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2 months ago | 
afr.com | Stephen MIller |Stephen Miller
The Reserve Bank is overachieving on inflation and should “break on through to the other side” to cut the policy rate in February.
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Jan 11, 2025 | 
afr.com | Stephen MIller |Stephen Miller
At its last meeting for 2024, the Reserve Bank of Australia’s board seemed to indicate that it was contemplating a cut in the policy rate within six months. Weaker-than-expected private sector activity growth, together with softer wage increases, made the board say that it was “gaining some confidence that inflation is moving sustainably towards target”. Loading...
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Jan 7, 2025 | 
finregrag.com | Stephen MIller |Stephen Miller
Note: While transcripts are lightly edited for clarity, they are not rigorously proofed for accuracy. If you notice an error, please reach out to [email protected] Miller: Welcome to a special episode of FinRegRant, the audio companion to our FinRegRag blog post series. I'm Steph Miller, a senior research fellow at Mercatus.
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Nov 12, 2024 | 
americanbanker.com | Thomas M. Hoenig |Stephen MIller |Stephen Miller
To the editor:In a Nov. 1 BankThink piece, (Don't ask for lower capital requirements; demand better capital rules, Oct. 31) Allen Puwalski takes issue with an argument we made elsewhere concerning bank capital. However, his title describes our own point. A simpler, higher-equity-capital-to-total-asset ratio requirement would be better than current rules. Banks are not overcapitalized.
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Oct 26, 2024 | 
afr.com | Stephen MIller |Stephen Miller
Australian equity investors have enjoyed a strong year. Those returns, however, were led by the US sharemarket. To some extent, the returns reflect the vaunted “goldilocks” scenario: a resilient US economy in which inflation declines to an extent that the Federal Reserve can make significant rate cuts all without a serious disruption to economic growth. Loading...
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Sep 26, 2024 | 
finregrag.com | Stephen MIller |Stephen Miller
As the controversy over Basel III Endgame continues, an often overlooked point concerns how risk-weighted capital misleads about the adequacy of bank capital, by which we mean banks having enough investor provided, non-run prone funding to keep default at bay. Regulation has for decades referenced these manufactured measures of capital adequacy that have little to do with bank funding. They have not reduced financial instability or American taxpayer losses.
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Sep 3, 2024 | 
finregrag.com | Stephen MIller |Stephen Miller
In this three-part blogpost mini-series, I’ll discuss the Federal Reserve’s (Fed’s) past and current operating system for the conduct of monetary policy and simple ways to reform it; my discussion will also highlight how bank capital requirements distort bank balance sheets.
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Aug 10, 2024 | 
afr.com | Stephen MIller |Stephen Miller
When reviewing markets halfway through the year, I was struck by just how durable the key investment themes had been. The consensus view at the start of 2024 was uber benign (commonly referred to as goldilocks) – a resilient economy in which inflation declines enough so that central banks can start cutting interest rates.
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Jun 29, 2024 | 
afr.com | Stephen MIller |Stephen Miller
Charles Blondin was a famous French tightrope walker best known for multiple crossings of Niagara Gorge. He did so with a number of theatrical variations, including being blindfolded, pushing a wheelbarrow, on stilts, carrying a man on his back and, bizarrely, sitting down midway while he cooked and ate an omelette.
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Jun 21, 2024 | 
onlinelibrary.wiley.com | Stephen MIller |Stephen Miller
Supporting Information Filename Description coep12657-sup-0001_DisclosureForms.pdf166.9 KB Supporting Information S1 REFERENCES & (2016) Estimation of panel vector autoregression in Stata. The Stata Journal, 16(3), 778–804. Available from: https://doi.org/10.1177/1536867x1601600314 , & (2013) Securitization without risk transfer. Journal of Financial Economics, 107(3), 515–536.
