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Marcus May MILLER

Marcus May MILLER, economist in the field of Domestic Monetary and Fiscal Theory. Executive Committee, Association of University Teachers of Economics, United Kingdom, 1975-1980; Chairman, Academic Panel United Kingdom Treasury, 1975-1980; Specialist Adviser, United Kingdom House of Commons Treasury and Civil Service Committee, 1; Executive Committee, National Institute of Economie and Social Research, London, United Kingdom, since 1980.

Background

  • MILLER, Marcus May was born in 1941 in Darjeeling, India.

  • Education

    • Bachelor of Arts (Philosophy, Political & Economics), Master of Arts University Oxford, 1965, 1982. Master of Arts, Doctor of Philosophy Yale University, 1964, 1971.

    Career

    • Lector Economics, London School of Economies and Political Science, London, United Kingdom, 1967-1976. Economics Assistant, Bank of England, 1972-1973. Visiting Association Professor International Finance, Grad School Business, University Chicago, 1976.

      Professor of Economics, University Manchester, 8. Houblon-Norman Fellow, Bank of England, 1981-1982. Visiting Professor Public and International Affairs, Woodrow Wilson School, Princeton University, 1983— 4.

      Professor of Economics, University Warwick, Coventry, England, since 1978. Joint Editor, Ec, 1973-1976. Editorial Board, Review of Economic Studies, 1971-1976.

    Major achievements

    • Executive Committee, Association of University Teachers of Economics, United Kingdom, 1975-1980. Chairman, Academic Panel United Kingdom Treasury, 1975-1980. Specialist Adviser, United Kingdom House of Commons Treasury and Civil Service Committee, 1.

      Executive Committee, National Institute of Economie and Social Research, London, United Kingdom, since 1980.

    Views

    My Yale dissertation on monetary policy in the United Kingdom 65 treated the determination of monetary aggregates and asset prices as a financial general equilibrium, an approach also used later to study the impact of monetary reform in the United Kingdom. Went on to develop a ‘computable general equilibrium’ trade model in order to examine the static economic costs and benefits of United Kingdom entry into the Common Market. The impact of ‘supply-side shocks’ on inflation in Britain was treated along lines reflecting empirical work at London School of Economies and Political Science, London, United Kingdom by Phillips and Sargan.

    The operation of monetary policy under floating exchange rates has been a major focus of interest. A framework combining rational expectations with ‘auction-price’ financial markets and non-clearing labour markets has been developed and used to analyse the evolution of macroeconomic policy in the United Kingdom since 1979, in work for the Treasury Committee of the Flouse of Commons and in reports for the Brookings Institution, United States of America Current research has focussed on combining forward-looking and strategic behaviour under floating exchange rates. In general I have sought to draw upon recent developments in macroand microeconomic theory to analyse comtemporary problems besetting the British economy.

    I am happy to acknowledge the influence of mentors such as J. Tobin, H. Scarf, F. Hahn and H. Johnson and of those contemporaries, at London School of Economies and Political Science, London, United Kingdom and elsewhere, with whom I have published joint work.

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