Michael Kumhof

CEPR

London

United Kingdom

SCHOLARLY PAPERS

46

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13,365

SSRN CITATIONS
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Top 2,440

in Total Papers Citations

188

CROSSREF CITATIONS

350

Scholarly Papers (46)

1.

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 CEPR
Downloads 2,020 (9,846)
Citation 94

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

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

Cornell Legal Studies Research Paper 20-46
Number of pages: 44 Posted: 17 Nov 2020
CEPR, Humboldt-Universität zu Berlin Großbritannien-Zentrum, Australian National University, Law School, Centre for Commercial Law Studies, Queen Mary University of London, Clifford Chance and Cornell University - Law School
Downloads 1,941 (10,351)
Citation 3

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Central bank money, currency, central bank reserves, central bank digital currency, quantitative easing, central bank balance sheet, liabilities, assets, equity, government debt

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

Number of pages: 46 Posted: 23 Dec 2020
CEPR, Humboldt University of Berlin, Australian National University, Law School, Centre for Commercial Law Studies, Queen Mary University of London, Clifford Chance and Cornell University - Law School
Downloads 2 (823,927)
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3.

Central Bank Digital Currencies - Design Principles and Balance Sheet Implications

Bank of England Working Paper No. 725
Number of pages: 54 Posted: 25 May 2018
Michael Kumhof and Clare Noone
CEPR and Reserve Bank of Australia
Downloads 1,364 (18,323)
Citation 55

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Central bank digital currencies, sectorial balance sheets, monetary systems, financial stability

4.

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 CEPR
Downloads 890 (33,996)
Citation 5

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

5.
Downloads 803 ( 39,189)
Citation 71

Inequality, Leverage and Crises

Number of pages: 38 Posted: 01 Feb 2011
Michael Kumhof and Romain G. Rancière
CEPR and University of Southern California
Downloads 796 (39,125)

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

Inequality, Leverage and Crises

Number of pages: 41 Posted: 18 Jan 2011
Michael Kumhof and Romain G. Rancière
CEPR and University of Southern California
Downloads 7 (778,768)
Citation 32
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Income inequality, wealth inequality, leverage, financial crises, wealth

6.

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 CEPR
Downloads 785 (40,480)
Citation 84

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

7.
Downloads 447 ( 82,891)
Citation 10

Income Inequality and Current Account Imbalances

Number of pages: 44 Posted: 02 Feb 2012
CEPR, International Monetary Fund (IMF), University of Southern California, Federal Reserve Bank of Dallas and William & Mary
Downloads 298 (130,023)

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

Income Inequality and Current Account Imbalances

Number of pages: 46 Posted: 02 Jun 2015
CEPR, International Monetary Fund (IMF), University of Southern California, Federal Reserve Bank of Dallas and William & Mary
Downloads 149 (249,504)
Citation 4

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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

8.

Effects of Fiscal Stimulus in Structural Models

Number of pages: 122 Posted: 29 Mar 2010
affiliation not provided to SSRN, Board of Governors of the Federal Reserve System, Government of Canada - Bank of Canada, University of Palermo, CEPR, 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, DGECFINEuropean Commission, Queen's University - Department of EconomicsInternational Monetary Fund (IMF), Sveriges RiksbankBoard of Governors of the Federal Reserve System and European Union - Directorate General for Economic and Financial Affairs (DG ECFIN)
Downloads 357 (107,380)
Citation 10

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

9.

Financial Crises in DSGE Models: A Prototype Model

Number of pages: 60 Posted: 30 Apr 2014
Jaromir Benes, Michael Kumhof and Douglas Laxton
Czech National Bank, CEPR and International Monetary Fund (IMF) - Research Department
Downloads 329 (117,594)
Citation 1

Abstract:

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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.

The Chicago Plan Revisited

Number of pages: 72 Posted: 01 Nov 2012
Jaromír Beneš and Michael Kumhof
International Monetary Fund (IMF) and CEPR
Downloads 295 (132,128)
Citation 2

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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

Monetary Policy in an Equilibrium Portfolio Balance Model

Number of pages: 33 Posted: 12 Apr 2007
Michael Kumhof and Stijn Van Nieuwerburgh
CEPR and Columbia University Graduate School of Business
Downloads 262 (148,641)

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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
CEPR and Columbia University Graduate School of Business

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12.

Government Debt: A Key Role in Financial Intermediation

Number of pages: 30 Posted: 13 Jan 2006
Michael Kumhof and Evan Tanner
CEPR and International Monetary Fund (IMF) - Research Department
Downloads 235 (166,080)

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Optimal fiscal policy, distortionary taxation, inflation, government debt

13.

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

Bank of England Working Paper No. 761
Number of pages: 46 Posted: 01 Nov 2018 Last Revised: 21 Jan 2020
Zoltan Jakab and Michael Kumhof
International Monetary Fund and CEPR
Downloads 207 (187,219)
Citation 20

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Banks, financial intermediation, loanable funds, money creation, bank lending, bank financing, money demand

14.

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

Number of pages: 41 Posted: 24 Nov 2009
CEPR, Bank of Canada, Government of Canada - Bank of Canada, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 199 (194,156)

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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

15.

Balance of Payments Crises Under Inflation Targeting

Number of pages: 28 Posted: 17 Apr 2007
Michael Kumhof, Shujing Li and Isabel Kitming Yan
CEPR, China Securities Regulatory Commission and City University of Hong Kong (CityU) - Department of Economics & Finance
Downloads 193 (199,558)

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16.

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

Number of pages: 74 Posted: 22 Feb 2010
CEPR, Bank of Canada, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 181 (211,256)
Citation 2

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17.

Fiscal Deficits and Current Account Deficits

Number of pages: 36 Posted: 02 Nov 2009
Michael Kumhof and Douglas Laxton
CEPR and International Monetary Fund (IMF) - Research Department
Downloads 172 (220,778)

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

18.

Fiscal Crisis Resolution: Taxation versus Inflation

HKIMR Working Paper No. 10/2004
Number of pages: 32 Posted: 22 Aug 2007
Michael Kumhof
CEPR
Downloads 155 (240,923)
Citation 7

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19.
Downloads 154 (242,216)

How Does International Capital Flow?

Bank of England Working Paper No. 884
Number of pages: 66 Posted: 27 Aug 2020 Last Revised: 27 Nov 2020
CEPR, Bank for International Settlements (BIS) - Monetary and Economic Department and European Central Bank (ECB)
Downloads 154 (242,736)

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Bank lending, money creation, money demand, uncovered interest parity, exchange rate determination, international capital flows, gross capital flows

How Does International Capital Flow?

Number of pages: 67 Posted: 23 Dec 2020
CEPR, Bank for International Settlements (BIS) - Monetary and Economic Department and Bank of England
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20.

The Future of Oil: Geology Versus Technology

Number of pages: 34 Posted: 11 May 2013
International Monetary Fund (IMF), University of California Riverside, International Monetary Fund (IMF), CEPR, International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and affiliation not provided to SSRN
Downloads 152 (244,866)
Citation 2

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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

21.

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

Number of pages: 40 Posted: 28 Nov 2007
Michael Kumhof and Douglas Laxton
CEPR and International Monetary Fund (IMF) - Research Department
Downloads 147 (251,625)

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

22.

Financial Crises in DSGE Models: Selected Applications of MAPMOD

Number of pages: 56 Posted: 30 Apr 2014
Jaromir Benes, Michael Kumhof and Douglas Laxton
Czech National Bank, CEPR and International Monetary Fund (IMF) - Research Department
Downloads 143 (257,312)

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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

23.
Downloads 138 (264,635)
Citation 3

Simple Monetary Rules Under Fiscal Dominance

Number of pages: 27 Posted: 21 Dec 2007
CEPR, International Monetary Fund (IMF) and Federal Reserve Banks - Federal Reserve Bank of Boston
Downloads 92 (354,186)

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

Simple Monetary Rules under Fiscal Dominance

Number of pages: 37 Posted: 31 Oct 2008
CEPR, Federal Reserve Banks - Federal Reserve Bank of Boston and International Monetary Fund (IMF)
Downloads 46 (511,225)
Citation 2

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Optimal simple policy rules, fiscal dominance

24.

Politically Optimal Fiscal Policy

Number of pages: 28 Posted: 12 Apr 2007
Michael Kumhof and Irina V. Yakadina
CEPR and International Monetary Fund (IMF)
Downloads 135 (269,187)

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25.

Simple, Implementable Fiscal Policy Rules

Number of pages: 43 Posted: 28 Apr 2009
Michael Kumhof and Douglas Laxton
CEPR and International Monetary Fund (IMF) - Research Department
Downloads 123 (288,669)

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

26.

Risky Bank Lending and Optimal Capital Adequacy Regulation

Number of pages: 28 Posted: 14 Jun 2011
Jaromir Benes and Michael Kumhof
Czech National Bank and CEPR
Downloads 121 (292,110)

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

27.

Inequality, Leverage and Crises: The Case of Endogenous Default

Number of pages: 49 Posted: 09 Jan 2014
Michael Kumhof, Romain G. Rancière and Pablo Winant
CEPR, University of Southern California and Bank of England
Downloads 111 (310,467)
Citation 3

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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,

28.

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

Tinbergen Institute Discussion Paper 2020-050/VI
Number of pages: 43 Posted: 23 Aug 2020 Last Revised: 16 Sep 2020
Michael Kumhof and Xuan Wang
CEPR and VU University Amsterdam
Downloads 108 (316,459)
Citation 9

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Banks, money creation, inside money, money demand, deposits-in-advance, Phillips curve, zero lower bound, monetary policy rules, Taylor rules, post-COVID-19 reforms

29.
Downloads 96 (342,003)
Citation 6

Banks, Money and the Zero Lower Bound

Saïd Business School WP 2018-16
Number of pages: 40 Posted: 11 Sep 2018
Michael Kumhof and Xuan Wang
CEPR and VU University Amsterdam
Downloads 54 (475,973)
Citation 4

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Banks, financial intermediation, endogenous money creation, bank loans, bank deposits, money demand, deposits-in-advance, Phillips curve, zero lower bound, monetary policy rules

Banks, Money and the Zero Lower Bound on Deposit Rates

Bank of England Working Paper No. 752
Number of pages: 45 Posted: 29 Aug 2018 Last Revised: 27 Nov 2020
Michael Kumhof and Xuan Wang
CEPR and VU University Amsterdam
Downloads 42 (530,408)
Citation 2

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Banks, financial intermediation, endogenous money creation, bank loans, bank deposits, money demand, deposits-in-advance, Phillips curve, zero lower bound, monetary policy rules

30.

Oil and the World Economy: Some Possible Futures

Number of pages: 32 Posted: 30 Nov 2012
Michael Kumhof and Dirk Muir
CEPR and Bank of Canada
Downloads 94 (346,512)

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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

31.

International Currency Portfolios

Number of pages: 37 Posted: 23 Mar 2009
Michael Kumhof
CEPR
Downloads 93 (348,926)

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Working Papers

32.

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

Number of pages: 56 Posted: 28 Apr 2009
Michael Kumhof and Douglas Laxton
CEPR and International Monetary Fund (IMF) - Research Department
Downloads 89 (358,686)

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

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

Number of pages: 44 Posted: 29 Jan 2006
Michael Kumhof and Stijn Van Nieuwerburgh
CEPR and Columbia University Graduate School of Business
Downloads 87 (366,980)

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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
CEPR and Columbia University Graduate School of Business

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34.

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

Number of pages: 34 Posted: 19 Jul 2010
CEPR, Government of Canada - Bank of Canada, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 80 (382,568)
Citation 3

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35.

Pricing Policies and Inflation Inertia

Number of pages: 27 Posted: 29 Jan 2006
Luis Felipe Cespedes, Michael Kumhof and Eric Parrado
International Monetary Fund (IMF), CEPR and Central Bank of Chile
Downloads 79 (385,370)

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Inflation inertia, disinflation, pricing policies

36.

The Benefits of International Policy Coordination Revisited

Number of pages: 54 Posted: 09 Jan 2014
International Monetary Fund (IMF), CEPR, International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 76 (393,941)

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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

37.

Nominal Exchange Rate Anchoring Under Inflation Inertia

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 CEPR
Downloads 73 (402,914)

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Inflation inertia, staggered pricing, exchange rate based stabilization

38.

Inflation Inertia and Credible Disinflation - the Open Economy Case

Number of pages: 33 Posted: 06 Oct 2005 Last Revised: 14 Aug 2021
Guillermo A. Calvo, Oya Celasun and Michael Kumhof
Columbia University - School of International & Public Affairs (SIPA), International Monetary Fund (IMF) - Research Department and CEPR
Downloads 69 (415,423)
Citation 1

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39.

Towards a New Monetary Theory of Exchange Rate Determination

Bank of England Working Paper No. 817, August 2019
Number of pages: 57 Posted: 30 Aug 2019
Bank of England, CEPR, Bank of England and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 60 (446,079)
Citation 3

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bank lending, money creation, money demand, endogenous money, uncovered interest parity, exchange rate determination, international capital flows, gross capital flows

40.

Balance of Payments Anti-Crises

Number of pages: 22 Posted: 28 Jul 2009
Michael Kumhof and Isabel K. Yan
CEPR and affiliation not provided to SSRN
Downloads 57 (457,257)

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41.

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

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, CEPR, International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF), International Monetary Fund (IMF) and Queen's University - Department of EconomicsInternational Monetary Fund (IMF)
Downloads 54 (468,450)

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42.

To Starve or Not to Starve the Beast?

Number of pages: 37 Posted: 01 Feb 2011
CEPR, International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)International Monetary Fund (IMF)
Downloads 53 (472,434)
Citation 1

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

43.

Jointly Optimal Monetary and Fiscal Policy Rules Under Borrowing Constraints

Number of pages: 40 Posted: 05 Jan 2010
Michael Kumhof and Huixin Bi
CEPR and Indiana University Bloomington
Downloads 52 (476,437)

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

44.

Banks in the Global Integrated Monetary and Fiscal Model

Number of pages: 50 Posted: 31 Aug 2015
Michal Andrle, Michael Kumhof, Douglas Laxton and Dirk Muir
International Monetary Fund (IMF), CEPR, International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 46 (501,829)

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

45.

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
CEPR
Downloads 20 (648,822)

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Post-Corona Balanced-Budget Super-Stimulus: The Case for Shifting Taxes onto Land

CEPR Discussion Papers 2021
Number of pages: 89 Posted: 03 Nov 2021
CEPR, Virginia Polytechnic Institute & State University - Department of Economics, University of Missouri at Kansas City - Department of Economics and London School of Economics & Political Science (LSE) - Financial Markets Group
Downloads 18 (685,999)

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Land asset value taxation, land rental value taxation, capital income taxation, labor income taxation, balanced budget, fiscal stimulus, rent, unearned income

Post-Corona Balanced-Budget Super-Stimulus: The Case for Shifting Taxes Onto Land

Number of pages: 89 Posted: 09 Nov 2021
London School of Economics & Political Science (LSE) - Financial Markets Group, Centre for Economic Policy Research (CEPR), CEPR and Virginia Polytechnic Institute & State University - Department of Economics
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Balanced Budget, Capital income taxation, fiscal stimulus, labor income taxation, Land asset value taxation, land rental value taxation, Rent, unearned income