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.

Working Papers


Testimony & Comments

Media Clippings

Expert Commentary

Jul 26, 2016

As a recent Federal Reserve Bank of Richmond study showed, the number of new banks has declined significantly since 2009. The decline coincided with the end of the crisis and the FDIC's prolonging of the de novo period, during which new banks must adhere to their capital plans, from three to seven years ... That the FDIC reversed this rule earlier this year could mean staff there acknowledge the rule's adverse effects.
Jun 28, 2016

None of this is to say that Hensarling's efforts represent a "silver bullet." If there's one consensus about the U.S. federal financial regulatory regime, it is that it was imperfect both pre- and post-Dodd-Frank. Policymakers will always face challenges trying to prevent "the next crisis" armed only with the knowledge of what "the last crisis" looked like.
Apr 06, 2016

For insurance companies during the crisis, system-wide risks came from complex regulatory capital requirements that gave incentives to hold assets that went bust. This flaw could be addressed at the state, rather than federal level, with simpler, higher capital requirements.
Mar 21, 2016

Higher capital requirements might have prevented the Latin American debt crisis. Simpler capital requirements without risk weights might have prevented the recent crisis. In the future, if we’re going to regulate capital, let’s have simpler, higher capital requirements and put an end to this cycle.

Research Areas



Stephen Matteo Miller | March 24, 2016
In this episode of The Heartland Daily podcast, managing editor Jesse Hathaway talks with Mercatus Center senior research fellow Stephen Miller about the history of postal banking in the United States, and why supporters of the idea have failed to learn from the mistakes of history.
' '