David Miles
Datos Biográficos
| ID | 3604993 |
|---|---|
| NOMBRE | David Miles |
| NOMBRES | David |
| APELLIDO | Miles |
| FIRMA | MILES D |
| AFILIACIONES | Imperial College London |
| ORCID | 0000-0002-6387-0041 |
| VERIFICADO | Sí |
| TOTAL DE OBRAS | 25 |
| TOTAL DE CITAS | 74 |
| TOTAL COMO AUTOR | 26 |
| TOTAL COMO EDITOR | 0 |
| PRIMER AÑO DE PUBLICACIÓN | 1974 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2022 |
| ÍNDICE H | 5 |
The half life of economic injustice
This paper addresses a question which is fundamental to the perceived legitimacy of the distribution of resources today: to what extent does unfairness in how assets came to be acquired in the past affect incomes and wealth now? To answer that question requires two things: first, a principle to determine what is, and what is not, a just acquisition of wealth or a just source of income; second, a means of using that principle to estimate what frac…
Democracy, the Courts, and the Liberal State
Reformulating a problem of both constitutionalism and liberalism discussed in the works of Ernst-Wolfgang Böckenförde, Hannah Arendt, and Alexis de Tocqueville, the book examines one generally overlooked manifestation of constitutionalism: the role of the courts in shaping democratic politics and the inter-relationship between citizens and state. Drawing on constitutional history, law, and political theory, David Miles argues that constitutionali…
Democracy, the Courts, and the Liberal State
People of Different Views
House Prices and Growth with Fixed Land Supply
We analyse housing costs and patterns of residential development over the long term in a dynamic general equilibrium. We show that in a growing economy the speed of travel improvements is crucial to the evolution of land and house prices. We derive a condition for the rate of change in transport efficiency that generates flat land and house prices on a balanced growth path. We present evidence that this condition was satisfied in many countries b…
Optimal Bank Capital
Journal Article Optimal Bank Capital Get access David Miles, David Miles Monetary Policy CommitteeBank of England Bank for International SettlementsBank of England Search for other works by this author on: Oxford Academic Google Scholar Jing Yang, Jing Yang Monetary Policy CommitteeBank of England Bank for International SettlementsBank of England Search for other works by this author on: Oxford Academic Google Scholar Gilberto Marcheggiano Gilber…
Population Density, House Prices and Mortgage Design
Whether house prices rise faster or slower than average incomes affects the level of home ownership and the riskiness of different means of financing house purchase. This study develops a model of the housing market with the property that the major determinant of house price rises relative to incomes is the evolution of population density. The model implies that if population density is on an upward trajectory, rises in population and in incomes …
Quantitative Easing and Unconventional Monetary Policy – an Introduction
Journal Article Quantitative Easing and Unconventional Monetary Policy – an Introduction Get access Michael Joyce, Michael Joyce Bank of England Search for other works by this author on: Oxford Academic Google Scholar David Miles, David Miles Bank of England and Centre for Economic Policy Research Search for other works by this author on: Oxford Academic Google Scholar Andrew Scott, Andrew Scott London Business School and Centre for Economic Poli…
Risk, Return and Portfolio Allocation Under Alternative Pension Systems with Incomplete and Imperfect Financial Markets
This article uses stochastic simulations on a calibrated model to assess the impact of different pension reform strategies where financial markets are less than perfect. We investigate the optimal split between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of pension system when there are imperfections in financial markets. This article calculates the expected welfar…
Incentives Information and Efficiency in the UK Mortgage Market
This paper analyses the choices made by households in the UK about mortgages. It considers whether there might be forms of market failure that prevent the structure of mortgage debt better reflecting the underlying preferences of households. UK households lie at one end of a spectrum of the degree of uncertainty over the nominal payments due on mortgage debt. There are several different hypotheses for the type of mortgages households choose. Some…
Preface
Although often described as an information technology revolution, it took something like twenty years for the technology of the Gutenburg printing press to reach England. The world-wide spread of new printing methods and the production of printed books was by no means an overnight transformation but rather a more gradual permeation, over many years, of the new media. Gradually more and more people became aware of the advantages of printed texts a…
Essays on Saving, Bequests, Altruism, and Life‐Cycle Planning
In his introduction to this volume Laurence Kotlikoff describes succinctly what the book does: ‘This book tries to explain why our nation is saving so little, why its bequest behaviour is changing, why wealth is so unequally distributed, whether altruism influences household responses to fiscal policies, how altruism might be modelled, how to formally test the rationality of intertemporal economic choice, whether people are capable of making cons…
The Reform of Pension Systems
In this paper we perform simulations with a stylized model of the United Kingdom and Germany to show which generations might be gainers, and which losers, from a transition from an unfunded to a funded state pension system. We show that it is likely that more than one generation will be direct losers as a result of a transition (especially in Germany). If more than one generation are direct losers, then, in order for those generations not to be n…
Modelling the Impact of Demographic Change Upon the Economy
Over the next few decades there will be significant changes in the demographic structure of nearly all developed countries. Such dramatic demographic change could have a powerful impact upon saving behaviour, but estimates of how great the effects will be differ depending on what evidence is used. This paper argues that simulations based on calibrated general equilibrium models are likely to provide the most reliable evidence. A model is develope…
A Household Level Study of the Determinants of Incomes and Consumption
This paper uses micro data to estimate the determinants of household income and to measure how human capital and earnings uncertainty affect consumption. We also estimate how home-owners react to capital gains on housing and assess whether these gains are treated in the same way as other sources of income. Using UK micro data we show that estimates of permanent income and of earnings uncertainty have powerful effects on spending. We find that pre…
A line of time
Since the 1970s large‐scale archaeological projects have been undertaken in the Upper and Middle Thames Valley, driven by development pressures and strongly influenced by the evidence of aerial photographs, most of which have been of the higher gravel terraces where cropmarks are most prolific. These sites have, however, usually suffered heavily from ploughing; water‐logged deposits, occupation horizons and buried soils are rare. In contrast, the…
The CD-ROM Novel Myst and McLuhan's Fourth Law of Media
Myst, the first CD-ROM multimedia novel to sell over one million copies, signals both the breakthrough of a new art form, and, in accordance with McLuban's fourth law of media, the retrieval of art forms long thought to be obsolete. Myst, in fact, resurrects forms ranging from the Homeric epic to medieval allegory, from Tristram Shandy to Jorge Luis Borges, from silent cinema to surrealist painting. In shaping these older art forms into a new gen…
Variation in Expected Stock Returns
David Miles, Allan Timmermann, Variation in Expected Stock Returns: Evidence on the Pricing of Equities from a Cross-section of UK Companies, Economica, New Series, Vol. 63, No. 251 (Aug., 1996), pp. 369-382
Housing, Financial Markets and the Wider Economy
Journal Article Housing, Financial Markets and the Wider Economy. Get access Housing, Financial Markets and the Wider Economy. By Miles (David) . (New York and Chichester: John Wiley & Sons Ltd, 1994. Pp. ix + 228. £35.00 hardback. ISBN 0 471 95210 9.) George Hadjimatheou George Hadjimatheou London Guildhall University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 106, Issue 437, 1 July 1996…
Testing for Short Termism in the UK Stock Market
Journal Article Testing for Short Termism in the UK Stock Market: A Reply Get access David Miles David Miles Merrill Lynch, Pierce, Fenner & Smith Limited, London Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 105, Issue 432, 1 September 1995, Pages 1224–1227, https://doi.org/10.2307/2235414 Published: 01 September 1995
Garden Archaeology
Testing for Short Termism in the UK Stock Market
This paper uses data on the stock market valuations of a large sample of UK companies to assess if that market displays short-termism. Tests are undertaken of whether discount rates, implicit in market valuations, applied to cash flows which accrue in the longer term are too high, both absolutely and relative to the rates applied to cash flows in the near term. I find prima facie evidence that these longer-term discount rates are too high, a resu…
Asymmetric Information, Corporate Finance, and Investment
Journal Article Asymmetric Information, Corporate Finance, and Investment Get access Asymmetric Information, Corporate Finance, and Investment. Edited by R. Hubbard Glenn. (Chicago and London: The University of Chicago Press, 1990. Pp. ix + 343. £35.95 hardback, US$51.75 hardback. ISBN 0 226 35585 3-) David Miles David Miles Birkbeck College Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102,…
The Foreign Exchange Market
1. Historical development and institutions 2. The theory of efficient markets 3. Models of exchange rate behaviour 4. Econometric methodology 5. Expectation models 6. Statistical properties of exchange rate series 7. The forward rate as a predictor of the future spot rate 8. Purchasing power and interest rate parity theories: empirical evidence 9. Exchange rate forecasting and conclusions
The Farm
Quantitative Easing and Unconventional Monetary Policy – an Introduction
Journal Article Quantitative Easing and Unconventional Monetary Policy – an Introduction Get access Michael Joyce, Michael Joyce Bank of England Search for other works by this author on: Oxford Academic Google Scholar David Miles, David Miles Bank of England and Centre for Economic Policy Research Search for other works by this author on: Oxford Academic Google Scholar Andrew Scott, Andrew Scott London Business School and Centre for Economic Poli…
Modelling the Impact of Demographic Change Upon the Economy
Over the next few decades there will be significant changes in the demographic structure of nearly all developed countries. Such dramatic demographic change could have a powerful impact upon saving behaviour, but estimates of how great the effects will be differ depending on what evidence is used. This paper argues that simulations based on calibrated general equilibrium models are likely to provide the most reliable evidence. A model is develope…
Optimal Bank Capital
Journal Article Optimal Bank Capital Get access David Miles, David Miles Monetary Policy CommitteeBank of England Bank for International SettlementsBank of England Search for other works by this author on: Oxford Academic Google Scholar Jing Yang, Jing Yang Monetary Policy CommitteeBank of England Bank for International SettlementsBank of England Search for other works by this author on: Oxford Academic Google Scholar Gilberto Marcheggiano Gilber…
A line of time
Since the 1970s large‐scale archaeological projects have been undertaken in the Upper and Middle Thames Valley, driven by development pressures and strongly influenced by the evidence of aerial photographs, most of which have been of the higher gravel terraces where cropmarks are most prolific. These sites have, however, usually suffered heavily from ploughing; water‐logged deposits, occupation horizons and buried soils are rare. In contrast, the…
A Household Level Study of the Determinants of Incomes and Consumption
This paper uses micro data to estimate the determinants of household income and to measure how human capital and earnings uncertainty affect consumption. We also estimate how home-owners react to capital gains on housing and assess whether these gains are treated in the same way as other sources of income. Using UK micro data we show that estimates of permanent income and of earnings uncertainty have powerful effects on spending. We find that pre…
Testing for Short Termism in the UK Stock Market
This paper uses data on the stock market valuations of a large sample of UK companies to assess if that market displays short-termism. Tests are undertaken of whether discount rates, implicit in market valuations, applied to cash flows which accrue in the longer term are too high, both absolutely and relative to the rates applied to cash flows in the near term. I find prima facie evidence that these longer-term discount rates are too high, a resu…
Housing, Financial Markets and the Wider Economy
Journal Article Housing, Financial Markets and the Wider Economy. Get access Housing, Financial Markets and the Wider Economy. By Miles (David) . (New York and Chichester: John Wiley & Sons Ltd, 1994. Pp. ix + 228. £35.00 hardback. ISBN 0 471 95210 9.) George Hadjimatheou George Hadjimatheou London Guildhall University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 106, Issue 437, 1 July 1996…
Incentives Information and Efficiency in the UK Mortgage Market
This paper analyses the choices made by households in the UK about mortgages. It considers whether there might be forms of market failure that prevent the structure of mortgage debt better reflecting the underlying preferences of households. UK households lie at one end of a spectrum of the degree of uncertainty over the nominal payments due on mortgage debt. There are several different hypotheses for the type of mortgages households choose. Some…
Population Density, House Prices and Mortgage Design
Whether house prices rise faster or slower than average incomes affects the level of home ownership and the riskiness of different means of financing house purchase. This study develops a model of the housing market with the property that the major determinant of house price rises relative to incomes is the evolution of population density. The model implies that if population density is on an upward trajectory, rises in population and in incomes …
Risk, Return and Portfolio Allocation Under Alternative Pension Systems with Incomplete and Imperfect Financial Markets
This article uses stochastic simulations on a calibrated model to assess the impact of different pension reform strategies where financial markets are less than perfect. We investigate the optimal split between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of pension system when there are imperfections in financial markets. This article calculates the expected welfar…
Essays on Saving, Bequests, Altruism, and Life‐Cycle Planning
In his introduction to this volume Laurence Kotlikoff describes succinctly what the book does: ‘This book tries to explain why our nation is saving so little, why its bequest behaviour is changing, why wealth is so unequally distributed, whether altruism influences household responses to fiscal policies, how altruism might be modelled, how to formally test the rationality of intertemporal economic choice, whether people are capable of making cons…
Cropmarks near the Sutton Courtenay Saxon site
An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button
Cropmarks near the Sutton Courtenay Saxon site
An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button
The Farm
The Foreign Exchange Market
1. Historical development and institutions 2. The theory of efficient markets 3. Models of exchange rate behaviour 4. Econometric methodology 5. Expectation models 6. Statistical properties of exchange rate series 7. The forward rate as a predictor of the future spot rate 8. Purchasing power and interest rate parity theories: empirical evidence 9. Exchange rate forecasting and conclusions
Asymmetric Information, Corporate Finance, and Investment
Journal Article Asymmetric Information, Corporate Finance, and Investment Get access Asymmetric Information, Corporate Finance, and Investment. Edited by R. Hubbard Glenn. (Chicago and London: The University of Chicago Press, 1990. Pp. ix + 343. £35.95 hardback, US$51.75 hardback. ISBN 0 226 35585 3-) David Miles David Miles Birkbeck College Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102,…
Garden Archaeology
Testing for Short Termism in the UK Stock Market
This paper uses data on the stock market valuations of a large sample of UK companies to assess if that market displays short-termism. Tests are undertaken of whether discount rates, implicit in market valuations, applied to cash flows which accrue in the longer term are too high, both absolutely and relative to the rates applied to cash flows in the near term. I find prima facie evidence that these longer-term discount rates are too high, a resu…
Testing for Short Termism in the UK Stock Market
Journal Article Testing for Short Termism in the UK Stock Market: A Reply Get access David Miles David Miles Merrill Lynch, Pierce, Fenner & Smith Limited, London Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 105, Issue 432, 1 September 1995, Pages 1224–1227, https://doi.org/10.2307/2235414 Published: 01 September 1995
The CD-ROM Novel Myst and McLuhan's Fourth Law of Media
Myst, the first CD-ROM multimedia novel to sell over one million copies, signals both the breakthrough of a new art form, and, in accordance with McLuban's fourth law of media, the retrieval of art forms long thought to be obsolete. Myst, in fact, resurrects forms ranging from the Homeric epic to medieval allegory, from Tristram Shandy to Jorge Luis Borges, from silent cinema to surrealist painting. In shaping these older art forms into a new gen…
Variation in Expected Stock Returns
David Miles, Allan Timmermann, Variation in Expected Stock Returns: Evidence on the Pricing of Equities from a Cross-section of UK Companies, Economica, New Series, Vol. 63, No. 251 (Aug., 1996), pp. 369-382
Housing, Financial Markets and the Wider Economy
Journal Article Housing, Financial Markets and the Wider Economy. Get access Housing, Financial Markets and the Wider Economy. By Miles (David) . (New York and Chichester: John Wiley & Sons Ltd, 1994. Pp. ix + 228. £35.00 hardback. ISBN 0 471 95210 9.) George Hadjimatheou George Hadjimatheou London Guildhall University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 106, Issue 437, 1 July 1996…
A Household Level Study of the Determinants of Incomes and Consumption
This paper uses micro data to estimate the determinants of household income and to measure how human capital and earnings uncertainty affect consumption. We also estimate how home-owners react to capital gains on housing and assess whether these gains are treated in the same way as other sources of income. Using UK micro data we show that estimates of permanent income and of earnings uncertainty have powerful effects on spending. We find that pre…
A line of time
Since the 1970s large‐scale archaeological projects have been undertaken in the Upper and Middle Thames Valley, driven by development pressures and strongly influenced by the evidence of aerial photographs, most of which have been of the higher gravel terraces where cropmarks are most prolific. These sites have, however, usually suffered heavily from ploughing; water‐logged deposits, occupation horizons and buried soils are rare. In contrast, the…
Modelling the Impact of Demographic Change Upon the Economy
Over the next few decades there will be significant changes in the demographic structure of nearly all developed countries. Such dramatic demographic change could have a powerful impact upon saving behaviour, but estimates of how great the effects will be differ depending on what evidence is used. This paper argues that simulations based on calibrated general equilibrium models are likely to provide the most reliable evidence. A model is develope…
The Reform of Pension Systems
In this paper we perform simulations with a stylized model of the United Kingdom and Germany to show which generations might be gainers, and which losers, from a transition from an unfunded to a funded state pension system. We show that it is likely that more than one generation will be direct losers as a result of a transition (especially in Germany). If more than one generation are direct losers, then, in order for those generations not to be n…
Essays on Saving, Bequests, Altruism, and Life‐Cycle Planning
In his introduction to this volume Laurence Kotlikoff describes succinctly what the book does: ‘This book tries to explain why our nation is saving so little, why its bequest behaviour is changing, why wealth is so unequally distributed, whether altruism influences household responses to fiscal policies, how altruism might be modelled, how to formally test the rationality of intertemporal economic choice, whether people are capable of making cons…
Preface
Although often described as an information technology revolution, it took something like twenty years for the technology of the Gutenburg printing press to reach England. The world-wide spread of new printing methods and the production of printed books was by no means an overnight transformation but rather a more gradual permeation, over many years, of the new media. Gradually more and more people became aware of the advantages of printed texts a…
Incentives Information and Efficiency in the UK Mortgage Market
This paper analyses the choices made by households in the UK about mortgages. It considers whether there might be forms of market failure that prevent the structure of mortgage debt better reflecting the underlying preferences of households. UK households lie at one end of a spectrum of the degree of uncertainty over the nominal payments due on mortgage debt. There are several different hypotheses for the type of mortgages households choose. Some…
Risk, Return and Portfolio Allocation Under Alternative Pension Systems with Incomplete and Imperfect Financial Markets
This article uses stochastic simulations on a calibrated model to assess the impact of different pension reform strategies where financial markets are less than perfect. We investigate the optimal split between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of pension system when there are imperfections in financial markets. This article calculates the expected welfar…
Population Density, House Prices and Mortgage Design
Whether house prices rise faster or slower than average incomes affects the level of home ownership and the riskiness of different means of financing house purchase. This study develops a model of the housing market with the property that the major determinant of house price rises relative to incomes is the evolution of population density. The model implies that if population density is on an upward trajectory, rises in population and in incomes …
Quantitative Easing and Unconventional Monetary Policy – an Introduction
Journal Article Quantitative Easing and Unconventional Monetary Policy – an Introduction Get access Michael Joyce, Michael Joyce Bank of England Search for other works by this author on: Oxford Academic Google Scholar David Miles, David Miles Bank of England and Centre for Economic Policy Research Search for other works by this author on: Oxford Academic Google Scholar Andrew Scott, Andrew Scott London Business School and Centre for Economic Poli…
Optimal Bank Capital
Journal Article Optimal Bank Capital Get access David Miles, David Miles Monetary Policy CommitteeBank of England Bank for International SettlementsBank of England Search for other works by this author on: Oxford Academic Google Scholar Jing Yang, Jing Yang Monetary Policy CommitteeBank of England Bank for International SettlementsBank of England Search for other works by this author on: Oxford Academic Google Scholar Gilberto Marcheggiano Gilber…
Democracy, the Courts, and the Liberal State
Reformulating a problem of both constitutionalism and liberalism discussed in the works of Ernst-Wolfgang Böckenförde, Hannah Arendt, and Alexis de Tocqueville, the book examines one generally overlooked manifestation of constitutionalism: the role of the courts in shaping democratic politics and the inter-relationship between citizens and state. Drawing on constitutional history, law, and political theory, David Miles argues that constitutionali…
Democracy, the Courts, and the Liberal State
People of Different Views
House Prices and Growth with Fixed Land Supply
We analyse housing costs and patterns of residential development over the long term in a dynamic general equilibrium. We show that in a growing economy the speed of travel improvements is crucial to the evolution of land and house prices. We derive a condition for the rate of change in transport efficiency that generates flat land and house prices on a balanced growth path. We present evidence that this condition was satisfied in many countries b…
Economics (17 obras) · Political science (9 obras) · Law (8 obras) · Monetary economics (7 obras) · Finance (6 obras) · Finance (6 obras) · Financial Literacy, Pension, Retirement Analysis (6 obras) · Economic history (5 obras) · Geography (5 obras) · Housing Market and Economics (5 obras)