Details about Michael Kumhof

Access statistics for papers by Michael Kumhof.

Last updated 2024-11-06. Update your information in the RePEc Author Service.

Short-id: pku60

Working Papers

2024

1. Quantitative Easing and Quantitative Tightening: The Money Channel
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Bank of England working papers, Bank of England (2024)

2023

2. CBDC Policies in Open Economies
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in PIER Discussion Papers, Puey Ungphakorn Institute for Economic Research (2023) View citations (4)
   BIS Working Papers, Bank for International Settlements (2023) View citations (4)
   Discussion Papers, Centre for Macroeconomics (CFM) (2023) View citations (4)
3. Deep Reinforcement Learning in a Monetary Model
   Papers, arXiv.org View citations (8)

2022

4. 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

5. 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)
   BIS Working Papers, Bank for International Settlements (2020) View citations (5)
   Bank of England working papers, Bank of England (2020) View citations (4)

2020

6. Banks are not intermediaries of loanable funds — facts, theory and evidence
   Bank of England working papers, Bank of England View citations (16)
7. 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 Banks, money, and the zero lower bound on deposit rates, Journal of Economic Dynamics and Control, Elsevier (2021) View citations (10) (2021)
8. Central Bank Money: Liability, Asset, or Equity of the Nation?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (13)

2019

9. Towards a new monetary theory of exchange rate determination
   Bank of England working papers, Bank of England View citations (2)

2018

10. Central bank digital currencies - design principles and balance sheet implications
    Bank of England working papers, Bank of England View citations (99)

2016

11. The macroeconomics of central bank issued digital currencies
    Bank of England working papers, Bank of England View citations (148)

2015

12. Banks are not intermediaries of loanable funds – and why this matters
    Bank of England working papers, Bank of England View citations (84)
13. Banks in The Global Integrated Monetary and Fiscal Model
    IMF Working Papers, International Monetary Fund View citations (8)
14. Inequality, Leverage, and Crises
    Post-Print, HAL View citations (221)
    Also in 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (25)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (33)
    PSE-Ecole d'économie de Paris (Postprint), HAL (2015) View citations (218)
    IMF Working Papers, International Monetary Fund (2010) View citations (137)
    See also Journal Article Inequality, Leverage, and Crises, American Economic Review, American Economic Association (2015) View citations (223) (2015)
15. Wage Moderation in Crises: Policy Considerations and Applications to the Euro Area
    IMF Staff Discussion Notes, International Monetary Fund View citations (8)

2014

16. Financial Crises in DSGE Models: A Prototype Model
    IMF Working Papers, International Monetary Fund View citations (55)
17. Financial Crises in DSGE Models: Selected Applications of MAPMOD
    IMF Working Papers, International Monetary Fund View citations (39)
18. 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 (135)

2013

19. Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model
    IMF Working Papers, International Monetary Fund View citations (61)
20. Inequality, Leverage and Crises: The Case of Endogenous Default
    IMF Working Papers, International Monetary Fund View citations (20)
21. The Benefits of International Policy Coordination Revisited
    IMF Working Papers, International Monetary Fund View citations (10)

2012

22. Income Inequality and Current Account Imbalances
    IMF Working Papers, International Monetary Fund View citations (133)
23. Oil and the World Economy: Some Possible Futures
    IMF Working Papers, International Monetary Fund View citations (19)
24. The Future of Oil: Geology Versus Technology
    IMF Working Papers, International Monetary Fund View citations (24)
    See also Journal Article The future of oil: Geology versus technology, International Journal of Forecasting, Elsevier (2015) View citations (12) (2015)

2011

25. Risky Bank Lending and Optimal Capital Adequacy Regulation
    IMF Working Papers, International Monetary Fund View citations (49)
26. Too much of a good thing? on the effects of limiting foreign reserve accumulation
    MPRA Paper, University Library of Munich, Germany
27. Unequal = Indebted
    PSE-Ecole d'économie de Paris (Postprint), HAL View citations (1)
    Also in Post-Print, HAL (2011) View citations (1)

2010

28. Budget Consolidation: Short-Term Pain and Long-Term Gain
    IMF Working Papers, International Monetary Fund View citations (10)
29. 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 Chile’s Structural Fiscal Surplus Rule: a Model-Based Evaluation, Journal Economía Chilena (The Chilean Economy), Central Bank of Chile (2010) View citations (12) (2010)
30. Effects of Fiscal Stimulus in Structural Models
    IMF Working Papers, International Monetary Fund View citations (112)
    See also Journal Article Effects of Fiscal Stimulus in Structural Models, American Economic Journal: Macroeconomics, American Economic Association (2012) View citations (538) (2012)
31. International Currency Portfolios
    2010 Meeting Papers, Society for Economic Dynamics
    Also in IMF Working Papers, International Monetary Fund (2009) View citations (1)
32. Levarging inequality
    Post-Print, HAL View citations (1)
33. The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure
    IMF Working Papers, International Monetary Fund View citations (165)
34. To Starve or Not to Starve the Beast?
    IMF Working Papers, International Monetary Fund View citations (3)
    See also Journal Article To starve or not to starve the beast?, Journal of Macroeconomics, Elsevier (2014) (2014)

2009

35. Balance of Payments Anti-Crises
    IMF Working Papers, International Monetary Fund
    See also Journal Article Balance-of-payments anti-crises, Journal of Macroeconomics, Elsevier (2016) (2016)
36. Fiscal Deficits and Current Account Deficits
    IMF Working Papers, International Monetary Fund View citations (24)
    See also Journal Article Fiscal deficits and current account deficits, Journal of Economic Dynamics and Control, Elsevier (2013) View citations (22) (2013)
37. 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)
38. Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
    IMF Working Papers, International Monetary Fund
39. Simple, Implementable Fiscal Policy Rules
    IMF Working Papers, International Monetary Fund View citations (32)
40. The Case for Global Fiscal Stimulus
    IMF Staff Position Notes, International Monetary Fund View citations (51)

2008

41. 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 (2)
    IMF Working Papers, International Monetary Fund (2007) View citations (1)
    See also Journal Article Simple Monetary Rules under Fiscal Dominance, Journal of Money, Credit and Banking, Blackwell Publishing (2010) View citations (39) (2010)

2007

42. A Party without a Hangover? On the Effects of U.S. Government Deficits
    IMF Working Papers, International Monetary Fund View citations (47)
    Also in 2007 Meeting Papers, Society for Economic Dynamics (2007) View citations (16)
43. 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 Balance of payments crises under inflation targeting, Journal of International Economics, Elsevier (2007) View citations (14) (2007)
44. 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)
45. Politically Optimal Fiscal Policy
    IMF Working Papers, International Monetary Fund View citations (12)

2006

46. 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
47. Measures of Potential Output from an Estimated DSGE Model of the United States
    Working Papers, Czech National Bank, Research and Statistics Department View citations (10)
48. Multi-Sectoral Cascading and Price Dynamics - A Bayesian Econometric Evaluation
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (2)

2005

49. A Rational Expectations Model of Optimal Inflation Inertia
    Computing in Economics and Finance 2005, Society for Computational Economics View citations (2)
50. An Economy in Transition and DSGE: What the Czech National Bank’s New Projection Model Needs
    Working Papers, Czech National Bank, Research and Statistics Department View citations (18)
51. Government Debt: A Key Role in Financial Intermediation
    IMF Working Papers, International Monetary Fund View citations (69)
52. 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

53. 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)
54. Inflation Inertia- THe Role of Multiple, Interacting Pricing Rigidities
    Working Papers, Hong Kong Institute for Monetary Research

2003

55. Inflation Inertia and Credible Disinflation - The Open Economy Case
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
56. Pricing Policies and Inflation Inertia
    IMF Working Papers, International Monetary Fund View citations (10)
    Also in Working Papers Central Bank of Chile, Central Bank of Chile (2003) View citations (10)

2002

57. A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention
    IMF Working Papers, International Monetary Fund View citations (4)
58. Nominal Exchange Rate Anchoring Under Inflation Inertia
    IMF Working Papers, International Monetary Fund View citations (10)

2001

59. 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 A Critical View of Inflation Targeting: Crises, Limited Sustaintability, and Aggregate Shocks, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2002) View citations (1) (2002)

2000

60. Inflation Targeting and Exchange Rate Flexibility
    Working Papers, Stanford University, Department of Economics
61. 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 International Capital Mobility in Emerging Markets: New Evidence from Daily Data, Review of International Economics, Wiley Blackwell (2001) View citations (19) (2001)

Undated

62. 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)
63. Balance of Payments Crisis: The Role of Short-Term Debt
    Working Papers, Stanford University, Department of Economics View citations (10)
64. Sterilization of Short-Term Capital Inflows - Through Lower Interest Rates ?
    Working Papers, Stanford University, Department of Economics
    See also Journal Article Sterilization of short-term capital inflows--through lower interest rates?, Journal of International Money and Finance, Elsevier (2004) View citations (9) (2004)

Journal Articles

2022

1. The macroeconomics of central bank digital currencies
   Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (42)

2021

2. Banks, money, and the zero lower bound on deposit rates
   Journal of Economic Dynamics and Control, 2021, 132, (C) View citations (10)
   See also Working Paper Banks, Money, and the Zero Lower Bound on Deposit Rates, Tinbergen Institute Discussion Papers (2020) View citations (5) (2020)
3. Central bank digital currencies — Design principles for financial stability
   Economic Analysis and Policy, 2021, 71, (C), 553-572 View citations (25)

2018

4. On the theory of international currency portfolios
   European Economic Review, 2018, 101, (C), 376-396 View citations (3)

2017

5. Government Debt Bias
   IMF Economic Review, 2017, 65, (4), 675-703

2016

6. Balance-of-payments anti-crises
   Journal of Macroeconomics, 2016, 48, (C), 186-202
   See also Working Paper Balance of Payments Anti-Crises, IMF Working Papers (2009) (2009)

2015

7. Inequality, Leverage, and Crises
   American Economic Review, 2015, 105, (3), 1217-45 View citations (223)
   See also Working Paper Inequality, Leverage, and Crises, Post-Print (2015) View citations (221) (2015)
8. Risky bank lending and countercyclical capital buffers
   Journal of Economic Dynamics and Control, 2015, 58, (C), 58-80 View citations (79)
9. The future of oil: Geology versus technology
   International Journal of Forecasting, 2015, 31, (1), 207-221 View citations (12)
   See also Working Paper The Future of Oil: Geology Versus Technology, IMF Working Papers (2012) View citations (24) (2012)

2014

10. To starve or not to starve the beast?
    Journal of Macroeconomics, 2014, 39, (PA), 1-23
    See also Working Paper To Starve or Not to Starve the Beast?, IMF Working Papers (2010) View citations (3) (2010)
11. Trade Openness and Exchange Rate Regimes
    Journal of Money, Credit and Banking, 2014, 46, (8), 1657-1686 View citations (3)

2013

12. Fiscal deficits and current account deficits
    Journal of Economic Dynamics and Control, 2013, 37, (10), 2062-2082 View citations (22)
    See also Working Paper Fiscal Deficits and Current Account Deficits, IMF Working Papers (2009) View citations (24) (2009)
13. Simple fiscal policy rules for small open economies
    Journal of International Economics, 2013, 91, (1), 113-127 View citations (25)

2012

14. Effects of Fiscal Stimulus in Structural Models
    American Economic Journal: Macroeconomics, 2012, 4, (1), 22-68 View citations (538)
    See also Working Paper Effects of Fiscal Stimulus in Structural Models, IMF Working Papers (2010) View citations (112) (2010)
15. PRICING POLICIES AND INFLATION DYNAMICS
    Macroeconomic Dynamics, 2012, 16, (4), 576-604

2011

16. Deficit reduction: Short-term pain for long-term gain
    European Economic Review, 2011, 55, (1), 118-139 View citations (31)
17. Jointly optimal monetary and fiscal policy rules under liquidity constraints
    Journal of Macroeconomics, 2011, 33, (3), 373-389 View citations (31)

2010

18. 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 Chile’s Structural Fiscal Surplus Rule: a Model – Based Evaluation, Working Papers Central Bank of Chile (2010) View citations (9) (2010)
19. Global effects of fiscal stimulus during the crisis
    Journal of Monetary Economics, 2010, 57, (5), 506-526 View citations (43)
20. On the theory of sterilized foreign exchange intervention
    Journal of Economic Dynamics and Control, 2010, 34, (8), 1403-1420 View citations (43)
21. Policies to Rebalance the Global Economy After the Financial Crisis
    International Journal of Central Banking, 2010, 6, (1), 215-252 View citations (2)
22. Simple Monetary Rules under Fiscal Dominance
    Journal of Money, Credit and Banking, 2010, 42, (1), 63-92 View citations (39)
    Also in Journal of Money, Credit and Banking, 2010, 42, (1), 63-92 (2010) View citations (19)
    See also Working Paper Simple monetary rules under fiscal dominance, International Finance Discussion Papers (2008) View citations (4) (2008)

2008

23. 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

24. Balance of payments crises under inflation targeting
    Journal of International Economics, 2007, 72, (1), 242-264 View citations (14)
    See also Working Paper Balance of Payments Crises Under Inflation Targeting, IMF Working Papers (2007) View citations (14) (2007)
25. Inflation inertia and credible disinflation
    Journal of International Economics, 2007, 73, (1), 48-68 View citations (10)

2004

26. 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 Sterilization of Short-Term Capital Inflows - Through Lower Interest Rates ?, Working Papers

2001

27. International Capital Mobility in Emerging Markets: New Evidence from Daily Data
    Review of International Economics, 2001, 9, (4), 626-640 View citations (19)
    See also Working Paper International Capital Mobility in Emerging Markets: New Evidence from Daily Data, Working Papers (2000) View citations (2) (2000)

2000

28. 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

1. 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 A Critical View of Inflation Targeting: Crises, Limited Sustainability, and Aggregate Shocks, Central Bank of Chile (2001) View citations (8) (2001)