Stephen Matteo Miller
- 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
An Ominous Outlook for the Banking Sector | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Basel III Endgame Not Likely the End of the Regulatory Capital Revisions | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
You Might Stop Banking Crises and Bailouts, but Not Bank Failures | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
So Which Is It: Too Much, Just Enough or Not Enough Bank Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Historical Perspectives On the Size of Recent Bank Failures | FinRegRag
- | 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
- | Working Papers Working Papers
Regulation, CDO Exposures, and Debt Guarantees through the Financial Crisis
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
ANPR Resolution-Related Resource Requirements for Large Banking Organizations
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Do Price Controls Work? Lessons from Hyperinflations under Dictatorial Regimes
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Bank Instability Concerns Asset Risk and Leverage Rather Than Size
Latest Work
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
An Ominous Outlook for the Banking Sector | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Basel III Endgame Not Likely the End of the Regulatory Capital Revisions | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
You Might Stop Banking Crises and Bailouts, but Not Bank Failures | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
So Which Is It: Too Much, Just Enough or Not Enough Bank Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Historical Perspectives On the Size of Recent Bank Failures | FinRegRag
- | 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
- | Working Papers Working Papers
Regulation, CDO Exposures, and Debt Guarantees through the Financial Crisis
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
ANPR Resolution-Related Resource Requirements for Large Banking Organizations
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Do Price Controls Work? Lessons from Hyperinflations under Dictatorial Regimes
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Bank Instability Concerns Asset Risk and Leverage Rather Than Size
Latest Work
- | 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
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar
- | 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
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
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
- | Public Interest Comments Public Interest Comments
Comment on Proposed Rulemaking for Regulatory Capital Rules
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Simplifications to the Capital Rule Pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Ending Too-Big-to-Fail May Require More Than the Minneapolis Fed Too-Big-to-Fail Plan
Latest Work
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
An Ominous Outlook for the Banking Sector | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Basel III Endgame Not Likely the End of the Regulatory Capital Revisions | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
You Might Stop Banking Crises and Bailouts, but Not Bank Failures | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
So Which Is It: Too Much, Just Enough or Not Enough Bank Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Historical Perspectives On the Size of Recent Bank Failures | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Equity Financing and the Future of Greenovation
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Concerned About Bank Climate Risk Exposures? More Equity’s an Option
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Which Trading Assets Drove Too-Big-to-Fail Subsidies During the 2007–2009 Crisis?
- | Corporate Welfare Corporate Welfare
- | Expert Commentary Expert Commentary
Why Certain Corporations Get Bailed Out & What You Might Do About It
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary