Details about David Kenneth Miles

Homepage:	http://www.imperial.ac.uk/people/d.miles
Postal address:	Imperial College Business School South Knsington London SW7 2AZ EC2R 8AH United Kingdom
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) CESifo, (more information at EDIRC) Bank of England, (more information at EDIRC) Business School, Imperial College, (more information at EDIRC)

Access statistics for papers by David Kenneth Miles.

Last updated 2025-03-14. Update your information in the RePEc Author Service.

Short-id: pmi296

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Jump to Journal Articles Books Edited books Chapters

Working Papers

2024

1. Optimal risk for pension funds: the sustainability of the UK Universities pension scheme
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2023

2. More working from home - aggregate and distributional impacts of shifts in residential location
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2021

3. How Much Risk is the USS Taking?
   National Institute of Economic and Social Research (NIESR) Policy Papers, National Institute of Economic and Social Research View citations (1)
4. How Should the COVID Restrictions in England Be Eased?
   National Institute of Economic and Social Research (NIESR) Policy Papers, National Institute of Economic and Social Research
5. The University Pension Scheme – A Way Forward
   National Institute of Economic and Social Research (NIESR) Policy Papers, National Institute of Economic and Social Research

2020

6. UK house prices and three decades of decline in the risk‑free real interest rate
   Bank of England working papers, Bank of England
   See also Journal Article UK house prices and three decades of decline in the risk-free real interest rate, Economic Policy, CEPR, CESifo, Sciences Po (2021) View citations (9) (2021)

2018

7. The Half Life of Economic Injustice
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   See also Journal Article The half life of economic injustice, Economics and Philosophy, Cambridge University Press (2022) (2022)

2017

8. Houses across time and across place
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)

2015

9. Fiscal multipliers and time preference
   Discussion Papers, Monetary Policy Committee Unit, Bank of England
10. The relevance or otherwise of the central bank’s balance sheet
    Discussion Papers, Monetary Policy Committee Unit, Bank of England
    Also in CESifo Working Paper Series, CESifo (2014) View citations (12)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (10)
    See also Chapter The Relevance or Otherwise of the Central Bank's Balance Sheet, NBER Chapters, National Bureau of Economic Research, Inc (2013) (2013)

2014

11. Interaction Between Monetary Policy and Regulatory Capital Requirements
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
12. Should central banks provide reserves via repos or outright bond purchases?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2012

13. Demographics, house prices and mortgage design
    Discussion Papers, Monetary Policy Committee Unit, Bank of England View citations (5)

2011

14. Optimal Bank Capital
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (50)
    Also in Discussion Papers, Monetary Policy Committee Unit, Bank of England (2011) View citations (72)
    See also Journal Article Optimal Bank Capital, Economic Journal, Royal Economic Society (2013) View citations (119) (2013)
15. Optimal portfolio allocation for corporate pension funds
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (1)
    See also Journal Article Optimal Portfolio Allocation for Corporate Pension Funds, European Financial Management, European Financial Management Association (2013) View citations (7) (2013)

2005

16. The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article The impact of changing demographics and pensions on the demand for housing and financial assets*, Journal of Pension Economics and Finance, Cambridge University Press (2010) View citations (4) (2010)

2002

17. Optimal Social Security Design
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)

2001

18. Risk Return and Portfolio Allocation under Alternative Pension Systems with Imperfect Financial Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
19. Risk, Return and Portfolio Allocation under Alternative Pension Arrangements with Imperfect Financial Markets
    CESifo Working Paper Series, CESifo View citations (1)

2000

20. Funded and Unfunded Pension Schemes: Risk, Return and Welfare
    CESifo Working Paper Series, CESifo View citations (5)
21. Funded and Unfunded Pensions: Risk, Return and Welfare
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)

1998

22. The Reform of Pension Systems: Winners and Losers Across Generations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)

1997

23. Demographics and savings: can we reconcile the evidence?
    IFS Working Papers, Institute for Fiscal Studies View citations (7)
24. Modelling the Impact of Demographic Change Upon the Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (11)
    See also Journal Article Modelling the Impact of Demographic Change upon the Economy, Economic Journal, Royal Economic Society (1999) View citations (215) (1999)

1994

25. Inflation, inflation risks and asset returns
    Bank of England working papers, Bank of England View citations (24)

1992

26. Testing for short-termism in the UK stock market
    Bank of England working papers, Bank of England View citations (29)
    See also Journal Article Testing for Short Termisn in the UK Stock Market, Economic Journal, Royal Economic Society (1993) View citations (21) (1993)

Journal Articles

2023

1. Macroeconomic impacts of changes in life expectancy and fertility
   The Journal of the Economics of Ageing, 2023, 24, (C) View citations (2)

2022

2. The half life of economic injustice
   Economics and Philosophy, 2022, 38, (1), 71-107
   See also Working Paper The Half Life of Economic Injustice, CEPR Discussion Papers (2018) (2018)

2021

3. HOW LONG DOES ECONOMIC INJUSTICE LAST?
   National Institute Economic Review, 2021, 255, 69-78
4. House Prices and Growth with Fixed Land Supply
   The Economic Journal, 2021, 131, (636), 1815-1848 View citations (3)
5. UK house prices and three decades of decline in the risk-free real interest rate
   (Demographics and Real Interest Rates: Inspecting the Mechanism)
   Economic Policy, 2021, 36, (108), 627-684 View citations (9)
   See also Working Paper UK house prices and three decades of decline in the risk‑free real interest rate, Bank of England working papers (2020) (2020)

2020

6. LIVING WITH COVID-19: BALANCING COSTS AGAINST BENEFITS IN THE FACE OF THE VIRUS
   National Institute Economic Review, 2020, 253, R60-R76 View citations (11)

2019

7. Review of Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze. London: Penguin UK, 2018
   Business Economics, 2019, 54, (4), 257-259

2016

8. Regulatory Failure and Regulatory Change in the Banking Sector
   National Institute Economic Review, 2016, 235, R15-R17
   Also in National Institute Economic Review, 2016, 235, (1), R15-R17 (2016)

2015

9. Housing, Leverage, and Stability in the Wider Economy
   Journal of Money, Credit and Banking, 2015, 47, (S1), 19-36 View citations (8)

2014

10. Inflation, Employment, and Monetary Policy: Objectives and Outcomes in the UK and U.S. Compared
    Journal of Money, Credit and Banking, 2014, 46, (S2), 155-167 View citations (3)
11. Monetary Policy and Forward Guidance in the UK
    Manchester School, 2014, 82, (S1), 44-59

2013

12. Optimal Bank Capital
    Economic Journal, 2013, 123, (567), 1-37 View citations (119)
    See also Working Paper Optimal Bank Capital, CEPR Discussion Papers (2011) View citations (50) (2011)
13. Optimal Portfolio Allocation for Corporate Pension Funds
    European Financial Management, 2013, 19, (3), 599-629 View citations (7)
    See also Working Paper Optimal portfolio allocation for corporate pension funds, CEPR Discussion Papers (2011) View citations (1) (2011)

2012

14. Population Density, House Prices and Mortgage Design
    Scottish Journal of Political Economy, 2012, 59, (5), 444-466 View citations (15)
15. Quantitative Easing and Unconventional Monetary Policy – an Introduction
    Economic Journal, 2012, 122, (564), F271-F288 View citations (220)

2010

16. The impact of changing demographics and pensions on the demand for housing and financial assets*
    Journal of Pension Economics and Finance, 2010, 9, (3), 393-420 View citations (4)
    See also Working Paper The Impact of Changing Demographics and Pensions on The Demand for Housing and Financial Assets, CEPR Discussion Papers (2005) View citations (3) (2005)

2008

17. Financial innovation and European housing and mortgage markets
    Oxford Review of Economic Policy, 2008, 24, (1), 145-175 View citations (27)

2006

18. Risk, Return and Portfolio Allocation under Alternative Pension Systems with Incomplete and Imperfect Financial Markets
    Economic Journal, 2006, 116, (511), 529-557 View citations (20)

2005

19. Incentives Information and Efficiency in the UK Mortgage Market
    Economic Journal, 2005, 115, (502), C82-C98 View citations (9)

2003

20. Life on the outside: economic conditions and prospects outside euroland
    (Do domestic firms benefit from foreign direct investment? Evidence from Venezuela)
    Economic Policy, 2003, 18, (37), 573-613 View citations (73)

2000

21. Housing in the South East of England
    World Economics, 2000, 1, (2), 1-11 View citations (1)
22. The Reform of Pension Systems: Winners and Losers Across Generations in the United Kingdom and Germany
    Economica, 2000, 67, (266), 203-228

1999

23. Modelling the Impact of Demographic Change upon the Economy
    Economic Journal, 1999, 109, (452), 1-36 View citations (215)
    See also Working Paper Modelling the Impact of Demographic Change Upon the Economy, CEPR Discussion Papers (1997) View citations (11) (1997)
24. Risk sharing and transition costs in the reform of pension systems in Europe
    Economic Policy, 1999, 14, (29), 252-286 View citations (42)

1998

25. An International Study of Efficiency and Risk in Money Markets
    International Journal of Theoretical and Applied Finance (IJTAF), 1998, 01, (03), 389-424
26. The Implications of Switching from Unfunded to Funded Pension Systems
    National Institute Economic Review, 1998, 163, 71-86 View citations (2)
    Also in National Institute Economic Review, 1998, 163, (1), 71-86 (1998) View citations (6)

1997

27. A Household Level Study of the Determinants of Incomes and Consumption
    Economic Journal, 1997, 107, (440), 1-25 View citations (68)
28. Financial markets, ageing and social welfare
    Fiscal Studies, 1997, 18, (2), 161-187 View citations (1)

1995

29. Optimal regulation of deposit taking financial intermediaries
    European Economic Review, 1995, 39, (7), 1365-1384 View citations (9)
30. Testing for Short Termism in the UK Stock Market: A Reply
    Economic Journal, 1995, 105, (432), 1224-27 View citations (5)

1994

31. Economic Issues in the Regulation of Mutual Financial Firms: The Case of U.K. Building Societies
    The Manchester School of Economic & Social Studies, 1994, 62, (3), 227-50 View citations (5)
32. U.K. Companies' Short-Term Financial Decisions: Evidence from Company Accounts Data
    The Manchester School of Economic & Social Studies, 1994, 62, (4), 395-411 View citations (7)

1993

33. House Prices, Personal Sector Wealth and Consumption: Some Conceptual and Empirical Issues
    The Manchester School of Economic & Social Studies, 1993, 61, 35-59 View citations (11)
34. Testing for Short Termisn in the UK Stock Market
    Economic Journal, 1993, 103, (421), 1379-96 View citations (21)
    See also Working Paper Testing for short-termism in the UK stock market, Bank of England working papers (1992) View citations (29) (1992)

1992

35. Housing and the Wider Economy in the Short and Long Run
    National Institute Economic Review, 1992, 139, (1), 64-78 View citations (5)
    Also in National Institute Economic Review, 1992, 139, 64-78 (1992) View citations (2)
36. Housing markets, consumption and financial liberalisation in the major economies
    European Economic Review, 1992, 36, (5), 1093-1127 View citations (86)
37. Measuring Efficiency and Risk in the Major Bond Markets
    Oxford Economic Papers, 1992, 44, (4), 599-625 View citations (6)

1991

38. What Is Different about Financial Firms?
    The Manchester School of Economic & Social Studies, 1991, 59, (1), 64-79 View citations (1)

1989

39. Modelling Asset Prices with Time-Varying Betas
    The Manchester School of Economic & Social Studies, 1989, 57, (4), 340-56 View citations (7)

Books

2016

1. Banking Reform
   SUERF Studies, SUERF - The European Money and Finance Forum
2. Central banking and monetary policy: Which will be the post-crisis new normal? Abstract: Central Bankers are currently facing big challenges in designing and implementing monetary policy, as well as with safeguarding financial stability, with the world economy still in the process of digesting the legacy of the crisis. The crisis has changed central banking in many ways: by shifting the focus of monetary policy from fighting too high inflation towards fighting too low inflation; by prompting new ‘experimental’ non-conventional measures, which risk to cause large, long-lasting market distortions and imbalances and which also have more far-reaching distributional consequences than ‘normal, conventional’ monetary policy; and by broadening central banks’ responsibilities particularly in the direction of safeguarding banking stability and financial stability at large. This raises several questions for the future: How long will ultra-easy monetary policies last? What are post-crisis growth trajectories, and how will the natural rate of interest rates evolve? How could an exit from ultra-easy monetary policy and a return towards higher nominal interest rates be eventually managed smoothly? Does ultra-easy monetary policy itself affect the economy in a lasting and structural way? Is the pre-crisis economic paradigm governing monetary policy still valid? If not, in what ways should it be adjusted? Are there any reasonable and practical alternatives? Against this background and given the larger post-crisis range of central banks’ responsibilities: is the current institutionalset-up governing central banks and their relationship to government, Parliament and the financial system still appropriate? What adaptations might be considered? Would they bring an improvement or, on the contrary, a set-back to the unsuccessful policy approaches of the 1960s and 1970s?
   SUERF Studies, SUERF - The European Money and Finance Forum View citations (2)
3. The state as an intermediary to foster long-term investments:the case of the targeted European savings account
   SUERF Studies, SUERF - The European Money and Finance Forum

2010

4. Budget Perspectives 2011
   Research Series, Economic and Social Research Institute (ESRI) View citations (7)

Edited books

2003

1. The Economics of Public Spending
   OUP Catalogue, Oxford University Press View citations (8)

Chapters

2013

1. The Relevance or Otherwise of the Central Bank's Balance Sheet
   A chapter in NBER International Seminar on Macroeconomics 2013, 2013, pp 103-116
   See also Working Paper The relevance or otherwise of the central bank’s balance sheet, Monetary Policy Committee Unit, Bank of England (2015) (2015)

2004

2. Alternative pension reform strategies for Japan
   Chapter 4 in The Economics of Social Security in Japan, 2004 View citations (1)