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 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 later moved to Melbourne, Australia, where he worked for almost seven years at Monash University teaching undergraduate and graduate classes in macroeconomics and finance, and administering the PhD program.  Prior to joining Mercatus, Stephen was also a visiting assistant professor at Bryn Mawr College, in Bryn Mawr, PA.  He and his wife proudly hail from the City of Brotherly Love, the birthplace of American democracy.

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Testimony & Comments

Media Clippings

Expert Commentary

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.
Mar 23, 2015

In a competitive market with free entry, bank size doesn't really matter, but regulations can distort firm size. At a recent Senate Banking Committee hearing on Federal Reserve reforms, Professor Allan Meltzer suggested that bank concentration is being driven by the new regulations that disproportionately affect small banks. New charts just released by the Mercatus Center show that the bank concentration trend did not begin with Dodd-Frank, but Dodd-Frank certainly won't halt that decline either.
Feb 10, 2015

Though President Obama's proposed bank tax might seem like a good way to reduce risk-taking among larger financial institutions, the tax would cause numerous unintended consequences. Rather, other policy alternatives can more effectively offer sustainable solutions in which banks make prudent decisions without having to raise fees or decrease services.
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