David Miles is Professor of Financial Economics at Imperial College Business School.
Between May 2009 and September 2015 he was a member of the Monetary Policy Committee at the Bank of England. His current research focuses on policy issues connected with financial stability, the housing market and the setting of monetary policy.
A May 2017 public lecture on the future of housing markets gives a non technical summary of work on the evolution of housing conditions over long horizons. The lecture, "What Will a House Cost in 100 years?" is available at
A more technical paper on the future of housing is "Houses Across Time and Space" This is a joint paper with James Sefton.
He is involved with the co-ordination between monetary policy and financial stability. One strand of research which reflects this is on the use of macro-prudential policy tools and, specifically, the setting of bank capital requirements. His March 2013 paper (“Optimal Bank capital”, Economic Journal) explores the appropriate way to set bank capital requirements.
The recently released Geneva Report on "Inflation and the Great Recession" (October 2017, jointly written with Ricardo Reiss, Ugo Panizza and Angel Ubide) explores the reasons why inflation has stayed so low over the past decade and the policy challenges this creates for the next ten years. It is available here.
Future work will focus on how liquidity requirements and the setting of monetary policy interacts with capital requirements. His paper on unconventional monetary policy (Economic Journal, November 2012) looks at the evidence for the effectiveness of central bank asset purchases and other non-standard policies. This is an on-going area of research – as recent public lectures below (more details in cv) illustrate.
A short video on financial stability and bank capital
A short video on issues with the design of mortgage contracts is available at:
Papers in progress:
Miles, D and Sefton, J "Houses across Time and Space" (July 2018 draft).
Miles, D and Du, Chuan , Capital Requirements, Monetary Policy and the Fundamental Problem of Bank Risk Taking (April 2018)
Du, Chuan and Miles D "Interaction Between Monetary Policy and Regulatory Capital Requirements"
Miles, D and Schanz, J “Should central banks provide reserves via repos or outright bond purchases?"
recent Essays and thought Pieces:
The Drift away from capitalism should be a cause for concern, an op ed with Tony Yates from The Times of July 2018.
Brexit, financial markets and the wider economy, in a new volume edited by Franklin Allen (published October 2017).
(If you cannot access this from the Financial Times link above the then use link here which will get you the article).
some recent publications:
Miles, D “Inflation, Employment and Monetary Policy: Objectives and Outcomes in the UK and US Compared”, Journal of Money, Credit and Banking
Miles, D "Housing, leverage and stability in the wider economy”, Journal of Money, Credit and Banking
Miles, D and Schanz, J “The Relevance or Otherwise of the Central Bank’s Balance sheet”, Journal of International Economics
TALKS AND SPEECHES ON MONETARY POLICY
March 2017 Evidence to parliamentary Treasury Committee on effectiveness of monetary policy since 2008 is here.
You will find talks, speeches and comments on monetary policy here.
LSE September 2014
Mile End Group, February 2014.
“The Transition to a New normal for Monetary Policy”
Dallas Federal Reserve, November 2013
“Housing, leverage and stability in the wider economy”
Institute for Policy Research Lecture, University of Bath, February 2013
“What should Monetary Policy Do?”
Scottish Economic Society Annual Lecture, Edinburgh, September 2012
“Winding and Unwinding Extraordinary Monetary Policy”
North American Business Economists Lecture, Washington, March 2012
“Government Debt and Unconventional Monetary Policy”
CEPR Public Policy Lecture, London, February 2011
“Monetary Policy in Extraordinary Times”
Miles D, 2016, REGULATORY FAILURE AND REGULATORY CHANGE IN THE BANKING SECTOR, National Institute Economic Review, Vol:235, ISSN:0027-9501, Pages:R15-R26
Miles D, 2015, Housing, Leverage, and Stability in the Wider, Journal of Money Credit and Banking, Vol:47, ISSN:0022-2879, Pages:19-36
Miles D, 2014, MONETARY POLICY AND FORWARD GUIDANCE IN THE UK, Manchester School, Vol:82, ISSN:1463-6786, Pages:44-59
Miles D, Schanz J, 2014, The relevance or otherwise of the central bank's balance sheet, Journal of International Economics, Vol:92, ISSN:0022-1996, Pages:S103-S116
Miles D, 2014, Inflation, Employment, and Monetary Policy: Objectives and Outcomes in the UK and US Compared, Journal of Money Credit and Banking, Vol:46, ISSN:0022-2879, Pages:155-167