Professor Stephen Millard
Prior to becoming Deputy Director at NIESR, Stephen worked in a variety of roles in a long career at the Bank of England
Socials
Research Interests
Stephen’s research interests are centred around macroeconomics in general and central banking in particular. They include monetary and macroprudential policy; labour, employment and wages; inflation dynamics; and the implications of climate change and climate policy for monetary policy and the macroeconomy.
Education
Stephen read economics at Trinity College, Cambridge, from 1987-90. He then studied at Northwestern University (1990-95) where he received a PhD, supervised by the late Nobel Laureate Dale Mortensen.
Employment
Prior to joining NIESR, Stephen worked for 26 ½ years at the Bank of England. During this time he worked in a variety of policy, research and managerial roles across the Bank’s Monetary Analysis and Financial Market Infrastructure Directorates. He has also been a Visiting Professor at the Durham University Business School since 2011 and at the University of Portsmouth since October 2021.
Additional Information
Stephen has published papers in the Economic Journal, the Journal of the European Economic Association, the Journal of Economic Dynamics and Control, Applied Economics, Economics Letter, the International Journal of Central Banking, the Oxford Review of Economic Policy and Oxford Economic Papers.
Publications
Discussion Papers
Energy and Climate Policy in a DSGE Model of the United Kingdom
08 Mar 2024
Discussion Papers
Economic Outlooks
UK Households Should Start Feeling Better Off as Election Looms
07 Feb 2024
UK Economic Outlook
Low to Middle Income Households Facing Seven Years of Falling Living Standards
08 Nov 2023
UK Economic Outlook
Short-term Impact from a Rapid Increase in Carbon Taxes
09 Aug 2023
Global Economic Outlook Topical Feature
National Institute Economic Review
Commentary: Macroeconomics and Climate Change
20 Nov 2023
National Institute Economic Review
Policy Papers
Policy, Budgets, & Fiscal Events
Low-Key Budget Unlikely to Unlock Productivity Growth: NIESR’s Response to the Spring Budget 2024
06 Mar 2024
Budget/Fiscal Event Comment
NIESR’s Response to the Chancellor’s Spring Budget
15 Mar 2023
Budget/Fiscal Event Comment
Challenging Times – The Economy Ahead of the Spring Budget
09 Mar 2023
Budget/Fiscal Event Comment
Research Report
Trackers
Blog Posts
Projects
Business Investment and Brexit
Public Investment and Supply
News
Why it’s not worth worrying that the UK has technically entered a recession
26 Feb 2024
4 min read
Related events
Winter 2024 Economic Forum
Winter 2024 Press Conference
Autumn 2023 Economic Forum
Autumn 2023 Members’ Roundtable
Autumn 2023 Press Conference
