Stephen Matteo Miller

Stephen Matteo Miller

  • Senior Research Fellow

Stephen Matteo Miller is a senior research fellow at the Mercatus Center. He is interested in the origins, effects and resolution of market crashes and financial crises. After graduating from George Mason University with a PhD in economics, Stephen worked as a consultant for several years at the World Bank. He then taught undergraduate and graduate classes in macroeconomics and financial economics, while administering the honours program and later the PhD  program, for seven years at Monash University in Melbourne, Australia. Prior to joining Mercatus, Stephen was also a visiting assistant professor at Bryn Mawr College, in Bryn Mawr, PA. He and his wife live in their hometown of Philadelphia, PA.


Testimony & Comments

Media Clippings

Expert Commentary

Aug 07, 2015

Section 953 of Dodd Frank requires the Securities and Exchange Commission to write a rule requiring public companies to report the ratio of the CEO's total compensation to median employee's total compensation. The SEC recently issued a final rule on a 3-2 vote. That's too bad, because pay ratios didn't cause the recent crisis and don't address the inequality that matters.
Jul 27, 2015

Several years ago, Stanford University Prof. Ulrike Malmendier and Stefan Nagel, now at the University of Michigan, shed light on how extreme events, like a stock market crash, can affect the way people invest. Those who experienced low returns on their investments around a crash were less willing to take on risk in their financial decisions. It's no surprise that financial market experiences in turn could influence policy views around the world, too.
Jul 23, 2015

All told, our current legal and regulatory framework invites bank failure even five years after the passage of Dodd-Frank. Legislation focused on size does not address the problem, since it does nothing to reestablish the market discipline missing in the United States since before the Great Depression. Measuring equity at market value would restore that much-needed discipline.
Apr 20, 2015

Instead of cracking down on risky lending through measures like qualified mortgage rules, maybe cracking down on the Basel-type capital requirements – whose risk buckets favored holding many of the securitized products that have gone bust – is the way to end the type of structured product crashes and financial crises we have observed over the last 20 years. Simpler, higher capital requirements can do that.
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