David Miles | |
---|---|
Member of the Monetary Policy Committee | |
In office 1 June 2009 –31 August 2015 | |
Governor | Mervyn King (2003–2013) Mark Carney (2013–2015) |
Personal details | |
Profession | Economist |
David Kenneth Miles CBE (born 1959 [1] ) is a British economist. Born in Swansea,he has spent his working life in London,in teaching,business and the public sector. He is a professor at Imperial College London,and was Chief UK Economist of Morgan Stanley bank from October 2004 to May 2009. He was appointed to the Bank of England's interest-rate-setting Monetary Policy Committee (MPC) from 1 June 2009 to June 2012 [2] and again from June 2012 to 31 August 2015,before being replaced by Gertjan Vlieghe. [3] According to the Bank of England,"As an economist he has focused on the interaction between financial markets and the wider economy.". [4] In December 2020 he was appointed to the main board ("The Commission") of the central Bank of Ireland. He was appointed to the Budget Responsibility Committee of the Office for Budget Responsibility (OBR) in December 2021. He took up that role in January 2022.
Miles was born in 1959,and was educated at the Bishop Gore School in Swansea,University College,Oxford,Nuffield College,Oxford,and the London School of Economics. [5]
In 2003 Miles produced a report for the British Chancellor of the Exchequer to examine why the long-term fixed rate mortgage market is not as popular a product in Britain as in other countries. His report states:"A great many borrowers focus on the initial cost of debt and do not seem to consider carefully how those payments might change relative to their incomes". Much of Miles's academic research has focused on housing,pensions,monetary policy,asset pricing and ways to make the financial system more stable.
From 2004 to 2009 Miles was Chief UK Economist of Morgan Stanley bank.[ citation needed ]
Miles predicted a substantial fall in real house prices in November 2006. [6]
In 2009 he was asked,along with Gerald Holtham and Professor Berndt Spahn,to serve on a Commission established by the Welsh Assembly Government to investigate the scope for the Welsh Assembly to have greater fiscal autonomy. The Holtham Commission reported in July 2010.[ citation needed ]
From June 2009 to August 2015 Miles served on the Bank of England's Monetary Policy Committee. In 2011 he published a detailed study of the appropriate balance sheet structure of banks to avoid a repeat of the financial crisis ("Optimal Bank Capital"). [7] He concluded that the Basel III agreements on capital requirements for banks set the standard for equity at only about half its appropriate level. In 2012 he began a second term with the Monetary Policy Committee.
He was President of the economics section of the British Science Association (BSA) for 2015. He was appointed Commander of the Order of the British Empire (CBE) in the 2016 New Year Honours for services to monetary policy. [8]
In 2016 he was appointed by Her Majesty's Treasury to advise on the measurement and reporting of yields on UK government debt. His report was completed in October 2016 and is being implemented. He was Chair of the board of trustees of the Institute for Fiscal Studies until December 2021 when he took up his position at the OBR. He is a trustee of the Centre for Economic Policy Research.[ citation needed ]
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
Stanley Fischer is an Israeli-American economist who served as the 20th Vice Chair of the Federal Reserve from 2014 to 2017. Fischer previously served as the 8th Governor of the Bank of Israel from 2005 to 2013. Born in Northern Rhodesia, he holds dual citizenship in Israel and the United States. He previously served as First Deputy Managing Director of the International Monetary Fund and as Chief Economist of the World Bank. On January 10, 2014, President Barack Obama nominated Fischer to the position of Vice Chair of the Federal Reserve. He is a senior advisor at BlackRock. On September 6, 2017, Stanley Fischer announced that he was resigning as Vice-Chair for personal reasons effective October 13, 2017, two days before his 74th birthday.
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom.
Sir Alan Peter Budd was a British economist, who was a founding member of the Bank of England's Monetary Policy Committee (MPC) in 1997.
Ronald MacDonald OBE was born in the West End of Glasgow in 1955, to Duncan and Effie MacDonald and spent his formative years in Glasgow, Fort William and Falkirk. He attended Tinto Road Primary School, Glasgow, Corpach Primary School, Fort William, Comely Bank Primary School, Falkirk, and Falkirk High School, with a gap year in Portree primary and High School, before progressing to his university education. He is a Scottish economist with interests in a wide range of topics in International Finance and Macroeconomics and a considerable amount of his research focuses on the economics of exchange rates and currency regime choice. He is currently Research Professor of Macroeconomics and International Finance at the Adam Smith Business School in the University of Glasgow.
Anthony Patrick Leslie Minford is a British macroeconomist who is professor of applied economics at Cardiff Business School, Cardiff University, a position he has held since 1997. He was Edward Gonner Professor of Applied Economics at the University of Liverpool from 1976 to 1997. In 2016, Minford was a notable member of the Economists for Brexit group which, in opposition to the consensus view of economists, advocated the UK leaving the European Union. His prediction of an 8% drop in the cost of living soon after leaving failed to materialize.
David Graham Blanchflower,, sometimes called Danny Blanchflower, is a British-American labour economist and academic. He is currently a tenured economics professor at Dartmouth College, Hanover, New Hampshire. He is also a research associate at the National Bureau of Economic Research, part-time professor at the University of Glasgow and a Bloomberg TV contributing editor. He was an external member of the Bank of England's interest rate-setting Monetary Policy Committee (MPC) from June 2006 to June 2009.
Charles Albert Eric Goodhart, is a British economist. His career can be divided into two sections: his term with the Bank of England and its associated public policy; and his academic work with the London School of Economics. Charles Goodhart's work focuses on central bank governance practices and monetary frameworks. He also conducted academic research into foreign exchange markets. He is best known as the founder of Goodhart's Law, which states: "When a measure becomes a target, it ceases to be a good measure."
Marian Patricia Bell is a British consultant economist, and was a member of the Bank of England's Monetary Policy Committee from June 2002 to June 2005.
Andrew SentanceCBE is a British business economist. He is currently Senior Adviser to Cambridge Econometrics. From November 2011 until October 2018, he was Senior Economic Adviser to PwC. He was an external member of the Monetary Policy Committee of the Bank of England from October 2006 to May 2011.
Sir Howard John Davies is a British historian and author, who is the chairman of NatWest Group and the former director of the London School of Economics.
Sir David Edward John Ramsden CBE is a British economist and has been Deputy Governor for Markets and Banking at the Bank of England since 4 September 2017. He was previously Chief Economic Adviser to HM Treasury and Head of the Government Economic Service, having previously served as Joint Head of the Service with Vicky Pryce, formerly Chief Economic Adviser and Director-General at the Department for Business, Innovation and Skills.
Sir Vito Antonio Muscatelli is the Principal of the University of Glasgow and one of the United Kingdom's top economists.
Paul Gregory Fisher is a British economist, who left the Bank of England in July 2016 after 26 years service. In September 2016 he was appointed chair of the London Bullion Market Association and in December 2016, he became a non-executive director at the UK Debt Management Office. Fisher has been a visiting professor at Richmond, The American International University in London since 2012; and is a senior research fellow in the new DAFM Centre of the Business School at King's College London. He was chair of the board of trustees at the London Institute of Banking and Finance, from 2011 to 2017.
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally created in May 2010 following the general election and was placed on a statutory footing by the Budget Responsibility and National Audit Act 2011. It is one of a growing number of official independent fiscal watchdogs around the world.
Martin Robert Weale is a British economist. He was educated at Highgate School and Clare College, Cambridge, where he qualified for an MA in Economics, with first-class honours, and was later a fellow from 1981 to 1995. On 5 July 2010 it was announced that he would join the Bank of England's Monetary Policy Committee, replacing Kate Barker. He was in turn replaced by Michael Saunders, attending his last meeting in July 2016.
Simon Wren-Lewis is a British economist. He is a professor of economic policy at the Blavatnik School of Government at Oxford University and a Fellow of Merton College.
Jagjit Singh Chadha (Punjabi: ਜਗਜੀਤ ਸਿੰਘ ਚਢਾ, born 1 December 1966 in West Yorkshire is a British economist who is the Director of the National Institute of Economic and Social Research.
Gertjan Willem Vlieghe is a British-Belgian economist.
María Silvana Tenreyro is a British-Argentine economist who is professor of Economics at the London School of Economics and an external member of the Bank of England's Monetary Policy Committee since July 2017. She served as the president of the European Economic Association for 2021.