Michael Kumhof is Deputy Division Chief of the Modeling Division in the IMF Research Department. His main responsibility is the development of the IMF’s global macroeconomic model GIMF (Global Integrated Monetary and Fiscal Model). This is a dynamic stochastic general equilibrium model that is used heavily for IMF policy and scenario analyses in multilateral and bilateral surveillance, for the World Economic Outlook publication, and for work on G-20 issues. Recent work on improving the theoretical and empirical foundations of this model added an oil sector, to analyze issues of resource depletion, and a banking sector, to study capital adequacy regulation and monetary reform proposals. His other recent research studies the role of income inequality in causing economic imbalances and crises. Mr. Kumhof holds a Ph.D. in Economics from the University of Maryland at College Park, and was assistant professor in economics at Stanford University between September 1998 and March 2004. His work has been published by, among others, the Journal of Monetary Economics, American Economic Journal: Macroeconomics, Journal of International Economics, Journal of Economic Dynamics and Control, Journal of Money, Credit and Banking, European Economic Review, and Journal of Macroeconomics. Prior to returning to academia, Mr. Kumhof was a Corporate Account Executive at Barclays Bank PLC, Singapore, from 1991-1993, where he managed a US$ 100 million corporate loan portfolio in Indonesia, Malaysia and Singapore. Prior postings by Barclays included Portugal and the City of London. Mr. Kumhof is a citizen of Germany.
Deputy Division Chief of the Modeling Division
IMF Research Department