David Miles
{{Short description|British economist}}
{{other people}}
{{BLP sources|date=July 2022}}
{{Use dmy dates|date=July 2014}}
{{Infobox officeholder
| honorific-prefix =
| name = David Miles
| honorific-suffix = CBE
| image =
| imagesize =
| smallimage =
| caption =
| order2 =
| office2 = Member of the Monetary Policy Committee
| term_start2 = 1 June 2009
| term_end2 =31 August 2015
| governor2 = Mervyn King (2003–2013)
Mark Carney (2013–2015)
| birth_date =
| alma_mater =
| profession = Economist
}}
David Kenneth Miles {{post-nominals|country=GBR|size=100%|CBE}} (born 1959Debrett's) is a British economist. Born in Swansea, he has spent his working life in London, in teaching, business and the public sector. He is a professor at Imperial College London, and head of economic analysis at the Office for Budget Responsibility. He was Chief UK Economist of Morgan Stanley bank from October 2004 to May 2009. He had previously been an academic at Birkbeck College in the late 1980s and had worked for Merrill Lynch in the early 1990s. He was appointed to the Bank of England's interest-rate-setting Monetary Policy Committee (MPC) from May 2009 to June 2012The Guardian, 19 March 2009, [https://www.theguardian.com/business/2009/mar/19/miles-replaces-blancflower-mpc Miles to replace Blanchflower on Bank of England monetary policy committee] and again from June 2012 to 31 August 2015, before being replaced by Gertjan Vlieghe.{{Cite web|title = Gertjan Vlieghe appointed as external member of the Monetary Policy Committee|url = https://www.gov.uk/government/news/gertjan-vlieghe-appointed-as-external-member-of-the-monetary-policy-committee|website = GOV.UK|access-date = 6 February 2016|date = 28 July 2015}} According to the Bank of England, "As an economist he has focused on the interaction between financial markets and the wider economy.".Bank of England, [http://www.bankofengland.co.uk/about/people/biographies/miles.htm Professor David Miles: Monetary Policy Committee Member], accessed 15 July 2009 In December 2020 he was appointed to the main board ("The Commission") of the central Bank of Ireland. He was appointed to the Budget Responsibility Committee of the [https://obr.uk/about-the-obr/who-we-are/ Office for Budget Responsibility] (OBR) in December 2021. He took up that role in January 2022.
Life
Miles was born in 1959, and was educated at the Bishop Gore School in Swansea,{{cn|date=April 2025}} University College, Oxford, Nuffield College, Oxford, and the London School of Economics.{{cite web | title=Global Economic Forum Team | website=morganstanley.com | date=31 January 2011 | url=https://www.morganstanley.com/views/gef/team/ | archive-url=https://web.archive.org/web/20080506102126/https://www.morganstanley.com/views/gef/team/ | archive-date=6 May 2008 | url-status=dead | access-date=14 April 2025}}
In 2003 Miles produced a report for the British Chancellor of the Exchequer to examine why the long-term fixed rate mortgage market is not as popular a product in Britain as in other countries. His report states: "A great many borrowers focus on the initial cost of debt and do not seem to consider carefully how those payments might change relative to their incomes".
Much of Miles's academic research has focused on housing, pensions, monetary policy, asset pricing and ways to make the financial system more stable. More recently he has written about the concept of economic injustice and raised issues about the degree to which reparations for past injustices are warranted. (His paper "The half life of economic injustice" quantifies the extent to which current people may have responsibility for past wrongs).
From 2004 to 2009 Miles was chief UK economist of Morgan Stanley bank.{{citation needed|date= August 2023}}
Miles predicted a substantial fall in real house prices in November 2006.BBC, 22 November 2006, [http://news.bbc.co.uk/1/hi/business/6172088.stm House prices 'set for slowdown']
In 2009 he was asked, along with Gerald Holtham and Professor Berndt Spahn, to be on a commission established by the Welsh Assembly Government to investigate the scope for the Welsh Assembly to have greater fiscal autonomy. The Holtham Commission reported in July 2010.{{cite web | title= Holtham Commission | url=https://researchbriefings.files.parliament.uk/documents/SN06288/SN06288.pdf | access-date=14 April 2025|first1=John |last1=Bardens |first2=Dominic |last2=Webb|quote=Full membership of the Commission was announced in October 2008 with Professor David Miles and Professor Paul Bernd Spahn joining Gerald Holtham}}
From June 2009 to August 2015 Miles was on the Bank of England's Monetary Policy Committee. In 2011 he published a study of the appropriate balance sheet structure of banks to avoid a repeat of the 2008 financial crisis ("Optimal Bank Capital")."Optimal Bank Capital" http://www.bankofengland.co.uk/research/Documents/externalmpcpapers/extmpcpaper0031.pdf He concluded that the Basel III agreements on capital requirements for banks set the standard for equity at only about half its appropriate level. In 2012 he began a second term with the Monetary Policy Committee.{{cn|date=April 2025}}
He was president of the economics section of the British Science Association for 2015. He was appointed Commander of the Order of the British Empire (CBE) in the 2016 New Year Honours for services to monetary policy.{{London Gazette|issue=61450|supp=y|page=N9|date=30 December 2015}}
In 2016 he was appointed by Her Majesty's Treasury to advise on the measurement and reporting of yields on UK government debt. His report was completed in October 2016 and was subsequently implemented.{{cn|date=April 2025}}
He has published in economic journals, written books on macroeconomics, on housing and on fiscal policy, authored government reports and newspaper articles.
Bibliography
- {{cite book | last = Miles | first = David | title = Housing, Financial Markets and the Wider Economy | publisher = Wiley | location = Chichester England New York | year = 1994 | isbn = 9780471952107 }}
- {{cite book | last1 = Miles | first1 = David | last2 = Myles | first2 = Gareth D. | last3 = Preston | first3 = Ian | author-link2 = Gareth Myles | title = The Economics of Public Spending | publisher = Oxford University Press | location = Oxford New York | year = 2003 | isbn = 9780199260331 | url-access = registration | url = https://archive.org/details/economicsofpubli0000unse }}
- {{cite book| last1= Miles | first1= David | last2= Scott | first2= Andrew | title= Macroeconomics: Understanding the Wealth of Nations | publisher= Wiley | location= Chichester, England | year= 2005 | edition= 2nd | isbn = 9780470012437 }}
- {{cite book | last1 = Miles | first1 = David | last2 = Scott | first2 = Andrew | last3 = Breedon | first3 = Francis | title = Macroeconomics: Understanding the Global Economy | publisher = John Wiley and Sons, Inc | location = Chicester, West Sussex | year = 2012 | edition = 3rd | isbn = 9781119995715 }}
- Miles, David "The Half Life of Economic Injustice", [https://www.cambridge.org/core/journals/economics-and-philosophy/article/abs/half-life-of-economic-injustice/54D7A66023D23B93A34EBF1458761CB4 Philosophy and Economics], volume 38, issue 1, 2022.
References
{{Reflist}}
External links
- [https://web.archive.org/web/20040613071916/http://news8.thdo.bbc.co.uk/1/shared/spl/hi/uk/03/budget/documents/pdf/miles_review_sec12_302.pdf Miles Report: Part 1]
- [https://web.archive.org/web/20050521091658/http://news8.thdo.bbc.co.uk/1/shared/spl/hi/uk/03/budget/documents/pdf/miles_review_sec345_300.pdf Miles Report: Part 2]
- [https://web.archive.org/web/20050521092206/http://news8.thdo.bbc.co.uk/1/shared/spl/hi/uk/03/budget/documents/pdf/miles_review_sec67ar_430.pdf Miles Report: Part 3]
- [http://news.bbc.co.uk/1/hi/business/3302029.stm Call for more long-term mortgages] BBC News, 9 December 2003
{{Monetary Policy Committee (United Kingdom)}}
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Category:Academics of Imperial College London
Category:People educated at Bishop Gore School
Category:Commanders of the Order of the British Empire