Article in American Economic Review (2015)
- Wage Moderation in Crises: Policy Considerations and Applications to the Euro Area
IMF Staff Discussion Notes, International Monetary Fund View citations (8)
2014
- Financial Crises in DSGE Models: A Prototype Model
IMF Working Papers, International Monetary Fund View citations (53)
- Financial Crises in DSGE Models: Selected Applications of MAPMOD
IMF Working Papers, International Monetary Fund View citations (36)
- The Chicago Plan Revisited
VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy, Verein für Socialpolitik / German Economic Association View citations (1)
Also in IMF Working Papers, International Monetary Fund (2012) View citations (130)
2013
- Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model
IMF Working Papers, International Monetary Fund View citations (60)
- Inequality, Leverage and Crises: The Case of Endogenous Default
IMF Working Papers, International Monetary Fund View citations (20)
- The Benefits of International Policy Coordination Revisited
IMF Working Papers, International Monetary Fund View citations (10)
2012
- Income Inequality and Current Account Imbalances
IMF Working Papers, International Monetary Fund View citations (132)
- Oil and the World Economy: Some Possible Futures
IMF Working Papers, International Monetary Fund View citations (17)
- The Future of Oil: Geology Versus Technology
IMF Working Papers, International Monetary Fund View citations (24)
See also Journal Article in International Journal of Forecasting (2015)
2011
- Risky Bank Lending and Optimal Capital Adequacy Regulation
IMF Working Papers, International Monetary Fund View citations (39)
- Too much of a good thing? on the effects of limiting foreign reserve accumulation
MPRA Paper, University Library of Munich, Germany
- Unequal = Indebted
Post-Print, HAL View citations (1)
Also in PSE-Ecole d'économie de Paris (Postprint), HAL (2011) View citations (1)
2010
- Budget Consolidation: Short-Term Pain and Long-Term Gain
IMF Working Papers, International Monetary Fund View citations (9)
- Chile’s Structural Fiscal Surplus Rule: a Model – Based Evaluation
Working Papers Central Bank of Chile, Central Bank of Chile View citations (9)
Also in IMF Working Papers, International Monetary Fund (2009) View citations (11)
See also Journal Article in Journal Economía Chilena (The Chilean Economy) (2010)
- Effects of Fiscal Stimulus in Structural Models
IMF Working Papers, International Monetary Fund View citations (111)
See also Journal Article in American Economic Journal: Macroeconomics (2012)
- International Currency Portfolios
2010 Meeting Papers, Society for Economic Dynamics 
Also in IMF Working Papers, International Monetary Fund (2009) View citations (1)
- Levarging inequality
Post-Print, HAL View citations (1)
- The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure
IMF Working Papers, International Monetary Fund View citations (161)
- To Starve or Not to Starve the Beast?
IMF Working Papers, International Monetary Fund View citations (3)
See also Journal Article in Journal of Macroeconomics (2014)
2009
- Balance of Payments Anti-Crises
IMF Working Papers, International Monetary Fund 
See also Journal Article in Journal of Macroeconomics (2016)
- Fiscal Deficits and Current Account Deficits
IMF Working Papers, International Monetary Fund View citations (23)
See also Journal Article in Journal of Economic Dynamics and Control (2013)
- Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
IMF Working Papers, International Monetary Fund View citations (40)
- Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
IMF Working Papers, International Monetary Fund
- Simple, Implementable Fiscal Policy Rules
IMF Working Papers, International Monetary Fund View citations (32)
- The Case for Global Fiscal Stimulus
IMF Staff Position Notes, International Monetary Fund View citations (51)
2008
- Simple monetary rules under fiscal dominance
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
Also in MPRA Paper, University Library of Munich, Germany (2007) View citations (1) IMF Working Papers, International Monetary Fund (2007) View citations (1)
See also Journal Article in Journal of Money, Credit and Banking (2010)
2007
- A Party without a Hangover? On the Effects of U.S. Government Deficits
2007 Meeting Papers, Society for Economic Dynamics View citations (15)
Also in IMF Working Papers, International Monetary Fund (2007) View citations (46)
- Balance of Payments Crises Under Inflation Targeting
IMF Working Papers, International Monetary Fund View citations (14)
Also in Working Papers, Stanford University, Department of Economics View citations (9)
See also Journal Article in Journal of International Economics (2007)
- Monetary Policy in an Equilibrium Portfolio Balance Model
IMF Working Papers, International Monetary Fund View citations (5)
Also in 2005 Meeting Papers, Society for Economic Dynamics (2005) View citations (2)
- Politically Optimal Fiscal Policy
IMF Working Papers, International Monetary Fund View citations (12)
2006
- Inflation Targeting Versus Joining a Monetary Union: An Assessment of the Potential Benefits and Costs Using a DSGE Model
Computing in Economics and Finance 2006, Society for Computational Economics
- Measures of Potential Output from an Estimated DSGE Model of the United States
Working Papers, Czech National Bank View citations (10)
- Multi-Sectoral Cascading and Price Dynamics - A Bayesian Econometric Evaluation
Computing in Economics and Finance 2006, Society for Computational Economics View citations (2)
2005
- A Rational Expectations Model of Optimal Inflation Inertia
Computing in Economics and Finance 2005, Society for Computational Economics View citations (2)
- An Economy in Transition and DSGE: What the Czech National Bank’s New Projection Model Needs
Working Papers, Czech National Bank View citations (18)
- Government Debt: A Key Role in Financial Intermediation
IMF Working Papers, International Monetary Fund View citations (66)
- On the Benefits of Exchange Rate Flexibility under Endogenous Tradedness of Goods
Conference papers, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project 
Also in Computing in Economics and Finance 2005, Society for Computational Economics (2005) View citations (4)
2004
- Fiscal Crisis Resolution: Taxation Versus Inflation
2004 Meeting Papers, Society for Economic Dynamics View citations (14)
Also in Working Papers, Hong Kong Institute for Monetary Research (2004) View citations (11)
- Inflation Inertia- THe Role of Multiple, Interacting Pricing Rigidities
Working Papers, Hong Kong Institute for Monetary Research
2003
- Inflation Inertia and Credible Disinflation - The Open Economy Case
NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
- Pricing Policies and Inflation Inertia
Working Papers Central Bank of Chile, Central Bank of Chile View citations (10)
Also in IMF Working Papers, International Monetary Fund (2003) View citations (10)
2002
- A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention
IMF Working Papers, International Monetary Fund View citations (4)
- Nominal Exchange Rate Anchoring Under Inflation Inertia
IMF Working Papers, International Monetary Fund View citations (10)
2001
- A Critical View of Inflation Targeting: Crises, Limited Sustainability, and Aggregate Shocks
Working Papers Central Bank of Chile, Central Bank of Chile View citations (8)
Also in Working Papers, Stanford University, Department of Economics (2000) 
See also Chapter (2002)
2000
- Inflation Targeting and Exchange Rate Flexibility
Working Papers, Stanford University, Department of Economics
- International Capital Mobility in Emerging Markets: New Evidence from Daily Data
Working Papers, Stanford University, Department of Economics View citations (2)
See also Journal Article in Review of International Economics (2001)
Undated
- A Quantative Exploration of the Role of Short-Term Domestic Debit in Balance of Payments Crises
Working Papers, Stanford University, Department of Economics View citations (1)
- Balance of Payments Crisis: The Role of Short-Term Debt
Working Papers, Stanford University, Department of Economics View citations (10)
- Sterilization of Short-Term Capital Inflows - Through Lower Interest Rates ?
Working Papers, Stanford University, Department of Economics 
See also Journal Article in Journal of International Money and Finance (2004)
Journal Articles
2022
- The macroeconomics of central bank digital currencies
Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (18)
2021
- Banks, money, and the zero lower bound on deposit rates
Journal of Economic Dynamics and Control, 2021, 132, (C) View citations (6)
See also Working Paper (2020)
- Central bank digital currencies — Design principles for financial stability
Economic Analysis and Policy, 2021, 71, (C), 553-572 View citations (15)
2018
- On the theory of international currency portfolios
European Economic Review, 2018, 101, (C), 376-396 View citations (3)
2017
- Government Debt Bias
IMF Economic Review, 2017, 65, (4), 675-703
2016
- Balance-of-payments anti-crises
Journal of Macroeconomics, 2016, 48, (C), 186-202 
See also Working Paper (2009)
2015
- Inequality, Leverage, and Crises
American Economic Review, 2015, 105, (3), 1217-45 View citations (202)
See also Working Paper (2015)
- Risky bank lending and countercyclical capital buffers
Journal of Economic Dynamics and Control, 2015, 58, (C), 58-80 View citations (62)
- The future of oil: Geology versus technology
International Journal of Forecasting, 2015, 31, (1), 207-221 View citations (12)
See also Working Paper (2012)
2014
- To starve or not to starve the beast?
Journal of Macroeconomics, 2014, 39, (PA), 1-23 
See also Working Paper (2010)
- Trade Openness and Exchange Rate Regimes
Journal of Money, Credit and Banking, 2014, 46, (8), 1657-1686 View citations (3)
2013
- Fiscal deficits and current account deficits
Journal of Economic Dynamics and Control, 2013, 37, (10), 2062-2082 View citations (20)
See also Working Paper (2009)
- Simple fiscal policy rules for small open economies
Journal of International Economics, 2013, 91, (1), 113-127 View citations (22)
2012
- Effects of Fiscal Stimulus in Structural Models
American Economic Journal: Macroeconomics, 2012, 4, (1), 22-68 View citations (517)
See also Working Paper (2010)
- PRICING POLICIES AND INFLATION DYNAMICS
Macroeconomic Dynamics, 2012, 16, (4), 576-604
2011
- Deficit reduction: Short-term pain for long-term gain
European Economic Review, 2011, 55, (1), 118-139 View citations (29)
- Jointly optimal monetary and fiscal policy rules under liquidity constraints
Journal of Macroeconomics, 2011, 33, (3), 373-389 View citations (29)
2010
- Chile’s Structural Fiscal Surplus Rule: a Model-Based Evaluation
Journal Economía Chilena (The Chilean Economy), 2010, 13, (3), 5-32 View citations (12)
See also Working Paper (2010)
- Global effects of fiscal stimulus during the crisis
Journal of Monetary Economics, 2010, 57, (5), 506-526 View citations (44)
- On the theory of sterilized foreign exchange intervention
Journal of Economic Dynamics and Control, 2010, 34, (8), 1403-1420 View citations (41)
- Policies to Rebalance the Global Economy After the Financial Crisis
International Journal of Central Banking, 2010, 6, (1), 215-252 View citations (2)
- Simple Monetary Rules under Fiscal Dominance
Journal of Money, Credit and Banking, 2010, 42, (1), 63-92 View citations (14)
Also in Journal of Money, Credit and Banking, 2010, 42, (1), 63-92 (2010) View citations (33)
See also Working Paper (2008)
2008
- Optimal price setting and inflation inertia in a rational expectations model
Journal of Economic Dynamics and Control, 2008, 32, (8), 2584-2621 View citations (18)
Also in Proceedings, 2005 (2005) View citations (11)
2007
- Balance of payments crises under inflation targeting
Journal of International Economics, 2007, 72, (1), 242-264 View citations (14)
See also Working Paper (2007)
- Inflation inertia and credible disinflation
Journal of International Economics, 2007, 73, (1), 48-68 View citations (10)
2004
- Sterilization of short-term capital inflows--through lower interest rates?
Journal of International Money and Finance, 2004, 23, (7-8), 1209-1221 View citations (9)
See also Working Paper
2001
- International Capital Mobility in Emerging Markets: New Evidence from Daily Data
Review of International Economics, 2001, 9, (4), 626-640 View citations (18)
See also Working Paper (2000)
2000
- A quantitative exploration of the role of short-term domestic debt in balance of payments crises
Journal of International Economics, 2000, 51, (1), 195-215 View citations (7)
Chapters
2002
- A Critical View of Inflation Targeting: Crises, Limited Sustaintability, and Aggregate Shocks
Chapter 8 in Inflation Targeting: Desing, Performance, Challenges, 2002, vol. 5, pp 349-394 View citations (1)
See also Working Paper (2001)
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