Michael Kumhof (born 15 October 1962) is a German researcher and economist. He is the senior research advisor in the Bank of England's research hub. He is most known for his research into the financial system, income inequalities and the oil supply. In his previous work at the IMF, he was responsible for developing the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

’s Global Integrated Monetary and Fiscal Model (a

Dynamic stochastic general equilibrium Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as we ...

model). The model is used for IMF policy and scenario analyses in multilateral and bilateral surveillance, for the

World Economic Outlook The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

, and for

G20 The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigatio ...

work. It is also used by several

central banks A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

. As a researcher, one of Kumhof's most noticed publications is probably the IMF working paper

The Chicago Plan Revisited The Chicago plan was a monetary and banking reform program suggested in the wake of the Great Depression by a group of University of Chicago economists including Henry Simons, Garfield Cox, Aaron Director, Paul Douglas, Albert G. Hart, Frank ...

, in which he and co-author Jaromir Benes use modern tools to analyse the

Chicago plan The Chicago plan was a monetary and banking reform program suggested in the wake of the Great Depression by a group of University of Chicago economists including Henry Simons, Garfield Cox, Aaron Director, Paul Douglas, Albert G. Hart, Fra ...

, a collection of banking reforms suggested by

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ...

economists in the wake of the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. It has been called IMF's epic plan to conjure away debt and dethrone bankers. Other noticeable publications are: the IMF working paper "Inequality, Leverage and Crises: The Case of Endogenous Default", in which the authors Kumhof et al. studies how crises can arise as a result of increasing income inequalities; And the IMF working paper "The Future of Oil: Geology versus Technology", in which the authors presents a new model for forecasting oil prices and oil output, based on both the geological and technological view, and it performs far better than existing empirical models, one of the more important conclusions is that they predict a near doubling of oil prices in the next decade. Ignoring the peak oil issue would be "highly unscientific, even irresponsible", says Michael Kumhof. In February 2016 Kumhof was added to the editorial board of ''Ledger'', the first peer-reviewed academic journal dedicated to

cryptocurrency A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It i ...

and blockchain technology research. The journal covers aspects of

mathematics Mathematics is an area of knowledge that includes the topics of numbers, formulas and related structures, shapes and the spaces in which they are contained, and quantities and their changes. These topics are represented in modern mathematics ...

computer science Computer science is the study of computation, automation, and information. Computer science spans theoretical disciplines (such as algorithms, theory of computation, information theory, and automation) to Applied science, practical discipli ...

engineering Engineering is the use of scientific method, scientific principles to design and build machines, structures, and other items, including bridges, tunnels, roads, vehicles, and buildings. The discipline of engineering encompasses a broad rang ...

law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vario ...

economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...

and

philosophy Philosophy (from , ) is the systematized study of general and fundamental questions, such as those about existence, reason, knowledge, values, mind, and language. Such questions are often posed as problems to be studied or resolved. Some ...

that relates to cryptocurrencies such as

bitcoin Bitcoin ( abbreviation: BTC; sign: ₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distr ...

Major publications

* ''The Chicago Plan Revisited'
(pdf)
2012, IMF Working Paper No 12/202. * ''Inequality, Leverage and Crises: The Case of Endogenous Default'
(pdf)
2013, IMF Working Paper No 13/249. * ''The Future of Oil: Geology versus Technology'
(pdf)
2012, IMF Working Paper No 12/109. * ''Oil and the world economy: some possible futures'
(pdf)
2 December 2013, Phil. Trans. R. Soc. A 2014 372, 20120327.

References

External links

Michael Kumhof's presentation at the Institute for New Economic Thinking
{{DEFAULTSORT:Kumhof, Michael 1962 births Living people German economists Alumni of the University of York University of Maryland, College Park alumni