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David Miles


Professor of Financial Economics, Imperial College, London
Member of the Commission of the Irish Central Bank
Economic Advisor to the Bank of England

Areas of expertise

  • Monetary policy
  • Housing
  • Notions of economic justice
  • Financial regulation

Short Biography

David Miles is Professor of Financial Economics at Imperial College, London. He has had previous academic positions at Birkbeck College, London and at Oxford University. He has undergraduate and masters degrees from Oxford University and a PhD from the University of London. He is a member of the Commission of the Central Bank of Ireland. He was a member of the Monetary Policy Committee at the Bank of England between May 2009 and September 2015. As an economist he has focused on the interaction between financial markets and the wider economy. He was Chief UK Economist at Morgan Stanley from October 2004 to May 2009. In 2004 he led a government review of the UK mortgage market. In 2018 he completed a review for the UK Treasury on reference prices of UK government bonds. He has recently been an advisor to the IMF and to the reserve Bank of New Zealand. He is a research fellow of the Centre for Economic Policy Research and at the CESIFO research institute in Munich. He is Chair of the Board of Trustees of the Institute for Fiscal Studies. He was awarded a CBE in January 2016.

Selected publications

Publications 2020-2021

  • “The Half Life of Economic Injustice”, forthcoming Economics and Philosophy.
  • “UK House Prices and Three Decades of Decline in the Risk Free Real Interest Rate” with V Monro, forthcoming Economic Policy.
  • “How fast should social restrictions be eased in England as COVID-19 vaccinations are rolled out?”, with M Stedman and A Heald, forthcoming in International Journal of Clinical Practice.
  • “Assessing the Spread of the Novel Coronavirus in the Absence of Mass Testing”, with Oscar Dimdore-Miles, forthcoming International Journal of Clinical Practice (volume 75, issue 4, April 2021).
  • “House Prices and Growth with Fixed Land Supply”, with James Sefton, The Economic Journal, vol 131, issue 636, May 2021, pages 1815-1848.
  • "Measurement Without Testing: Assessing the Spread of the Novel Coronavirus ", with Oscar Dimdore-Miles, COVID Economics, volume 16, May 2020, pp 161-76.
  • "Stay at Home, Protect the National Health Service, Save Lives: A cost benefit analysis of the lockdown in the UK", with M Stedman and A Heald, International Journal of Clinical Practice, vol 75, issue 3, 2021.
  • “Living with Covid-19: Balancing Costs Against Benefits in the Face of the Virus” with Mike Stedman and Adrian Heald, The National Institute Economic Review, no 253, August 2020, pages 60-76.

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