Details about Stephen Millard

Access statistics for papers by Stephen Millard.

Last updated 2024-08-19. Update your information in the RePEc Author Service.

Short-id: pmi68

Working Papers

2024

1. Energy and Climate Policy in a DSGE Model of the United Kingdom
   National Institute of Economic and Social Research (NIESR) Discussion Papers, National Institute of Economic and Social Research
   Also in Bank of England working papers, Bank of England (2024)

2022

2. Central Bank Communication: Never Excuse, Never Explain
   National Institute of Economic and Social Research (NIESR) Policy Papers, National Institute of Economic and Social Research
3. Financial Stocks and Flows in the Time of Covid-19
   National Institute of Economic and Social Research (NIESR) Discussion Papers, National Institute of Economic and Social Research

2021

4. Household debt and labour supply
   Bank of England working papers, Bank of England View citations (20)
5. Sectoral shocks and monetary policy in the United Kingdom
   Cardiff Economics Working Papers, Cardiff University, Cardiff Business School, Economics Section
   Also in Bank of England working papers, Bank of England (2014) View citations (4)
   See also Journal Article Sectoral Shocks and Monetary Policy in the United Kingdom, Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford (2023) View citations (2) (2023)
6. The macroprudential toolkit: effectiveness and interactions
   Bank of England working papers, Bank of England View citations (5)
   See also Journal Article The Macroprudential Toolkit: Effectiveness and Interactions, Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford (2024) (2024)

2020

7. The impact of Covid-19 on productivity
   Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

2019

8. International trade, non-trading firms and their impact on labour productivity
   Bank of England working papers, Bank of England
9. Shocks and labour cost adjustment: Evidence from a survey of European firms
   BCL working papers, Central Bank of Luxembourg View citations (2)
   Also in Bank of Estonia Working Papers, Bank of Estonia (2019) View citations (1)
   Working Paper Series, European Central Bank (2019) View citations (2)
   Bank of England working papers, Bank of England (2019) View citations (2)
   See also Journal Article Shocks and labour cost adjustment: evidence from a survey of European firms*, Oxford Economic Papers, Oxford University Press (2021) View citations (1) (2021)
10. Time-varying cointegration and the UK great ratios
    Bank of England working papers, Bank of England View citations (1)
    Also in CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2018)
    Essex Finance Centre Working Papers, University of Essex, Essex Business School (2018)

2018

11. Shock transmission and the interaction of financial and hiring frictions
    Bank of England working papers, Bank of England
12. Short-time work in the Great Recession: Firm-level evidence from 20 EU countries
    Research Technical Papers, Central Bank of Ireland View citations (3)
    Also in Bank of England working papers, Bank of England (2018) View citations (3)
    BCL working papers, Central Bank of Luxembourg (2018) View citations (3)
    Working Paper Series, European Central Bank (2018) View citations (3)
    See also Journal Article Short-time work in the Great Recession: firm-level evidence from 20 EU countries, IZA Journal of Labor Policy, Springer (2019) View citations (24) (2019)

2017

13. Labour market adjustment in Europe during the crisis: microeconomic evidence from the Wage Dynamics Network survey
    Occasional Papers, Banco de España View citations (33)
    Also in Occasional Paper Series, European Central Bank (2017) View citations (35)
    Bank of England working papers, Bank of England (2017) View citations (34)
    Working Papers, Bank of Greece (2017) View citations (31)

2016

14. A dynamic model of financial balances for the United Kingdom
    Bank of England working papers, Bank of England View citations (23)
15. How does labour market structure affect the response of economies to shocks?
    Bank of England working papers, Bank of England
    Also in CERS-IE WORKING PAPERS, Institute of Economics, Centre for Economic and Regional Studies (2015)

2015

16. Firms’ adjustment during 2010–13: evidence from the Wage Dynamics Survey
    Bank of England working papers, Bank of England View citations (1)
17. The Great Recession and the UK labour market
    Bank of England working papers, Bank of England

2014

18. Modelling the service sector
    Bank of England working papers, Bank of England View citations (1)
    Also in Discussion Papers, Centre for Macroeconomics (CFM) (2014) View citations (3)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2014) View citations (1)
19. The effect of the financial crisis on TFP growth: a general equilibrium approach
    Bank of England working papers, Bank of England View citations (10)

2013

20. Non-uniform wage-staggering: European evidence and monetary policy implications
    Bank of England working papers, Bank of England View citations (4)
    Also in Working papers, Banque de France (2013) View citations (4)
21. Oil shocks and the UK economy: the changing nature of shocks and impact over time
    Bank of England working papers, Bank of England View citations (10)

2012

22. The New Keynesian Phillips Curve: the Role of Hiring and Investment Costs
    2012 Meeting Papers, Society for Economic Dynamics View citations (3)
23. What do sticky and flexible prices tell us?
    Bank of England working papers, Bank of England View citations (9)

2011

24. An estimated DSGE model of energy, costs and inflation in the United Kingdom
    Bank of England working papers, Bank of England View citations (26)
25. Tailwinds and headwinds: how does growth in the BRICs affect inflation in the G7?
    Bank of England working papers, Bank of England View citations (2)
    See also Journal Article Tailwinds and Headwinds: How Does Growth in the BRICs Affect Inflation in the G-7?, International Journal of Central Banking, International Journal of Central Banking (2012) View citations (17) (2012)
26. Understanding the macroeconomic effects of working capital in the United Kingdom
    Economic Research Papers, University of Warwick - Department of Economics View citations (12)
    Also in The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics (2011) View citations (10)
    Bank of England working papers, Bank of England (2011) View citations (22)
27. Wage rigidities in an estimated DSGE model of the UK labour market
    Bank of England working papers, Bank of England View citations (16)

2010

28. Using estimated models to assess nominal and real rigidities in the United Kingdom
    Bank of England working papers, Bank of England View citations (10)
    Also in Reserve Bank of New Zealand Discussion Paper Series, Reserve Bank of New Zealand (2010) View citations (6)
    See also Journal Article Using Estimated Models to Assess Nominal and Real Rigidities in the United Kingdom, International Journal of Central Banking, International Journal of Central Banking (2012) View citations (9) (2012)

2009

29. Inflation dynamics with labour market matching: assessing alternative specifcations
    BCL working papers, Central Bank of Luxembourg View citations (17)
    Also in Working Paper Series, European Central Bank (2009) View citations (29)
    Working Papers, Federal Reserve Bank of Philadelphia (2009) View citations (34)
    Working Paper Research, National Bank of Belgium (2009) View citations (22)
    Bank of England working papers, Bank of England (2009) View citations (29)
30. Wage, inflation and employment dynamics with labour market matching
    Working Papers, Banco de España View citations (7)

2008

31. Financial innovation, macroeconomic stability and systemic crises
    Bank of England working papers, Bank of England View citations (26)
    See also Journal Article Financial Innovation, Macroeconomic Stability and Systemic Crises, Economic Journal, Royal Economic Society (2008) View citations (25) (2008)
32. The cyclicality of mark-ups and profit margins for the United Kingdom: some new evidence
    Bank of England working papers, Bank of England View citations (27)
33. The network topology of CHAPS Sterling
    Bank of England working papers, Bank of England View citations (50)

2007

34. The foundations of money, payments and central banking: A review essay
    Money Macro and Finance (MMF) Research Group Conference 2006, Money Macro and Finance Research Group

2006

35. Financial infrastructure and corporate governance
    Bank of England working papers, Bank of England View citations (1)
36. The welfare benefits of stable and efficient payment systems
    Bank of England working papers, Bank of England View citations (1)
    Also in Money Macro and Finance (MMF) Research Group Conference 2004, Money Macro and Finance Research Group (2004) View citations (1)

2004

37. Exchange rates, commodities and the implications of volatility in a small open economy world
    Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group
38. The effects of stock market movements on consumption and investment: does the shock matter?
    Bank of England working papers, Bank of England View citations (4)

2003

39. The role of asset prices in transmitting monetary and other shocks
    Bank of England working papers, Bank of England View citations (16)

2001

40. Monetary policy rules for an open economy
    Bank of England working papers, Bank of England View citations (73)
    Also in Computing in Economics and Finance 2000, Society for Computational Economics (2000) View citations (54)
    See also Journal Article Monetary policy rules for an open economy, Journal of Economic Dynamics and Control, Elsevier (2003) View citations (101) (2003)

2000

41. A limited participation model of the monetary transmission mechanism in the United Kingdom
    Bank of England working papers, Bank of England View citations (12)
42. How well does a limited participation model of the monetary transmission mechanism match UK data?
    Bank of England working papers, Bank of England View citations (2)
43. The effects of increased labour market flexibility in the United Kingdom: theory and practice
    Bank of England working papers, Bank of England View citations (5)

1999

44. Business cycles and the labour market can theory fit the facts?
    Bank of England working papers, Bank of England View citations (8)

1997

45. The Labour Market over the Business Cycle: Can Theory Fit the Facts?
    CEP Discussion Papers, Centre for Economic Performance, LSE View citations (40)
    See also Journal Article The Labour Market over the Business Cycle: Can Theory Fit the Facts?, Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited (1997) View citations (39) (1997)

Journal Articles

2024

1. Foreword
   National Institute Global Economic Outlook, 2024, (13), 3
   Also in National Institute Global Economic Outlook, 2023, (12), 3 (2023)
   National Institute Global Economic Outlook, 2024, (14), 3-4 (2024)
   National Institute Global Economic Outlook, 2024, (15), 3-4 (2024)
2. Global Economic Outlook
   National Institute Global Economic Outlook, 2024, (13), 7-53
   Also in National Institute Global Economic Outlook, 2023, (12), 7-37 (2023)
   National Institute Global Economic Outlook, 2023, (11), 7-34 (2023)
   National Institute Global Economic Outlook, 2024, (14), 7-64 (2024)
3. National Institute Global Economic Outlook – Summer 2024 – Summary
   National Institute Global Economic Outlook, 2024, (15), 7-47
4. National Institute UK Economic Outlook Summer 2024 – The Economic Inheritance for the New Government
   National Institute UK Economic Outlook, 2024, (15), 7-22
5. NiGEM Topical Feature: To What Extent Has the Recovery and Resilience Facility Supported the EU Recovery from Covid?
   National Institute Global Economic Outlook, 2024, (14), 54-64
6. The Macroeconomic Outlook
   National Institute UK Economic Outlook, 2024, (15), 23-42
7. The Macroprudential Toolkit: Effectiveness and Interactions
   Oxford Bulletin of Economics and Statistics, 2024, 86, (2), 335-384
   See also Working Paper The macroprudential toolkit: effectiveness and interactions, Bank of England working papers (2021) View citations (5) (2021)
8. UK Economic Outlook: The Macroeconomic Outlook for the United Kingdom
   National Institute UK Economic Outlook, 2024, (14), 7-47
   Also in National Institute UK Economic Outlook, 2023, (11), 7-44 (2023)
   National Institute UK Economic Outlook, 2022, (8), 6-48 (2022)
   National Institute UK Economic Outlook, 2024, (13), 7-50 (2024)
   National Institute UK Economic Outlook, 2023, (9), 6-39 (2023)
   National Institute UK Economic Outlook, 2023, (12), 7-40 (2023)
   National Institute UK Economic Outlook, 2023, (10), 5-39 (2023)

2023

9. NiGEM Topical Feature: Short-term Impact from a Rapid Increase in Carbon Taxes
   National Institute Global Economic Outlook, 2023, (11), 59-69
10. Sectoral Shocks and Monetary Policy in the United Kingdom
    Oxford Bulletin of Economics and Statistics, 2023, 85, (4), 805-829 View citations (2)
    See also Working Paper Sectoral shocks and monetary policy in the United Kingdom, Cardiff Economics Working Papers (2021) (2021)

2022

11. 1. UK Economic Outlook
    National Institute Economic Review, 2022, 260, - View citations (1)
    Also in National Institute UK Economic Outlook, 2022, (7), 6-30 (2022) View citations (1)
    National Institute Economic Review, 2022, 261, - (2022) View citations (1)
    National Institute UK Economic Outlook, 2022, (6), 6-36 (2022) View citations (1)

2021

12. Shocks and labour cost adjustment: evidence from a survey of European firms*
    Oxford Economic Papers, 2021, 73, (3), 1008-1033 View citations (1)
    See also Working Paper Shocks and labour cost adjustment: Evidence from a survey of European firms, BCL working papers (2019) View citations (2) (2019)

2020

13. Time-varying cointegration with an application to the UK Great Ratios
    Economics Letters, 2020, 193, (C) View citations (3)

2019

14. Short-time work in the Great Recession: firm-level evidence from 20 EU countries
    IZA Journal of Labor Policy, 2019, 8, (1), 1-29 View citations (24)
    See also Working Paper Short-time work in the Great Recession: Firm-level evidence from 20 EU countries, Research Technical Papers (2018) View citations (3) (2018)

2013

15. Wage Rigidities in an Estimated Dynamic, Stochastic, General Equilibrium Model of the UK Labour Market
    Manchester School, 2013, 81, 66-99 View citations (40)

2012

16. Tailwinds and Headwinds: How Does Growth in the BRICs Affect Inflation in the G-7?
    International Journal of Central Banking, 2012, 8, (1), 227-266 View citations (17)
    See also Working Paper Tailwinds and headwinds: how does growth in the BRICs affect inflation in the G7?, Bank of England working papers (2011) View citations (2) (2011)
17. Using Estimated Models to Assess Nominal and Real Rigidities in the United Kingdom
    International Journal of Central Banking, 2012, 8, (4), 97-119 View citations (9)
    See also Working Paper Using estimated models to assess nominal and real rigidities in the United Kingdom, Bank of England working papers (2010) View citations (10) (2010)

2010

18. Some Macroeconomic and Monetary Policy Implications of New Micro Evidence on Wage Dynamics
    Journal of the European Economic Association, 2010, 8, (2-3), 506-513 View citations (13)

2008

19. Financial Innovation, Macroeconomic Stability and Systemic Crises
    Economic Journal, 2008, 118, (527), 401-426 View citations (25)
    Also in Proceedings, 2006, (Nov) (2006) View citations (6)
    Economic Journal, 2008, 118, (527), 401-426 (2008) View citations (4)
    See also Working Paper Financial innovation, macroeconomic stability and systemic crises, Bank of England working papers (2008) View citations (26) (2008)

2003

20. Monetary policy rules for an open economy
    Journal of Economic Dynamics and Control, 2003, 27, (11-12), 2059-2094 View citations (101)
    Also in Journal of Economic Dynamics and Control, 2003, 27, (11), 2059-2094 (2003) View citations (81)
    Proceedings, 2001, (Mar) (2001) View citations (52)
    See also Working Paper Monetary policy rules for an open economy, Bank of England working papers (2001) View citations (73) (2001)

1998

21. Wages, work, and unemployment
    Applied Economics, 1998, 30, (11), 1531-1547 View citations (8)

1997

22. The Labour Market over the Business Cycle: Can Theory Fit the Facts?
    Oxford Review of Economic Policy, 1997, 13, (3), 70-92 View citations (39)
    See also Working Paper The Labour Market over the Business Cycle: Can Theory Fit the Facts?, CEP Discussion Papers (1997) View citations (40) (1997)