Michael Kumhof | Bank of England

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Michael Kumhof is Senior Research Advisor in the Research Hub. He is responsible for co-leading this new unit, and for helping to formulate and carry out key parts of its research agenda. His previous position was Deputy Division Chief, Economic Modelling Division, IMF, where his responsibilities included the development of the IMF’s global DSGE simulation model. His main research interests are the quantitative evaluation of monetary reform proposals, modelling the role of banks in the macro-economy, the role of economic inequality in causing imbalances and crises, and the macroeconomic effects of fossil fuel depletion. Michael taught economics at Stanford University from 1998 to 2004. He worked in corporate banking for Barclays Bank from 1988 to 1993. His work has been published by AER, JME, AEJ Macro, JIE, JEDC, JMCB, EER, and Journal of Macroeconomics, among others.

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Michael's CV (pdf)

Publication // Working Paper

Publication // Working Paper

Publication // Working Paper

26 October 2018

Publication // Working Paper

Michael's Bank Underground Blog posts

How does international capital flow? Opens in a new window - January 2021
Core Design Principles for a Central Bank Digital Currency Opens in a new window - May 2018
Banks Are Not Intermediaries of Loanable Funds – And Why This Matters Opens in a new window - June 2015

Michael's selected academic publications

Risky Bank Lending and Countercyclical Capital Buffers, with J Benes, Journal of Economic Dynamics and Control (2015)
Inequality, Leverage and Crises, with R Ranciere, American Economic Review (2015)
The Future of Oil: Geology versus Technology, with J Benes et al, International Journal of Forecasting (2015)
Trade Openness and Exchange Rate Regimes, with O Kamenik, Journal of Money, Credit and Banking (2014)
To Starve or not to Starve the Beast?, with D Leigh and D Laxton, Journal of Macroeconomics (2014)
Fiscal Deficits and Current Account Deficits, with D Laxton, Journal of Economic Dynamics and Control (2013)
Oil and the World Economy: Some Possible Futures, with D Muir, Philosophical Transactions of the Royal Society A (2012)
Effects of Fiscal Stimulus in Structural Models, with Coenen et al, American Economic Journal: Macroeconomics (2012)