Michael Kumhof
Michael Kumhof



C A R E E R
H I G H L I G H T S

Senior Research Advisor
Bank of England
2015-2026

•


IMF Economist/
​Deputy Division Chief
2004-2015

•

Stanford University
Professor
1998-2004

•

Ph.D. Economics
University of Maryland
1998

•

Corporate Banking
Barclays Bank PLC
1988-1993

MICHAEL KUMKOF

+1‑757‑868‑9848 | [email protected]
https://www.linkedin.com/in/michael‑kumhof/
https://michaelkumhof.weebly.com/ | Google Scholar Page
Download Vitae | Download Publications

SENIOR RESEARCH ADVISOR

Extensive experience managing research groups at policy institutions including the IMF and the Bank of England. Research in monetary economics and macroeconomics, with a citation score in the top 1% of economists worldwide. Well known for having introduced the concept of central bank digital currencies (CBDCs), and for other research on narrow banking and the money-creating role of banks. Taught graduate and undergraduate economics at Stanford University. Earlier experience as a corporate account executive at Barclays Bank PLC.

Well known for having built the IMF's main global shock and policy simulation model. Also created a new policy simulation model for the Moroccan central bank. Interested in opportunities with other policy institutions or in academia. 

SKILLS

Scholarly Research | University Teaching | Public Speaking | Leadership | Quantitative Research | Corporate Banking | Coaching | Macroeconomic Modeling | Academic Research | Financial Modeling | Presentations | Stakeholder Engagement | Collaborative | Communication

EXPERIENCE

SENIOR RESEARCH ADVISOR, RESEARCH HUB
January 2015 - April 2026
Bank of England, London, UK
Developed, managed and carried out parts of the research agenda of the Bank of England's Research Hub. Reported directly to the Chief Economist.
  • Managed and built the new Research Hub starting in 2015, defining the entire scope and role of the Hub within the wider Bank of England structure, collaborating with the Head of Research. 
  • Enabled the creation of an environment where research could flourish. Bank of England research gradually rose in rankings among central banks. The quality of research is now excellent.
  • Conducted cutting-edge research together with outside collaborators and more junior Bank of England staff. Initiated the CBDC research agenda among central banks. 
  • Mentored/coached numerous Bank of England staff to co-author widely noted research papers.
  • Developed a comprehensive policy simulation model for the Moroccan central bank. Studied the effects of introducing CBDC and prepared the model to become the workhorse policy simulation tool for Morocco.

DEPUTY DIVISION CHIEF, MODELING DIVISION,
RESEARCH DEPARTMENT
January 2010 - December 2015
IMF, Washington, DC, USA
Developed the IMF's global policy simulation model GIMF. Managed its applications to policy questions.
  • Ensured adherence to policy priorities through development of the capabilities of the IMF's global policy simulation model GIMF. Added a financial sector and its interactions with the real economy. 
  • Presented GIMF-based papers at leading universities and conferences.
  • Published a paper on the link between income inequality and financial crises in a top-5 academic journal. This work was influential in other IMF policy work and publications.
  • Presented a working paper on the Chicago Plan for monetary reform (narrow banking) at many global central banks.

SENIOR ECONOMIST, MODELING DIVISION, RESEARCH DEPARTMENT
January 2004 - December 2010
IMF, Washington, DC, USA
Created the IMF's global policy simulation model GIMF. Managed its applications to critical policy questions.
  • Created the IMF's global policy simulation model GIMF, which has been used for IMF policy and scenario analyses, for the World Economic Outlook, and for G-20 work. It has also been used, and continues to be used, by numerous central banks.
  • The model enabled the IMF Managing Director to make the case for globally coordinated fiscal stimulus during the 2008/9 Global Financial Crisis.

ASSISTANT PROFESSOR                   
Stanford University, Stanford, CA, USA
Taught undergraduate and graduate economics courses. Academic research in macroeconomics.
  • Taught and advised numerous undergraduate and graduate students; the best students now have successful careers as professional economists.
  • Research in open economy macroeconomics, publications in highly-ranked journals, presentations of work at universities and international conferences.

CORPORATE ACCOUNT EXECUTIVE
Barclays Bank PLC, City of London, Portugal, Singapore
Managed corporate loan portfolios. Customer liaison, risk analysis, loan approvals.
  • Corporate Account Executive, Singapore. Managed a US$ 50 million corporate loan portfolio in Indonesia, Malaysia and Singapore. 
  • Assistant Account Executive, Portugal. Co-managed a US$ 25 million corporate loan portfolio. 
  • Management Trainee, City of London. Gained new skills in financial and general management.

LANGUAGES

English, German: Bilingual
Spanish: Fluency
Portuguese: Intermediate 
Russian, French: Basic

TECHNICAL SKILLS

Programming Languages: TROLL, Dynare, Matlab

EDUCATION

Ph.D. in Economics, University of Maryland at College Park
Committee: Guillermo Calvo, Carmen Reinhart, Allan Drazen, Michael Binder
M.Sc. in Economics, University of York
B.A. in Economics, University of York
Associate in Banking, The Chartered Institute of Bankers

SELECTED RESEARCH


Last Updated: April, 2026