Stephen Millard
Biographic Data
| ID | 5736145 |
|---|---|
| NAME | Stephen Millard |
| GIVEN NAMES | Stephen |
| FAMILY NAME | Millard |
| SIGNATURE | MILLARD S |
| AFFILIATIONS | Bank of England |
| VERIFIED | No |
| TOTAL WORKS | 3 |
| TOTAL CITATIONS | 1 |
| AUTHOR COUNT | 3 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2008 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 1 |
The Macroprudential Toolkit
We use a DSGE model with financial frictions and with macroprudential limits on both banks and mortgage borrowers, in the form of capital requirements and maximum debt‐service ratios. We then examine: (i) the impact of different combinations of macroprudential limits on key macroeconomic aggregates; (ii) their interaction with each other and with monetary policy; and (iii) their effects on the volatility of key macroeconomic variables and on welf…
Sectoral Shocks and Monetary Policy in the United Kingdom
We examine the extent to which monetary policy should respond to movements in sectoral inflation rates using a Generalized Taylor model that takes specific account of the sectoral make‐up of the consumer price index. We calibrate the model for each sector using the UK consumer price microdata. We find that a policy rule allowing for different responses to inflation in different sectors outperforms a rule targeting only aggregate inflation, as doe…
Financial Innovation, Macroeconomic Stability and Systemic Crises
We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and contains a clearly defined pecuniary externality associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, this externality is capable of generating a systemic financial…
Financial Innovation, Macroeconomic Stability and Systemic Crises
We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and contains a clearly defined pecuniary externality associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, this externality is capable of generating a systemic financial…
Financial Innovation, Macroeconomic Stability and Systemic Crises
We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and contains a clearly defined pecuniary externality associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, this externality is capable of generating a systemic financial…
Sectoral Shocks and Monetary Policy in the United Kingdom
We examine the extent to which monetary policy should respond to movements in sectoral inflation rates using a Generalized Taylor model that takes specific account of the sectoral make‐up of the consumer price index. We calibrate the model for each sector using the UK consumer price microdata. We find that a policy rule allowing for different responses to inflation in different sectors outperforms a rule targeting only aggregate inflation, as doe…
The Macroprudential Toolkit
We use a DSGE model with financial frictions and with macroprudential limits on both banks and mortgage borrowers, in the form of capital requirements and maximum debt‐service ratios. We then examine: (i) the impact of different combinations of macroprudential limits on key macroeconomic aggregates; (ii) their interaction with each other and with monetary policy; and (iii) their effects on the volatility of key macroeconomic variables and on welf…
Economics (3 works) · Banking stability, regulation, efficiency (2 works) · Economic theories and models (2 works) · Finance (2 works) · Macroeconomics (2 works) · Monetary economics (2 works) · Monetary policy (2 works) · Atlanta (1 works) · Capital requirement (1 works) · Central bank (1 works)