Education
University of New York
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Michael Kumhof
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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 International Monetary Fund, he was responsible for developing the International Monetary Fund’s Global Integrated Monetary and Fiscal Model (a Dynamic stochastic general equilibrium model).
The model is used for International Monetary Fund policy and scenario analyses in multilateral and bilateral surveillance, for the World Economic Outlook, and for G20 work.
lieutenant is also used by several central banks. As a researcher, one of Kumhof"s most noticed publications is probably the International Monetary Fund working paper The Chicago Plan Revisited, in which he and co-author Jaromir Benes use modern tools to analyse the Chicago plan, a collection of banking reforms suggested by University of Chicago economists in the wake of the Great Depression.
Other noticeable publications are: the International Monetary Fund 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 International Monetary Fund 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.
