Dr Michael Kumhof

Michael is a Senior Adviser at the Bank of England, responsible for helping to formulate and carry out key parts of its research agenda

Research Interests

Michael’s main research interests are monetary reform (including central bank digital currencies and full reserve banking), the macroeconomic implications of the fact that banks are creators of money rather than intermediaries of savings, the role of economic inequality in causing imbalances and crises, the macroeconomic effects of fossil fuel depletion, and the macroeconomic effects of and optimal policy responses to high levels of economic rent.


PhD Economics, University of Maryland at College Park, 1998
Msc Economics, University of York, 1988


Barclays Bank PLC 1988-1993
Stanford University 1998-2004
International Monetary Fund 2001-2015
Bank of England 2015-today