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
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- | Regulation Regulation
- | Policy Briefs Policy Briefs
EDGE (Estimated Debt Guarantee Expenses) Database
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Risk-based Capital Contributed to the Crisis, Can Be Gamed… | FinRegRag (Substack)
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Revising the Supplementary Leverage Ratio Keeps Coming up and What To Do About It | FinRegRag
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- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Key Insights on Banks, Banking Crises, and Policy Solutions
What policymakers can do to make banks more resilient -
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Bank Regulation and Supervision
Bank capital remains central to the US banking system’s safety and soundness -
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
FinRegRant #9 | FinRegRag
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on 'Synthetic Contingent Liability' Clawback Regulation | FinRegRag
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Simpler, Higher Capital Requirements Are a Better Capital Rule | American Banker
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on Simple, Higher Regulatory Capital Requirements | FinRegRag (Substack)
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Risk-weighted Capital Regulation Misleads | FinRegRag
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- | Financial Markets Financial Markets
- | Data Visualizations Data Visualizations
Small Banks by the Numbers, 2000–2014
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- | Regulation Regulation
- | Policy Briefs Policy Briefs
EDGE (Estimated Debt Guarantee Expenses) Database
-
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Key Insights on Banks, Banking Crises, and Policy Solutions
What policymakers can do to make banks more resilient -
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Bank Regulation and Supervision
Bank capital remains central to the US banking system’s safety and soundness -
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Do Price Controls Work? Lessons from Hyperinflations under Dictatorial Regimes
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- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Did Basel III Regulations Dampen Lending at Large Banks?
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- | 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
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- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Large Bank Holding Company Capital Ratios before and after Basel III
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Hyperinflation and Seignorage in Venezuela
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- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
The Recourse Rule: How Regulatory Capture Gave Rise to the Financial Crisis
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- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Yes, the Benefits of a Higher Leverage Ratio Can Exceed the Costs
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- | Financial Markets Financial Markets
- | Policy Spotlights Policy Spotlights
More Bank Equity Means Less Reliance on Deposit Insurance
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- | Podcast Appearance Podcast Appearance
Will There Ever Be a Basel V? | The Bankshot Podcast
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- | Financial Markets Financial Markets
- | Mercatus Podcasts Mercatus Podcasts
Preventing Bank Failures from Becoming Bank Crises
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Stephen Miller on Financial Crises, Capital Requirements, and the US Banking System
Higher and simpler capital requirements, rather than more regulation, may be the keys to a more market-disciplined banking system.
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- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
A Simple Way to Bring Back Contingent Liability for Equity and Options Compensation
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- | 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
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- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Principles for Climate-Related Financial Risk Management for Large Financial Institutions
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- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
ANPR Resolution-Related Resource Requirements for Large Banking Organizations
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- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Bank Instability Concerns Asset Risk and Leverage Rather Than Size
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- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Proposed Leverage Buffer and Credit Risk Transfer Rules Contradict the FHFA's Goals
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
How to Bring Market Discipline Back to Banking
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- | Financial Markets Financial Markets
- | Event Video Event Video
Financing the Future: The Role of the Financial System in Fostering Economic Growth
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- | Monetary Policy Monetary Policy
- | Event Video Event Video
Federal Reserve Reform: Monetary Policy and Beyond
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Data Collection Won't Stop Future Financial Crises
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Small Bank Slide
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The President's Bank Tax Rests on Shaky Foundation
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
A Fed Solution in Search of a Problem
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Why Treasury Debt Matters More Than the End of QE
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Capital, Safer Banks
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Let Customers — Not Regulators — Decide the Right Size for Banks
-
- | Regulation Regulation
- | Policy Briefs Policy Briefs
EDGE (Estimated Debt Guarantee Expenses) Database
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Risk-based Capital Contributed to the Crisis, Can Be Gamed… | FinRegRag (Substack)
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Revising the Supplementary Leverage Ratio Keeps Coming up and What To Do About It | FinRegRag
-
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Key Insights on Banks, Banking Crises, and Policy Solutions
What policymakers can do to make banks more resilient -
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Bank Regulation and Supervision
Bank capital remains central to the US banking system’s safety and soundness -
- | 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
- | Data Visualizations Data Visualizations
Small Banks by the Numbers, 2000–2014
-
- | Regulation Regulation
- | Policy Briefs Policy Briefs
EDGE (Estimated Debt Guarantee Expenses) Database
-
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Key Insights on Banks, Banking Crises, and Policy Solutions
What policymakers can do to make banks more resilient -
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Fundamentals: Bank Regulation and Supervision
Bank capital remains central to the US banking system’s safety and soundness -
- | 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
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Hyperinflation and Seignorage in Venezuela
-
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
The Recourse Rule: How Regulatory Capture Gave Rise to the Financial Crisis
-
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Yes, the Benefits of a Higher Leverage Ratio Can Exceed the Costs
-
- | Financial Markets Financial Markets
- | Policy Spotlights Policy Spotlights
More Bank Equity Means Less Reliance on Deposit Insurance
-
- | Podcast Appearance Podcast Appearance
Will There Ever Be a Basel V? | The Bankshot Podcast
-
- | Financial Markets Financial Markets
- | Mercatus Podcasts Mercatus Podcasts
Preventing Bank Failures from Becoming Bank Crises
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Stephen Miller on Financial Crises, Capital Requirements, and the US Banking System
Higher and simpler capital requirements, rather than more regulation, may be the keys to a more market-disciplined banking system.
-
- | 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
-
-
-
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
How to Bring Market Discipline Back to Banking
-
- | Financial Markets Financial Markets
- | Event Video Event Video
Financing the Future: The Role of the Financial System in Fostering Economic Growth
-
- | Monetary Policy Monetary Policy
- | Event Video Event Video
Federal Reserve Reform: Monetary Policy and Beyond
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Data Collection Won't Stop Future Financial Crises
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Small Bank Slide
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The President's Bank Tax Rests on Shaky Foundation
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
A Fed Solution in Search of a Problem
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Why Treasury Debt Matters More Than the End of QE
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Capital, Safer Banks
-
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Let Customers — Not Regulators — Decide the Right Size for Banks