Stephen Millard

Bank of England

Threadneedle Street

London, EC2R 8AH

United Kingdom

SCHOLARLY PAPERS

40

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454

Scholarly Papers (40)

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1.

The Network Topology of CHAPS Sterling

Bank of England Working Paper No. 355
Number of pages: 27 Posted: 22 Dec 2008
Christopher Becher, Stephen Millard and Kimmo Soramaki
Bank of England, Bank of England and European Central Bank (ECB)
Downloads 564 (103,111)
Citation 54

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Network topology, CHAPS Sterling, interbank payment flows

2.

An Estimated DSGE Model of Energy, Costs and Inflation in the United Kingdom

Bank of England Working Paper No. 432
Number of pages: 41 Posted: 28 Jul 2011
Stephen Millard
Bank of England
Downloads 439 (139,803)
Citation 5

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dynamic stochastic general equilibrium model, energy prices and inflation

3.

Capital Flows and Exchange Rates

Bank of England Quarterly Bulletin, Autumn 2001
Number of pages: 9 Posted: 29 Jul 2005
Andrew John Bailey and Stephen Millard
Bank of England and Bank of England
Downloads 424 (145,474)
Citation 5

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4.

Labour Market Adjustment in Europe During the Crisis: Microeconomic Evidence from the Wage Dynamics Network Survey

Downloads 415 (149,232)
Citation 52

Labour Market Adjustment in Europe During the Crisis: Microeconomic Evidence from the Wage Dynamics Network Survey

Banco de Espana Occasional Paper No. 1704
Number of pages: 71 Posted: 11 Jul 2017
Mario Izquierdo, Juan F. Jimeno, Theodora Kosma, Ana Lamo, Stephen Millard, Tairi Rõõm and Eliana Viviano
Banco de España, Banco de España - Research Department, Bank of Greece, European Central Bank (ECB), Bank of England, Bank of Estonia and Bank of Italy
Downloads 210 (302,254)
Citation 6

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Wage Dynamics Network, Survey Data, Labour Market Adjustment, Labour Market Reforms

Labour Market Adjustment in Europe During the Crisis: Microeconomic Evidence from the Wage Dynamics Network Survey

ECB Occasional Paper No. 192
Number of pages: 77 Posted: 05 Jul 2017
Mario Izquierdo, Juan F. Jimeno, Theodora Kosma, Ana Lamo, Stephen Millard, Tairi Rõõm and Eliana Viviano
Banco de España, Banco de España - Research Department, Bank of Greece, European Central Bank (ECB), Bank of England, Bank of Estonia and Bank of Italy
Downloads 137 (440,956)
Citation 2

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wage dynamics network, survey data, labour market adjustment, labour market reforms

Labour Market Adjustment in Europe During the Crisis: Microeconomic Evidence from the Wage Dynamics Network Survey

Bank of England Working Paper No. 661
Number of pages: 61 Posted: 28 Jun 2017
Mario Izquierdo, Juan F. Jimeno, Theodora Kosma, Ana Lamo, Stephen Millard, Tairi Room and Eliana Viviano
Banco de España, Banco de España - Research Department, Bank of Greece, European Central Bank (ECB), Bank of England, Bank of Estonia and Bank of Italy
Downloads 47 (853,707)
Citation 43

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Wage Dynamics Network, survey data, labour market adjustment, labour market reforms

Labour Market Adjustment in Europe During the Crisis: Microeconomic Evidence from the Wage Dynamics Network Survey

Bank of Greece Working Paper No. 233
Number of pages: 80 Posted: 22 Aug 2022
Theodora Kosma, Mario Izquierdo, Juan F. Jimeno, Ana Lamo, Stephen Millard, Tairi Room and Eliana Viviano
Bank of Greece, Banco de España, Banco de España - Research Department, European Central Bank (ECB), Bank of England, Bank of Estonia and Bank of Italy
Downloads 21 (1,127,184)
Citation 1

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Wage Dynamics Network, Survey data, Labour market adjustment, Labour market reforms

5.

Financial Innovation, Macroeconomic Stability and Systemic Crises

Bank of England Working Paper No. 340
Number of pages: 41 Posted: 31 Mar 2008
Prasanna Gai, Sujit Kapadia, Sujit Kapadia, Stephen Millard and Ander Perez-Orive
University of Auckland Business School, Bank of EnglandEuropean Central Bank (ECB), Bank of England and Board of Governors of the Federal Reserve System
Downloads 392 (159,155)
Citation 6

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Systemic financial crises, financial innovation, macroeconomic stability, modern financial systems, fire sales

6.

Monetary Policy Rules for an Open Economy

Bank of England Working Paper No. 149
Number of pages: 51 Posted: 15 Jan 2002
Nicoletta Batini, Richard Harrison and Stephen Millard
International Monetary Fund (IMF), Bank of England - Monetary Analysis and Bank of England
Downloads 372 (168,720)
Citation 37

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7.

A Dynamic Model of Financial Balances for the United Kingdom

Bank of England Working Paper No. 614
Number of pages: 39 Posted: 07 Sep 2016
Stephen Burgess, Oliver Burrows, Antoine Godin, Antoine Godin, Stephen Kinsella and Stephen Millard
Bank of England, Bank of England, Agence Française de Développement (AFD)Centre d'économie de l'Université de Paris Nord (CEPN), University of Limerick and Bank of England
Downloads 358 (176,522)
Citation 27

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Sectoral balances, flow of funds, macroeconomic modelling

8.

Financial Infrastructure and Corporate Governance

Bank of England Working Paper No. 316
Number of pages: 25 Posted: 28 Feb 2007
Helen Allen, Grigoria Christodoulou and Stephen Millard
Bank of England - Financial Stability Assessment Division, Bank of England and Bank of England
Downloads 351 (179,848)
Citation 2

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9.

Understanding the Macroeconomic Effects of Working Capital in the United Kingdom

Bank of England Working Paper No. 422
Number of pages: 47 Posted: 22 Apr 2011
Emilio Fernández Corugedo, Michael McMahon, Stephen Millard and Lukasz Rachel
Bank of England, University of Oxford - Department of Economics, Bank of England and Bank of England
Downloads 321 (197,943)
Citation 9

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Working capital, business cycle model, spreads, financial crisis

10.

Wage Rigidities in an Estimated DSGE Model of the UK Labour Market

Bank of England Working Paper No. 408
Number of pages: 44 Posted: 22 Feb 2011
Renato Faccini, Stephen Millard and Francesco Zanetti
Bank of England, Bank of England and Bank of England
Downloads 238 (269,252)
Citation 5

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DSGE models, Bayesian estimation, labour market search, unemployment

11.

The Macroprudential Toolkit: Effectiveness and Interactions

Bank of England Working Paper No. 902
Number of pages: 49 Posted: 19 Jan 2021
Stephen Millard, Margarita Rubio and Alexandra Varadi
Bank of England, University of Nottingham and Bank of England
Downloads 234 (273,745)

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Macroprudential policy, monetary policy, leverage ratio, affordability constraint, collateral constraint

12.

Inflation Dynamics with Labour Market Matching: Assessing Alternative Specifications

Downloads 218 (293,012)
Citation 122

Inflation Dynamics with Labour Market Matching: Assessing Alternative Specifications

National Bank of Belgium Working Paper No. 164
Number of pages: 57 Posted: 29 Sep 2010
Kai Philipp Christoffel, James S. Costain, Gregory de Walque, Gregory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard
European Central Bank (ECB), Banco de España - Research Department, National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, European Central Bank (ECB), Bank of England and Banque Centrale du Luxembourg
Downloads 149 (411,930)
Citation 62

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Inflation Dynamics, Labour Market, Business Cycle, Real Rigidities

Inflation Dynamics with Labour Market Matching: Assessing Alternative Specifications

FRB of Philadelphia Working Paper No. 09-6, Bank of England Working Paper No. 375
Number of pages: 53 Posted: 25 Mar 2009
Kai Philipp Christoffel, James S. Costain, Gregory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard
European Central Bank (ECB), Banco de España - Research Department, affiliation not provided to SSRN, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, European Central Bank (ECB), Bank of England and Banque Centrale du Luxembourg
Downloads 69 (705,753)
Citation 60

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inflation dynamics, labour market, business cycle, real rigidities

Inflation Dynamics with Labour Market Matching: Assessing Alternative Specifications

ECB Working Paper No. 1053
Posted: 04 Mar 2010
Kai Philipp Christoffel, James S. Costain, Gregory de Walque, Gregory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard
European Central Bank (ECB), Banco de España - Research Department, National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, European Central Bank (ECB), Bank of England and Banque Centrale du Luxembourg

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Inflation Dynamics, Labour Market, Business Cycle, Real Rigidities

13.

Business Cycles and the Labour Market: Can Theory Fit the Facts?

Bank of England Working Paper No. 93
Number of pages: 40 Posted: 14 Sep 1999
Stephen Millard, Andrew Scott and Marianne Sensier
Bank of England, London Business School - Department of Economics and University of Manchester
Downloads 209 (304,932)
Citation 11

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14.

The Effects of Increased Labour Market Flexibility in the United Kingdom: Theory and Practice

Bank of England Working Paper No. 109
Number of pages: 33 Posted: 02 Jan 2001
Stephen Millard
Bank of England
Downloads 205 (312,062)
Citation 2

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15.

Oil Shocks and the UK Economy: The Changing Nature of Shocks and Impact Over Time

Bank of England Working Paper No. 476
Number of pages: 30 Posted: 20 Aug 2013
Stephen Millard and Tamarah Shakir
Bank of England and Bank of England - Monetary Analysis
Downloads 202 (314,888)
Citation 3

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oil price shocks, time-varying parameter VARs

16.

The Relationship between the Overnight Interbank Unsecured Loan Market and the Chaps Sterling System

Bank of England Quarterly Bulletin, Spring 2004
Number of pages: 6 Posted: 12 Apr 2005
Stephen Millard and Marco Polenghi
Bank of England and Bank of England
Downloads 196 (323,734)
Citation 1

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17.

The Role of Asset Prices in Transmitting Monetary and Other Shocks

Bank of England Working Paper No. 188
Number of pages: 33 Posted: 07 Aug 2003
Stephen Millard
Bank of England
Downloads 167 (373,658)
Citation 4

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18.

The Effects of Stock Market Movements on Consumption and Investment: Does the Shock Matter?

Number of pages: 23 Posted: 21 Feb 2005
Stephen Millard and John Power
Bank of England and Bank of England - Monetary Analysis
Downloads 152 (404,852)
Citation 3

Abstract:

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Consumption, investment, equity prices, VARs

19.

What Do Sticky and Flexible Prices Tell Us?

Bank of England Working Paper No. 457
Number of pages: 29 Posted: 21 Jul 2012
Stephen Millard and Tom O'Grady
Bank of England and Bank of England
Downloads 150 (409,329)
Citation 4

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Flexible-price inflation, sticky-price inflation, heterogeneous price-setting

20.

A Limited Participation Model of the Monetary Transmission Mechanism in the United Kingdom

The Bank of England Working Paper No. 117
Number of pages: 48 Posted: 25 Sep 2000
Shamik Dhar and Stephen Millard
Bank of England and Bank of England
Downloads 149 (411,577)
Citation 5

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21.

The Effect of the Financial Crisis on TFP Growth: A General Equilibrium Approach

Bank of England Working Paper No. 502
Number of pages: 27 Posted: 03 Jul 2014
Stephen Millard and Anamaria Nicolae
Bank of England and Durham University Business School
Downloads 143 (425,333)
Citation 8

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Endogenous growth, Research and development, Innovation

22.

The Cyclicality of Mark-Ups and Profit Margins for the United Kingdom: Some New Evidence

Bank of England Working Paper No. 351
Number of pages: 44 Posted: 08 Oct 2008
Clare Macallan, Stephen Millard and Miles Parker
Bank of England - Monetary Assessment and Strategy Division, Bank of England and Reserve Bank of New Zealand
Downloads 136 (442,487)
Citation 9

Abstract:

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Mark-ups, profit margins

23.

The Welfare Benefits of Stable and Efficient Payment Systems

Bank of England Working Paper No. 301
Number of pages: 19 Posted: 27 Sep 2006
Stephen Millard and Matthew Willison
Bank of England and Bank of England
Downloads 132 (453,180)

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24.

Time-varying Cointegration and the UK Great Ratios

Downloads 125 (476,006)
Citation 4

Time-varying Cointegration and the UK Great Ratios

Bank of England Working Paper No. 789
Number of pages: 40 Posted: 19 Apr 2019
George Kapetanios, Stephen Millard, Katerina Petrova and Simon Price
King's College, London, Bank of England, Federal Reserve Banks - Federal Reserve Bank of New York and Essex Business School
Downloads 90 (608,160)
Citation 4

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Time variation, great ratios, cointegration

Time Varying Cointegration and the UK Great Ratios

CAMA Working Paper No. 53/2018
Number of pages: 37 Posted: 23 Oct 2018
George Kapetanios, Stephen Millard, Katerina Petrova and Simon Price
King's College, London, Bank of England, Federal Reserve Banks - Federal Reserve Bank of New York and Essex Business School
Downloads 35 (963,417)

Abstract:

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Time variation, great ratios, cointegration

25.

How Well Does a Limited Participation Model of the Monetary Transmission Mechanism Match UK Data?

The Bank of England Working Paper No. 118
Number of pages: 26 Posted: 25 Sep 2000
Shamik Dhar and Stephen Millard
Bank of England and Bank of England
Downloads 119 (491,313)
Citation 1

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26.

How has Globalisation Affected Inflation Dynamics in the United Kingdom?

Bank of England Quarterly Bulletin, Q3, 2008
Number of pages: 7 Posted: 01 Oct 2008
Jennifer V. Greenslade, Stephen Millard and Chris Peacock
Bank of England - External MPC Unit, Bank of England and Bank of England - Monetary Analysis
Downloads 118 (494,391)

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27.

Household Debt and Labour Supply

Bank of England Working Paper No. 941
Number of pages: 51 Posted: 05 Oct 2021
Philip Bunn, Jagjit Chadha, Thomas Lazarowicz, Stephen Millard and Emma Rockall
Bank of England, National Institute of Economic and Social Research, University College London, Bank of England and Stanford University
Downloads 112 (514,204)
Citation 1

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Household debt, housing, labour supply, participation, hours worked

28.

Tailwinds and Headwinds: How Does Growth in the BRICs Affect Inflation in the G7?

Bank of England Working Paper No. 420
Number of pages: 30 Posted: 22 Apr 2011
Anna Lipinska and Stephen Millard
Board of Governors of the Federal Reserve System and Bank of England
Downloads 99 (562,049)
Citation 4

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29.

The Great Recession and the UK Labour Market

Bank of England Working Paper No. 566
Number of pages: 24 Posted: 24 Nov 2015
Stephen Millard
Bank of England
Downloads 95 (577,196)

Abstract:

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Labour market flexibility, Great Recession

30.

Wage, Inflation and Employment Dynamics with Labour Market Matching

Banco de Espana Working Paper No. 0918
Number of pages: 47 Posted: 26 Aug 2009
Kai Philipp Christoffel, James S. Costain, Gregory de Walque, Gregory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard
European Central Bank (ECB), Banco de España - Research Department, National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, European Central Bank (ECB), Bank of England and Banque Centrale du Luxembourg
Downloads 91 (593,048)
Citation 40

Abstract:

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inflation dynamics, labour market, business cycle, real rigidities

31.

Modelling the Service Sector

Bank of England Working Paper No. 500
Number of pages: 38 Posted: 17 May 2014
Philip King and Stephen Millard
Bank of England and Bank of England
Downloads 83 (626,894)
Citation 1

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Service sector, intangible investment

32.

Shocks and Labour Cost Adjustment: Evidence from a Survey of European Firms

Downloads 81 (635,721)
Citation 2

Shocks and Labour Cost Adjustment: Evidence from a Survey of European Firms

ECB Working Paper No. 2269 (2019); ISBN 978-92-899-3531-9
Number of pages: 44 Posted: 24 Apr 2019
Thomas Y. Mathä, Stephen Millard, Tairi Room, Ladislav Wintr and Robert Wyszynski
Banque centrale du Luxembourg, Bank of England, Bank of Estonia, Banque Centrale du Luxembourg and National Bank of Poland
Downloads 44 (878,920)

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shocks, firms, labour cost adjustment, wages, employment, hours, survey

Shocks and Labour Cost Adjustment: Evidence from a Survey of European Firms

Bank of England Working Paper No. 791 (2019)
Number of pages: 38 Posted: 24 Apr 2019
Thomas Y. Mathä, Stephen Millard, Tairi Room, Ladislav Wintr and Robert Wyszynski
Banque centrale du Luxembourg, Bank of England, Bank of Estonia, Banque Centrale du Luxembourg and National Bank of Poland
Downloads 37 (943,509)
Citation 2

Abstract:

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shocks, firms, labour cost adjustment, wages, employment, hours, survey

33.

Non-Uniform Wage-Staggering: European Evidence and Monetary Policy Implications

Downloads 78 (649,472)
Citation 14

Non-Uniform Wage-Staggering: European Evidence and Monetary Policy Implications

Banque de France Working Paper No. 442
Number of pages: 44 Posted: 17 Aug 2013
Michel Juillard, Hervé le Bihan and Stephen Millard
Banque de France - Economic Study and Research Division, Banque de France - Centre de Recherche and Bank of England
Downloads 43 (887,497)
Citation 7

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wage-setting, wage-staggering, wage synchronisation, monetary policy shocks, optimal simple monetary policy rules

Non-Uniform Wage-Staggering: European Evidence and Monetary Policy Implications

Bank of England Working Paper No. 477
Number of pages: 44 Posted: 20 Aug 2013
Michel Juillard, Hervé le Bihan and Stephen Millard
Banque de France - Economic Study and Research Division, Banque de France - Centre de Recherche and Bank of England
Downloads 35 (963,417)
Citation 7

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wage-setting, wage-staggering, wage synchronisation, monetary policy shocks, optimal simple monetary policy rules

34.

Short-Time Work in the Great Recession: Firm-Level Evidence from 20 EU Countries

Downloads 70 (688,693)
Citation 5

Short-Time Work in the Great Recession: Firm-Level Evidence from 20 EU Countries

Bank of England Working Paper No. 771
Number of pages: 33 Posted: 14 Dec 2018
Reamonn Lydon, Thomas Y. Mathä and Stephen Millard
Central Bank of Ireland, Banque centrale du Luxembourg and Bank of England
Downloads 40 (914,735)

Abstract:

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Firms, survey, crisis, short-time work, wages, recession

Short-Time Work in the Great Recession: Firm-Level Evidence from 20 EU Countries

ECB Working Paper No. 2212
Number of pages: 36 Posted: 11 Dec 2018
Reamonn Lydon, Thomas Y. Mathä and Stephen Millard
Central Bank of Ireland, Banque centrale du Luxembourg and Bank of England
Downloads 30 (1,016,875)
Citation 5

Abstract:

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firms, survey, crisis, short-time work, wages, recession

35.

Sectoral Shocks and Monetary Policy in the United Kingdom

Bank of England Working Paper No. 499
Number of pages: 50 Posted: 24 Apr 2014
Huw David Dixon, Jeremy Franklin and Stephen Millard
Cardiff University - Cardiff Business School, Bank of England and Bank of England
Downloads 66 (710,163)
Citation 1

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CPI inflation, Sectoral inflation rates, Generalised Taylor economy

36.

Shock Transmission and the Interaction of Financial and Hiring Frictions

Bank of England Working Paper No. 769
Number of pages: 50 Posted: 12 Dec 2018
Stephen Millard, Alexandra Varadi and Eran Yashiv
Bank of England, Bank of England and Tel Aviv University - Eitan Berglas School of Economics
Downloads 53 (790,165)

Abstract:

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Real frictions, financial frictions, business cycles

37.

Using Estimated Models to Assess Nominal and Real Rigidities in the United Kingdom

Bank of England Working Paper No. 396
Number of pages: 47 Posted: 27 Jul 2010
Gunes Kamber and Stephen Millard
Université Paris I Panthéon-Sorbonne and Bank of England
Downloads 53 (790,165)
Citation 7

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Minimum Distance Estimation, DSGE Models, Nominal and Real Rigidities

38.

International Trade, Non-Trading Firms and their Impact on Labour Productivity

Bank of England Working Paper No. 787 (2019)
Number of pages: 36 Posted: 12 Apr 2019
Stephen Millard, Anamaria Nicolae and Michael Nower
Bank of England, Durham University Business School and Durham University Business School
Downloads 48 (826,332)

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international trade, heterogeneous firms, productivity, endogenous persistence

39.

How Does Labour Market Structure Affect the Response of Economies to Shocks?

Bank of England Working Paper No. 582
Number of pages: 24 Posted: 26 Jan 2016
Stephen Millard, István T Kónya and Aurelijus Dabusinskas
Bank of England, Institute of Economics (CERS-HAS) and Bank of Lithuania
Downloads 43 (866,082)

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Labour market structure, labour market flexibility

40.

Firms’ Adjustment During 2010-13: Evidence from the Wage Dynamics Survey

Bank of England Working Paper No. 568
Number of pages: 34 Posted: 12 Dec 2015
Stephen Millard and Srdan Tatomir
Bank of England and Bank of England
Downloads 39 (900,903)

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Wage-setting, survey evidence, labour market adjustment