Home Page for Michael Kumhof

October 8, 2008

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Michael Kumhof (Formerly Assistant Professor at Stanford) Senior Economist, Modeling Unit, Research Department, IMF mkumhof@imf.org Tel: 202 - 623 6769 Fax: 202 - 623 6334

Vitae

Published Papers

· A Quantitative Exploration of The Role of Short-Term Domestic Debt in Balance of Payments Crises, Journal of International Economics, 51(1), June 2000, 195-215.

· International Capital Mobility in Emerging Markets: New Evidence from Daily Data, Review of International Economics, 9(4), November 2001, 626-640.

· Sterilization of Short-Term Capital Inflows: Through Lower Interest Rates?, Journal of International Money and Finance, 23(7-8), November 2004, 1209-1221.

· Balance of Payments Crises under Inflation Targeting (with S. Li and I. Yan), Journal of International Economics, 72(1), May 2007, 242-264.

· Inflation Inertia and Credible Disinflation (with G. Calvo and O. Celasun), Journal of International Economics, 73(1), September 2007, 48-68. / Technical Appendix

· Optimal Price Setting and Inflation Inertia in a Rational Expectations Model (with M. Juillard, O. Kamenik and D. Laxton), Journal of Economic Dynamics and Control, 32(8), August 2008, 2584-2621. / Technical Appendix

· A Theory of Rational Inflationary Inertia (with G. Calvo and O. Celasun), in: P. Aghion, R. Frydman, J. Stiglitz and M. Woodford, eds., Knowledge, Information and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps. Princeton: Princeton University Press, 2002.

· A Critical View of Inflation Targeting: Crises, Limited Sustainability, and Aggregate Shocks, in: N. Loayza and R. Soto, eds., Inflation Targeting: Design, Performance, Challenges. Santiago, Chile: Central Bank of Chile, 2002.

· Government Debt: A Key Role in Financial Intermediation (with E. Tanner), in C. Reinhart, C. Végh and A. Velasco (ed.), Money, Crises and Transition, Essays in Honor of Guillermo A. Calvo, 2008.

Working Papers

· International Currency Portfolios, October 2008.

· A Party without a Hangover? On the Effects of U.S. Government Deficits (with D. Laxton), August 2007, IMF Working Paper WP/07/202.

· Mundell-Fleming Revisited: The Role of Trade Openness (with G. Calvo and O. Kamenik), August 2008.

· Politically Optimal Fiscal Policy (with I. Yakadina), March 2007, IMF Working Paper WP/07/68.

· Simple Monetary Rules under Fiscal Dominance (with R. Nunes and I. Yakadina), December 2007, IMF Working Paper WP/07/271.

· Pricing Policies and Inflation Dynamics (with L. Cespedes and E. Parrado), May 2008. / Technical Appendix

· Monetary Policy in an Equilibrium Portfolio Balance Model (with S. van Nieuwerburgh), March 2007, IMF Working Paper WP/07/72.

· Measures of Potential Output from an Estimated DSGE Model of the United States (with M. Juillard, O. Kamenik and D. Laxton), April 2006.

· Fiscal Crisis Resolution: Taxation versus Inflation, January 2004. / Technical Appendix

· Chile’s Structural Fiscal Surplus Rule: A Model-Based Evaluation (with D. Laxton), October 2008, IMF Working Paper (2008, forthcoming).

· Does the Exchange Rate Belong in Monetary Policy Rules? New Answers from a DSGE Model with Endogenous Tradability and Trade Frictions (with D. Laxton and K. Naknoi), Working Paper, July 2007.