 | Income Inequality and Current Account Imbalances Author/Editor: Michael Kumhof, Claire Lebarz, Romain Ranciere, Alexander W. Richter, Nathaniel A. Throckmorton. Release Date:January, 2012 This paper studies the empirical and theoretical link between increases in income inequality and increases in current account deficits. Cross-sectional econometric evidence shows that higher top more...
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 | Risky Bank Lending and Optimal Capital Adequacy Regulation Author/Editor: Jaromir Benes, Michael Kumhof. Release Date:June, 2011 We study the welfare properties of a New Keynesian monetary economy with an essential role for risky bank lending. Banks lend funds deposited by households to a financial accelerator sector, and face more...
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| Inequality, Leverage and Crises Author/Editor: Romain Ranciere, Michael Kumhof. Release Date:November, 2010 The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the more...
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| To Starve or Not to Starve the Beast? Author/Editor: Michael Kumhof, Daniel Leigh, Douglas Laxton. Release Date:September, 2010 For thirty years prominent voices have advocated a policy of starving the beast cutting taxes to force government spending cuts. This paper analyzes the macroeconomic and welfare consequences of this more...
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| Budget Consolidation: Short-Term Pain and Long-Term Gain Author/Editor: Douglas Laxton, Susanna Mursula, Kevin Clinton, Michael Kumhof. Release Date:July, 2010 The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget more...
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| Effects of Fiscal Stimulus in Structural Models Author/Editor: Michael Kumhof, Dirk Muir, Carlos de Resende, Jan in ‘t Veld, René Lalonde, Davide Furceri, Annabelle Mourougane, John Roberts, Stephen Snudden, Mathias Trabandt, G Release Date:WP.jpg
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| The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure Author/Editor: Douglas Laxton, Susanna Mursula, Michael Kumhof, Dirk Muir. Release Date:February, 2010 This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-region dynamic general equilibrium model that is more...
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| Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints Author/Editor: Michael Kumhof, Huixin Bi. Release Date:December, 2009 We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more more...
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| Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits Author/Editor: Douglas Laxton, Dirk Muir, Michael Kumhof, Susanna Mursula, Charles Freedman. Release Date:November, 2009 This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of more...
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| Fiscal Deficits and Current Account Deficits Author/Editor: Michael Kumhof, Douglas Laxton. Release Date:October, 2009 The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have more...
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