Stephen Matteo Miller
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Senior Research Fellow
Steph Miller is a Senior Research Fellow at the Mercatus Center, and his research focuses on financial market crashes and crises and financial regulation. He has published his findings in academic journals such as the Journal of Financial Research, the Journal of Financial Stability, the Journal of Regulatory Economics and Quantitative Finance. After graduating from George Mason University with a PhD in economics, Steph worked as a World Bank consultant for several years before joining the Department of Economics at Monash University in Melbourne, Australia as a research fellow. At the end of the first year of the research fellowship, he became a tenured lecturer and taught undergraduate and graduate classes in macroeconomics and financial economics for six years. During that time, he also administered the honours program for two years and the PhD program for four years. Prior to joining Mercatus, Steph was a visiting assistant professor for one and a half years at the Department of Economics at Bryn Mawr College, in Bryn Mawr, PA.
Latest Work
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
FinRegRant #9 | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on 'Synthetic Contingent Liability' Clawback Regulation | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Simpler, Higher Capital Requirements Are a Better Capital Rule | American Banker
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on Simple, Higher Regulatory Capital Requirements | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Risk-weighted Capital Regulation Misleads | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Capital Regulation or Just More Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
From the Fed’s Corridor to the Floor Operating System... and Back? | FinRegRag
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
A Simple Way to Bring Back Contingent Liability for Equity and Options Compensation
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Instead of Limiting Mergers Based on the Number of Banks and Concentration, Limit Mergers Based on Insufficient Capital
- | Regulation Regulation
- | Expert Commentary Expert Commentary
A Simpler Way to Clawback and RECOUP Losses | FinRegRag
Latest Work
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
FinRegRant #9 | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on 'Synthetic Contingent Liability' Clawback Regulation | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Simpler, Higher Capital Requirements Are a Better Capital Rule | American Banker
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on Simple, Higher Regulatory Capital Requirements | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Risk-weighted Capital Regulation Misleads | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Capital Regulation or Just More Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
From the Fed’s Corridor to the Floor Operating System... and Back? | FinRegRag
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
A Simple Way to Bring Back Contingent Liability for Equity and Options Compensation
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Instead of Limiting Mergers Based on the Number of Banks and Concentration, Limit Mergers Based on Insufficient Capital
- | Regulation Regulation
- | Expert Commentary Expert Commentary
A Simpler Way to Clawback and RECOUP Losses | FinRegRag
Latest Work
- | Financial Markets Financial Markets
- | Working Papers Working Papers
How Much Would It Cost to Guarantee Debt for All Publicly Traded US Corporations?
- | Regulation Regulation
- | Policy Briefs Policy Briefs
EDGE (Estimated Debt Guarantee Expenses) Database
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
POLICY SPOTLIGHT | More Bank Equity Means Less Reliance on Deposit Insurance
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Regulation, CDO Exposures, and Debt Guarantees through the Financial Crisis
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Do Price Controls Work? Lessons from Hyperinflations under Dictatorial Regimes
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Did Basel III Regulations Dampen Lending at Large Banks?
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Basel III and Excess Reserves: Another Case Study of the Unintended Consequences of Risk-Based Capital Requirements
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Large Bank Holding Company Capital Ratios before and after Basel III
- | Financial Markets Financial Markets
- | Working Papers Working Papers
On Regulation and Excess Reserves: The Case of Basel III
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Hyperinflation and Seignorage in Venezuela
Latest Work
- | Podcast Appearance Podcast Appearance
Will There Ever Be a Basel V? | The Bankshot Podcast
- | Financial Markets Financial Markets
- | Mercatus Original Podcasts Mercatus Original Podcasts
Preventing Bank Failures from Becoming Bank Crises

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Stephen Miller on Financial Crises, Capital Requirements, and the US Banking System

Latest Work
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
A Simple Way to Bring Back Contingent Liability for Equity and Options Compensation
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Instead of Limiting Mergers Based on the Number of Banks and Concentration, Limit Mergers Based on Insufficient Capital
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Principles for Climate-Related Financial Risk Management for Large Financial Institutions
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
ANPR Resolution-Related Resource Requirements for Large Banking Organizations
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Bank Instability Concerns Asset Risk and Leverage Rather Than Size
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Proposed Leverage Buffer and Credit Risk Transfer Rules Contradict the FHFA's Goals
Latest Work
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
FinRegRant #9 | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on 'Synthetic Contingent Liability' Clawback Regulation | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Simpler, Higher Capital Requirements Are a Better Capital Rule | American Banker
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on Simple, Higher Regulatory Capital Requirements | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Risk-weighted Capital Regulation Misleads | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Capital Regulation or Just More Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
From the Fed’s Corridor to the Floor Operating System... and Back? | FinRegRag
- | Regulation Regulation
- | Expert Commentary Expert Commentary
A Simpler Way to Clawback and RECOUP Losses | FinRegRag
- | Regulation Regulation
- | Expert Commentary Expert Commentary
Having an EDGE on the Bailout/Too Big To Fail Problem | FinRegRag
- | Regulation Regulation
- | Expert Commentary Expert Commentary