David Miles

Imperial College Business School

Professor of Financial Economics

South Kensington Campus

Exhibition Road

London SW7 2AZ, SW7 2AZ

United Kingdom

The Bank of England

The Monetary Policy Committee

Threadneedle Street

London EC2R 8AH

United Kingdom

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5

Munich, DE-81679

Germany

SCHOLARLY PAPERS

27

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1,603

CITATIONS
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Top 5,802

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96

Scholarly Papers (27)

The Impact of Changing Demographics and Pensions on the Demand for Housing and Financial Assets

Cass Business School Research Paper
Number of pages: 29 Posted: 03 Jul 2005 Last Revised: 27 Mar 2009
Aleš Černý, David Miles and Lubomir Schmidt
Cass Business School, City, University of London, Imperial College Business School and UBS Investment Bank
Downloads 401 (70,912)
Citation 4

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pension reform, portfolio allocation, housing, OLG model

The Impact of Changing Demographics and Pensions on the Demand for Housing and Financial Assets

CEPR Discussion Paper No. 5143
Number of pages: 45 Posted: 17 Aug 2005
Aleš Černý, David Miles and Lubomir Schmidt
Cass Business School, City, University of London, Imperial College Business School and UBS Investment Bank
Downloads 34 (453,629)
Citation 1
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Pension reform, portfolio allocation, housing, OLG model

2.

Risk, Return and Portfolio Allocation Under Alternative Pension Arrangements with Imperfect Financial Markets

CESifo Working Paper Series No. 441, Cass Business School Research Paper
Number of pages: 47 Posted: 14 May 2001
David Miles and Aleš Černý
Imperial College Business School and Cass Business School, City, University of London
Downloads 398 (72,196)

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Pensions, Portfolio Allocation, Demographics, Annuities, Risk-Sharing

3.

Funded and Unfunded Pension Schemes: Risk, Reutrn and Welfare

CESifo Working Paper Series No. 239
Number of pages: 39 Posted: 19 Feb 2001
David Miles
Imperial College Business School
Downloads 273 (110,074)

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4.

The Optimal Portfolio Allocation for Corporate Pension Funds

Number of pages: 41 Posted: 01 Aug 2009
David McCarthy and David Miles
Imperial College Business School and Imperial College Business School
Downloads 217 (138,730)
Citation 1

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agency cost, corporate pensions, asset allocation

5.

Alternative Pension Reform Strategies for Japan

Cass Business School Research Paper
Number of pages: 65 Posted: 21 Nov 2005
David Miles and Aleš Černý
Imperial College Business School and Cass Business School, City, University of London
Downloads 89 (282,027)

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Aging population, pension reform, Japan

The Relevance or Otherwise of the Central Bank's Balance Sheet

CESifo Working Paper Series No. 4615
Number of pages: 32 Posted: 20 Feb 2014
David Miles and Jochen F. Schanz
Imperial College Business School and Bank for International Settlements (BIS)
Downloads 43 (415,627)

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unconventional monetary policy, quantitative easing

The Relevance or Otherwise of the Central Bank's Balance Sheet

CEPR Discussion Paper No. DP9812
Number of pages: 34 Posted: 02 Jun 2014
David Miles and Jochen F. Schanz
Imperial College Business School and Bank for International Settlements (BIS)
Downloads 1 (674,836)
Citation 7
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Quantitative Easing, Unconventional Monetary Policy

7.

Fiscal Multipliers and Time Preference

Bank of England Working Paper No. 39
Number of pages: 25 Posted: 14 Nov 2015
David Miles and Gilberto Marcheggiano
Imperial College Business School and Goldman Sachs Group, Inc. - Goldman Sachs Asset Management
Downloads 26 (481,064)

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8.

Risk Return and Portfolio Allocation Under Alternative Pension Systems with Imperfect Financial Markets

CEPR Discussion Paper No. 2779
Number of pages: 52 Posted: 27 Apr 2001
David Miles and Aleš Černý
Imperial College Business School and Cass Business School, City, University of London
Downloads 24 (491,975)
Citation 1
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Annuities, demographics, pensions, portfolio allocation, risk-sharing

9.

Optimal Social Security Design

CEPR Discussion Paper No. 3290
Number of pages: 44 Posted: 30 Apr 2002
David Miles and James A. Sefton
Imperial College Business School and Imperial College London
Downloads 22 (503,160)
Citation 1
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Social Security, pensions, optimal taxes

10.

Book Reviews

The Economic Journal, Vol. 112, pp. 566-607, 2002
Number of pages: 42 Posted: 27 Apr 2003
Bank for International Settlements (BIS), University of Durham, Goethe University Frankfurt, World Bank, affiliation not provided to SSRN, Royal Holloway, University of London, University of Birmingham - Department of Economics, University of Birmingham - Department of Economics, University of the West of England (UWE) - School of Economics, London School of Economics - Department of Finance, University of Birmingham, Heriot-Watt University - Centre for Economic Reform and Transformation, London School of Economics & Political Science (LSE), University of London, Birkbeck College - Department of Economics, Imperial College Business School, University of Bologna - Department of Economics, WU, Vienna University of Economics and BA, Federal Reserve Bank of Boston, King's College London, University of East Anglia, Carleton University - Department of Economics, University of Stirling - Department of Economics, University of Zurich, Université de Lausanne and London School of Economics & Political Science (LSE) - Financial Markets Group
Downloads 21 (508,910)
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11.
Downloads 15 (543,568)
Citation 47

Optimal Bank Capital

CEPR Discussion Paper No. DP8333
Number of pages: 57 Posted: 18 Apr 2011
Gilberto Marcheggiano, David Miles and Jing Yang
Goldman Sachs Group, Inc. - Goldman Sachs Asset Management, Imperial College Business School and Bank of England
Downloads 13 (577,699)
Citation 80
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banks, capital regulation, capital structure, cost of equity, leverage, Modigliani-Miller

Optimal Bank Capital

The Economic Journal, Vol. 123, Issue 567, pp. 1-37, 2013
Number of pages: 37 Posted: 27 Feb 2013
David Miles, Jing Yang and Gilberto Marcheggiano
Imperial College Business School, Government of Canada - Bank of Canada and Goldman Sachs Group, Inc. - Goldman Sachs Asset Management
Downloads 2 (660,308)
Citation 21
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12.

Risk, Return and Portfolio Allocation Under Alternative Pension Systems with Incomplete and Imperfect Financial Markets

Economic Journal, Vol. 116, No. 511, pp. 529-557, April 2006
Number of pages: 29 Posted: 08 May 2006
David Miles and Aleš Černý
Imperial College Business School and Cass Business School, City, University of London
Downloads 12 (561,473)
Citation 10
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13.

Incentives Information and Efficiency in the UK Mortgage Market

Economic Journal, Vol. 115, No. 502, pp. C82-C98, March 2005
Number of pages: 17 Posted: 07 Mar 2005
David Miles
Imperial College Business School
Downloads 12 (561,473)
Citation 6
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Optimal Portfolio Allocation for Corporate Pension Funds

CEPR Discussion Paper No. DP6394
Number of pages: 33 Posted: 30 May 2008
David McCarthy and David Miles
Imperial College Business School and Imperial College Business School
Downloads 3 (649,088)
Citation 7
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longevity, pensions, portfolio allocation

Optimal Portfolio Allocation for Corporate Pension Funds

CEPR Discussion Paper No. DP8198
Number of pages: 51 Posted: 31 Jan 2011
David McCarthy and David Miles
Imperial College Business School and Imperial College Business School
Downloads 3 (649,088)
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corporate balance sheets, pension funds, portfolio allocation

Optimal Portfolio Allocation for Corporate Pension Funds

European Financial Management, Vol. 19, Issue 3, pp. 599-629, 2013
Number of pages: 31 Posted: 05 Jun 2013
David McCarthy and David Miles
Imperial College Business School and Imperial College Business School
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defined‐benefit pension plans, asset allocation, asymmetries, unhedgeable risks

15.

The Half Life of Economic Injustice

CEPR Discussion Paper No. DP13342
Number of pages: 35 Posted: 03 Dec 2018 Last Revised: 11 Jan 2019
David Miles
Imperial College Business School
Downloads 2 (629,977)
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Distributive justice, Human Capital, income distribution, Solow growth model

16.

Should Central Banks Provide Reserves Via Repos or Outright Bond Purchases?

CEPR Discussion Paper No. DP10229
Number of pages: 45 Posted: 03 Nov 2014
David Miles and Jochen F. Schanz
Imperial College Business School and Bank for International Settlements (BIS)
Downloads 2 (629,977)
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Central bank balance sheet, Liquidity provision

17.

Population Density, House Prices and Mortgage Design

Scottish Journal of Political Economy, Vol. 59, Issue 5, pp. 444-466, 2012
Number of pages: 23 Posted: 03 Oct 2012
David Miles
Imperial College Business School
Downloads 2 (629,977)
Citation 2
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18.

Interaction between Monetary Policy and Regulatory Capital Requirements

CEPR Discussion Paper No. DP10200
Number of pages: 49 Posted: 14 Oct 2014
Chuan Du and David Miles
Bank of England and Imperial College Business School
Downloads 1 (642,649)
Citation 1
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capital requirements, macro prudential policy, monetary policy

19.

Monetary Policy and Forward Guidance in the UK

The Manchester School, Vol. 82, pp. 44-59, 2014
Number of pages: 16 Posted: 22 Aug 2014
David Miles
Imperial College Business School
Downloads 1 (642,649)
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20.

Quantitative Easing and Unconventional Monetary Policy – An Introduction

The Economic Journal, Vol. 122, Issue 564, pp. F271-F288, 2012
Number of pages: 18 Posted: 30 Oct 2012
Bank of England - Monetary Analysis, Imperial College Business School, London School of Economics - Law Department and London School of Economics
Downloads 1 (642,649)
Citation 59
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21.

Houses Across Time and Across Place

CEPR Discussion Paper No. DP12103
Number of pages: 35 Posted: 26 Jun 2017
David Miles and James A. Sefton
Imperial College Business School and Imperial College London
Downloads 0 (660,893)
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Housing Supply, Spatial Geography, Two Sector Growth Model

22.

Financial Innovation and European Housing and Mortgage Markets

Oxford Review of Economic Policy, Vol. 24, No. 1, pp. 145-175, 2008
Posted: 02 Jul 2008
David Miles and Vladimir Pillonca
Imperial College Business School and Morgan Stanley

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mortgages, house prices, indexation, bubbles

23.

Testing for Short-Termism in the UK Stock Market

Bank of England Working Paper No. 4
Posted: 06 Nov 2003
David Miles
Imperial College Business School

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24.

The Reform of Pension Systems: Winners and Losers Across Generations in the United Kingdom and Germany

Economica, Vol. 67, Issue 266, May 2000
Posted: 17 Oct 2000
David Miles and Andreas Iben
Imperial College Business School and Imperial College London - Imperial College of Science, Technology and Medicine

Abstract:

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25.

The Reform of Pension Systems: Winners and Losers Across Generations

Centre for Economic Policy Research Discussion Paper Series No. 1943
Posted: 07 Jan 1999
David Miles and Andreas Iben
Imperial College Business School and Imperial College London - Imperial College of Science, Technology and Medicine

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26.

Modelling the Impact of Demographic Change Upon the Economy

CEPR Discussion Paper Series No. 1762
Posted: 25 Jun 1998
David Miles
Imperial College Business School

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27.

Inflation, Inflation Risks and Asset Returns

Bank of England Working Paper No 27
Posted: 02 Jun 1998
Jo Corkish and David Miles
Bank of England and Imperial College Business School

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