Michael Kumhof

发表

Central Bank Digital Currencies - Design Principles and Balance Sheet Implications

Michael Kumhof, C. Noone, 2018 .

The Macroeconomics of Central Bank Issued Digital Currencies

John Barrdear, Michael Kumhof, 2016 .

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

Michael Kumhof, Z. Jakab, 2015 .

The Future of Oil: Geology Versus Technology

Michael Kumhof, Jack Selody, D. Laxton, 2012, SSRN Electronic Journal.

Sterilization of short-term capital inflows— through lower interest rates?

Michael Kumhof, 2004 .

Government Debt Bias

Michael Kumhof, Irina V. Yakadina, 2017 .

Balance of Payments Crises Under Inflation Targeting

Michael Kumhof, Isabel K. M. Yan, Shujing Li, 2007 .

Deficit reduction: Short-term pain for long-term gain ☆

Michael Kumhof, K. Clinton, D. Laxton, 2011 .

Politically Optimal Fiscal Policy

Michael Kumhof, Irina V. Yakadina, Irina Yakadina, 2007, SSRN Electronic Journal.

long periods of unequal incomes spur borrowing from the rich , increasing the risk of major economic crises

Michael Kumhof, 2010 .

Effects of Fiscal Stimulus in Structural Models

John M. Roberts, Michael Kumhof, M. Trabandt, 2010, SSRN Electronic Journal.

The Case for Global Fiscal Stimulus

Michael Kumhof, C. Freedman, D. Laxton, 2009 .

Too much of a good thing? on the effects of limiting foreign reserve accumulation

Michael Kumhof, Isabel K. M. Yan, 2011 .

Balance of Payments Anti-Crises

Michael Kumhof, Isabel K. M. Yan, 2009, SSRN Electronic Journal.

The Future of Oil : Geology Versus Technology

Michael Kumhof, Jack Selody, D. Laxton, 2012 .

Government Debt: A Key Role in Financial Intermediation

Michael Kumhof, Evan C. Tanner, 2005, SSRN Electronic Journal.

Wage Moderation in Crises; Policy Considerations and Applications to the Euro Area

Michael Kumhof, Prakash Loungani, Paulo A. Medas, 2015 .

Financial Crises in DSGE Models: Selected Applications of MAPMOD

Michael Kumhof, D. Laxton, Jaromı́r Beneš, 2014, SSRN Electronic Journal.

Income Inequality and Current Account Imbalances

Nathaniel A. Throckmorton, Michael Kumhof, Romain G. Rancière, 2012, SSRN Electronic Journal.

To Starve or Not to Starve the Beast?

Michael Kumhof, D. Leigh, D. Laxton, 2010, SSRN Electronic Journal.

Multi-Sectoral Cascading and Price Dynamics - A Bayesian Econometric Evaluation

Michael Kumhof, Alejandro Justiniano, Federico Ravenna, 2006 .

An Economy in Transition and DSGE: What the Czech National Bankâ€™s New Projection Model Needs

Michael Kumhof, Jaromı́r Beneš, David Vávra, 2005 .

The macroeconomics of central bank digital currencies

John Barrdear, Michael Kumhof, 2021 .

Banks, Money and the Zero Lower Bound on Deposit Rates

Michael Kumhof, Xuan Wang, 2018, Journal of Economic Dynamics and Control.

How Does International Capital Flow?

Michael Kumhof, Phurichai Rungcharoenkitkul, Andrej Sokol, 2020, SSRN Electronic Journal.

Banks, Money, and the Zero Lower Bound on Deposit Rates

Michael Kumhof, Xuan Wang, 2020, SSRN Electronic Journal.

Banks are Not Intermediaries of Loanable Funds — Facts, Theory and Evidence

Michael Kumhof, Z. Jakab, Zoltan Jakab, 2018 .

Banks, Money, and the Zero Lower Bound on Deposit Rates

Michael Kumhof, Xuan Wang, 2018, Journal of Economic Dynamics and Control.

Risky bank lending and countercyclical capital buffers

Michael Kumhof, Jaromı́r Beneš, 2015 .

Trade Openness and Exchange Rate Regimes

Michael Kumhof, O. Kamenik, 2014 .

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

Michael Kumhof, Z. Jakab, 2014 .

The Benefits of International Policy Coordination Revisited

Michael Kumhof, D. Laxton, Jaromı́r Beneš, 2013, SSRN Electronic Journal.

Simple fiscal policy rules for small open economies

Michael Kumhof, D. Laxton, 2013 .

The Chicago Plan Revisited

Michael Kumhof, Jaromı́r Beneš, 2012, SSRN Electronic Journal.

The Chicago Plan Revisited; by Jaromir Benes and Michael Kumhof; IMF Working Paper 13/202; August 2012

Michael Kumhof, Jaromı́r Beneš, 2012 .

Jointly optimal monetary and fiscal policy rules under liquidity constraints

Michael Kumhof, Huixin Bi, 2011 .

PRICING POLICIES AND INFLATION DYNAMICS

Michael Kumhof, L. Céspedes, E. Parrado, 2011, Macroeconomic Dynamics.

Risky Bank Lending and Optimal Capital Adequacy Regulation

Michael Kumhof, Jaromı́r Beneš, 2011, SSRN Electronic Journal.

To Starve or Not to Starve the Beast

Michael Kumhof, D. Leigh, D. Laxton, 2010 .

Global effects of fiscal stimulus during the crisis

Michael Kumhof, C. Freedman, D. Laxton, 2010 .

Jointly Optimal Monetary and Fiscal Policy Rules Under Borrowing Constraints

Michael Kumhof, Huixin Bi, 2009, SSRN Electronic Journal.

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

Michael Kumhof, C. Freedman, D. Laxton, 2009, SSRN Electronic Journal.

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

Michael Kumhof, D. Laxton, 2009, SSRN Electronic Journal.

Simple, Implementable Fiscal Policy Rules

Michael Kumhof, D. Laxton, 2009, SSRN Electronic Journal.

Optimal price setting and inflation inertia in a rational expectations model

Michael Kumhof, M. Juillard, D. Laxton, 2008 .

Inflation inertia and credible disinflation

Michael Kumhof, G. Calvo, Oya Celasun, 2007 .

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

Michael Kumhof, D. Laxton, 2007, SSRN Electronic Journal.

Measures of Potential Output from an Estimated DSGE Model of the United States

Michael Kumhof, M. Juillard, D. Laxton, 2006 .

A Rational Expectations Model of Optimal Inflation Inertia

Michael Kumhof, D. Laxton, 2005 .

Inflation Inertia - the Role of Multiple, Interacting Pricing Rigidities

Michael Kumhof, 2004 .

Pricing Policies and Inflation Inertia

Michael Kumhof, L. Céspedes, E. Parrado, 2003, SSRN Electronic Journal.

Inflation Inertia and Credible Disinflation - the Open Economy Case

Michael Kumhof, G. Calvo, Oya Celasun, 2003 .

Nominal Exchange Rate Anchoring Under Inflation Inertia

Michael Kumhof, G. Calvo, Oya Celasun, 2002, SSRN Electronic Journal.

Fiscal Deficits and Current Account Deficits

Michael Kumhof, D. Laxton, 2009, Social Science Research Network.

Towards a New Monetary Theory of Exchange Rate Determination

Michael Kumhof, Gregory Thwaites, A. Cesa-Bianchi, 2019, SSRN Electronic Journal.

Oil and the world economy: some possible futures

Michael Kumhof, Michael Kumhof, Dirk Muir, 2012, Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences.

Inequality, Leverage and Crises

Michael Kumhof, Romain G. Rancière, 2010, SSRN Electronic Journal.

A quantitative exploration of the role of short-term domestic debt in balance of payments crises

Michael Kumhof, 2000 .

Central bank digital currencies — Design principles for financial stability

Michael Kumhof, C. Noone, 2021 .

Financial Crises in DSGE Models: A Prototype Model

Michael Kumhof, D. Laxton, Jaromı́r Beneš, 2014, SSRN Electronic Journal.

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

Benjamin L Hunt, Michael Kumhof, M. Kortelainen, 2013, SSRN Electronic Journal.

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

Michael Kumhof, D. Laxton, Susanna Mursula, 2010, SSRN Electronic Journal.

Banks in the Global Integrated Monetary and Fiscal Model

Michael Kumhof, D. Laxton, Michal Andrle, 2015, SSRN Electronic Journal.

Policies to Rebalance the Global Economy After the Financial Crisis

Michael Kumhof, C. Freedman, D. Laxton, 2012 .

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

Michael Kumhof, K. Clinton, D. Laxton, 2010, Social Science Research Network.

Central Bank Money: Liability, Asset, or Equity of the Nation?

Michael Kumhof, S. Omarova, J. Allen, 2020 .

Oil and the World Economy; Some Possible Futures

Michael Kumhof, Michael Kumhof, Dirk Muir, 2012 .

Simple Monetary Rules under Fiscal Dominance

Michael Kumhof, Ricardo Nunes, Irina Yakadina, 2007 .

Does the Exchange Rate Belong in Monetary Policy Rules? New Answers from a DSGE Model with Endogenous Tradability and Trade Frictions

Michael Kumhof, D. Laxton, Kanda Naknoi, 2007 .

On the Benefits of Exchange Rate Flexibility under Endogenous Tradedness of Goods

Michael Kumhof, D. Laxton, Kanda Naknoi, 2005 .

On the theory of international currency portfolios

Michael Kumhof, 2018 .

On the theory of sterilized foreign exchange intervention

Michael Kumhof, 2010 .

International Currency Portfolios

Michael Kumhof, 2009, SSRN Electronic Journal.

Monetary Policy in an Equilibrium Portfolio Balance Model

Michael Kumhof, Stijn Van Nieuwerburgh, 2007, SSRN Electronic Journal.

Inequality, Leverage and Crises: The Case of Endogenous Default

Michael Kumhof, Romain G. Rancière, Pablo E. Winant, 2013, SSRN Electronic Journal.

Wage Moderation in Crises

Michael Kumhof, Prakash Loungani, Paulo A. Medas, 2015 .

BIS Working Papers

Michael Kumhof, M. Trabandt, R. Moessner, 2022 .

Government Debt Bias

Michael Kumhof, Irina Yakadina, 2017, IMF Economic Review.

Deep Reinforcement Learning in a Monetary Model

Xinlei Pan, Michael Kumhof, Andreas Joseph, 2021, 2104.09368.

Exchange Rate Regimes, International Linkages, and the Macroeconomic Performance of the New Member States, by T. Bayoumi, M. Kumhof, D. Laxton, and K. Naknoi. Fifth IMF Jacques Polak Ann Res Conf: Policies, Institutions, and Instability-Nov 4-5, 2004

Michael Kumhof, Tamim A. Bayoumi, D. Laxton, 2004 .

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

Michael Kumhof, Stijn Van Nieuwerburgh, 2002, SSRN Electronic Journal.

Central bank digital currencies - design principles and balance sheet implications

Michael Kumhof, C. Noone, 2018 .

The Case for Global Fiscal Stimulus by Charles Freedman, Michael Kumhof, Douglas Laxton, and Jaewoo Lee; IMF Staff Position Note SPN/09/03 - March 6, 2009

Michael Kumhof, Jaewoo Lee, D. Laxton, 2009 .

Appendix for Inequality , Leverage and Crises

Michael Kumhof, 2014 .

International Monetary Fund

Michael Kumhof, 2010, Permanent Missions to the United Nations No.300.

Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 1004 July 2010 Input and Output Inventories in General Equilibrium

M. Eichenbaum, Michael Kumhof, F. Schiantarelli, 2010 .

CBDC Policies in Open Economies

Michael Kumhof, Phurichai Rungcharoenkitkul, Andrej Sokol, 2023, SSRN Electronic Journal.

BIS Working Papers

Michael Kumhof, C. Borio, Maik Schmeling, 2022 .