Stephen Millard

​Senior Economist - Structural Economic Analysis Division

Stephen Millard is a Senior Economist at the Bank of England, a research affiliate of the Centre for Macroeconomics and a Visiting Professor at the Durham University Business School.  His main areas of research currently are inflation dynamics, the labour market and understanding how shocks and frictions within financial markets affect the real economy.  He is also a member of the European Central Bank’s ‘Wage Dynamics Network’, carrying out joint research with economists across Europe using the 25-country wage-setting survey carried out by the network in 2014/15.  In addition to carrying out research himself, his main role at the Bank is to develop and maintain the Bank’s contacts in the wider academic world in order to encourage and bring about more collaborative research.  He has a PhD from Northwestern University, where he studied with the late Nobel Laureate Dale Mortensen.

Stephen's Bank Underground blog posts

A dynamic model of financial balances for the United Kingdom - October 2016
Potential supply, the output gap and inflation - January 2016  

Stephen's selected academic publications

Wage rigidities in an estimated dynamic, stochastic, general equilibrium model of the UK labour market with Renato Faccini and Francesco Zanetti, The Manchester School (2013)
Using estimated models to assess nominal and real rigidities in the United Kingdom with Gunes Kamber, International Journal of Central Banking (2012)
Tailwinds and Headwinds: How does growth in the BRICs affect inflation in the G-7? with Anna Lipinska, International Journal of Central Banking (2012)
Some macroeconomic and monetary policy implications of new micro evidence on wage dynamics with Greg de Walque, Juan-Francisco Jimeno, Michael Krause, Herve Le Bihan and Frank Smets, Journal of the European Economic Association (2010)
Financial innovation, macroeconomic stability and systemic crises with Prasanna Gai, Sujit Kapadia and Ander Perez, Economic Journal, Vol. 118, pages 401-26 (2008)
Monetary policy rules for an open economy with Nicoletta Batini and Richard Harrison, Journal of Economic Dynamics and Control (2003)
Wages, work and unemployment:  Work history evidence on allocating time between labour market states with Andrew Hildreth, Dale Mortensen and Mark Taylor, Applied Economics (1998)

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