Marcus H. Miller

University of Warwick - Department of Economics

Coventry CV4 7AL

United Kingdom

Institute for International Economics

Visiting Fellow

1750 Massachusetts Avenue, NW

Washington, DC 20036-1903

United States

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

SCHOLARLY PAPERS

44

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4,130

SSRN CITATIONS
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Top 8,199

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31

CROSSREF CITATIONS

129

Scholarly Papers (44)

1.

Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes

CSGR Working Paper No. 11/98
Number of pages: 42 Posted: 17 Jun 1999
Marcus H. Miller and Pongsak Luangaram
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 1,321 (19,204)
Citation 8

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2.

Asset Bubbles, Domino Effects and 'Lifeboats' Elements of the East Asian Crisis

Number of pages: 35 Posted: 08 Aug 1998
Hali J. Edison, Pongsak Luangaram and Marcus H. Miller
International Monetary Fund (IMF) - Research Department, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 1,015 (28,321)
Citation 16

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3.

Moral Hazard and the U.S. Stock Market: Analyzing the 'Greenspan Put'?

Number of pages: 21 Posted: 16 Feb 2002
Marcus H. Miller, Paul A. Weller and Lei Zhang
University of Warwick - Department of Economics, University of Iowa - Department of Finance and University of Warwick - Department of Economics
Downloads 251 (156,151)
Citation 5

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4.

Moral Hazard and the Us Stock Market: Analysing the 'Greenspan Put'

Number of pages: 26 Posted: 20 Oct 2001
Marcus H. Miller, Paul A. Weller and Lei Zhang
University of Warwick - Department of Economics, University of Iowa - Department of Finance and University of Warwick - Department of Economics
Downloads 225 (173,547)
Citation 14

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Asset bubble, Monetary policy, Greenspan put, Risk premium

5.

Sovereign Liquidity Crises: The Strategic Case for a Payments Standstill

Number of pages: 26 Posted: 29 Sep 1998
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 155 (241,419)
Citation 7

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6.

Growth Expectations, Capital Flows and International Risk Sharing

Number of pages: 44 Posted: 16 Dec 2003
Olli Castren, Roger Stiegert and Marcus H. Miller
European Central Bank (ECB), European Central Bank (ECB) and University of Warwick - Department of Economics
Downloads 146 (253,567)

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Capital flows, consumption smoothing, risk aversion, international risk sharing, international business cycle synchronisation

7.

Capital Flows, Interest Rates and Precautionary Behaviour: A Model of Global Imbalances

WEFRP Working Paper No. WEF 0014
Number of pages: 38 Posted: 31 Oct 2006
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 115 (303,503)

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stochastic dynamic general equilibrium, loss aversion, liquidity trap

8.

Global Financial Crises Institutions and Incentives

Number of pages: 26 Posted: 15 Feb 2006
Manmohan Kumar, Paul R. Masson and Marcus H. Miller
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department and University of Warwick - Department of Economics
Downloads 108 (317,112)

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International monetary reform lender of last resort financial crises

9.

Exchange Monitoring Bands: Theory and Policy

Number of pages: 35 Posted: 08 Apr 2003
Luisa Corrado, Marcus H. Miller and Lei Zhang
University of Rome Tor Vergata Department of Economics and Finance, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 100 (333,772)
Citation 2

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Monitoring Band, Non-linear Mean-Reversion, Near Random Walk Dynamics

10.

Capital Flows and the Us 'New Economy': Consumption Smoothing and Risk Exposure

Number of pages: 36 Posted: 11 May 2005
Marcus H. Miller, Olli Castren and Lei Zhang
University of Warwick - Department of Economics, European Central Bank (ECB) and University of Warwick - Department of Economics
Downloads 66 (426,151)

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Capital flows, moral hazard, international transmission of shocks

11.

Monitoring Bands and Monitoring Rules: How Currency Intervention Can Change Market Composition

CEIS Working Paper No. 92
Number of pages: 18 Posted: 12 Feb 2007
Luisa Corrado, Marcus H. Miller and Lei Zhang
University of Rome Tor Vergata Department of Economics and Finance, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 61 (443,376)
Citation 4

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Monitoring Rules, Monitoring Band, Bear and Bull Traders, Excess Volatility, Central Bank Volatility

12.

No Credit for Transition: The Maastricht Treaty and German Unemployment

Warwick University CSGR Working Paper No. 04/98
Number of pages: 21 Posted: 19 Nov 1998
Marcus H. Miller and John Driffill
University of Warwick - Department of Economics and University of London - Birkbeck College
Downloads 58 (454,327)

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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

Number of pages: 29 Posted: 05 Apr 2010 Last Revised: 20 Sep 2021
Marcus H. Miller and Joseph E. Stiglitz
University of Warwick - Department of Economics and Columbia Business School - Finance and Economics
Downloads 49 (498,286)

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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

Number of pages: 34 Posted: 07 Oct 2009
Marcus H. Miller and Joseph E. Stiglitz
University of Warwick - Department of Economics and Columbia Business School - Finance and Economics
Downloads 6 (788,558)
Citation 4
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asset bubbles, Credit constraints, insolvency, interest rates, leverage, restructuring

14.

Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation

Number of pages: 61 Posted: 28 Jun 2004 Last Revised: 21 Jul 2021
Willem H. Buiter and Marcus H. Miller
Centre for Economic Policy Research (CEPR) and University of Warwick - Department of Economics
Downloads 54 (469,406)
Citation 1

Abstract:

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15.

Monetary Policy and International Competitiveness

Number of pages: 79 Posted: 19 Jun 2004 Last Revised: 15 Aug 2021
Willem H. Buiter and Marcus H. Miller
Centre for Economic Policy Research (CEPR) and University of Warwick - Department of Economics
Downloads 43 (516,155)
Citation 1

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Sovereign Debt Restructuring: The Judge, the Vultures and Creditor Rights

Number of pages: 36 Posted: 10 Aug 2006
Marcus H. Miller and Dania Thomas
University of Warwick - Department of Economics and University of Warwick - Centre for the Study of Globalisation and Regionalisation (CSGR)
Downloads 21 (663,596)
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Sovereign debt restructuring, holdout creditors, collective action clauses

Sovereign Debt Restructuring: The Judge, the Vultures and Creditor Rights

The World Economy, Vol. 30, No. 10, pp. 1491-1509, October 2007
Number of pages: 19 Posted: 21 Sep 2007
Marcus H. Miller and Dania Thomas
University of Warwick - Department of Economics and Keele University - School of Law
Downloads 15 (711,422)
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17.

Contacts, Credibility and Common Knowledge: Their Influence on Inflation Convergence

Number of pages: 24 Posted: 15 Feb 2006
Marcus H. Miller
University of Warwick - Department of Economics
Downloads 35 (555,814)

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18.

Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues

Number of pages: 51 Posted: 07 Apr 2004 Last Revised: 05 Jun 2021
Willem H. Buiter and Marcus H. Miller
Centre for Economic Policy Research (CEPR) and University of Warwick - Department of Economics
Downloads 33 (566,664)

Abstract:

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19.

Coordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures

Number of pages: 39 Posted: 01 May 2003
Sayantan Ghosal, Sayantan Ghosal and Marcus H. Miller
University of Warwick - Department of EconomicsUniversity of Glasgow - Adam Smith Business School and University of Warwick - Department of Economics
Downloads 31 (577,731)
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International financial architecture, sovereign debt restructuring, creditor coordination, moral hazard

20.

Sovereign Default by Argentina: 'Slow Motion Train Crash' or Self-Fulfilling Crisis?

Number of pages: 20 Posted: 19 Jul 2002
Javier Garcia-Fronti, Marcus H. Miller and Lei Zhang
University of Buenos Aires (UBA) - Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 28 (595,643)
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Multiple equilibria, regime switches, currency crisis

21.

Moral Hazard and the Us Stock Market: The Idea of a 'Greenspan Put'

Number of pages: 30 Posted: 25 Nov 2001
Marcus H. Miller, Paul A. Weller and Lei Zhang
University of Warwick - Department of Economics, University of Iowa - Department of Finance and University of Warwick - Department of Economics
Downloads 27 (601,887)
Citation 1
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Asset bubble, monetary policy, Greenspan put, risk premium

22.

Fear and Market Failure: Global Imbalances and 'Self-Insurance'

Number of pages: 46 Posted: 27 Mar 2007
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 19 (657,163)
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Stochastic dynamic general equilibrium, loss aversion, liquidity trap

23.

Debt Restructuring and Economic Recovery: Analysing the Argentine Swap

World Economy, Vol. 29, pp. 377-398, April 2006
Number of pages: 22 Posted: 08 May 2006
University of Warwick - Department of Economics, University of Buenos Aires (UBA) - Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión, University of Warwick - Department of EconomicsUniversity of Glasgow - Adam Smith Business School and University of Warwick - Department of Economics
Downloads 19 (657,163)
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24.

World Finance and the Us 'New Economy': Risk Sharing and Risk Exposure

Number of pages: 36 Posted: 11 May 2005
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 19 (657,163)
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Capital flows, moral hazard, international transmission of shocks

25.

Bargaining and Sustainability: The Argentine Debt Swap of 2005

Number of pages: 37 Posted: 24 Oct 2005
University of Warwick - Department of Economics, University of Buenos Aires (UBA) - Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión, University of Warwick - Department of EconomicsUniversity of Glasgow - Adam Smith Business School and University of Warwick - Department of Economics
Downloads 18 (664,314)
Citation 1
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Bargaining, sustainability, efficiency delay, debt restructuring

26.

Credit Crunch and Keynesian Contraction: Argentina in Crisis

Number of pages: 46 Posted: 26 May 2005
Marcus H. Miller, Javier Garcia-Fronti and Lei Zhang
University of Warwick - Department of Economics, University of Buenos Aires (UBA) - Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión and University of Warwick - Department of Economics
Downloads 18 (664,314)
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Argentina debt crisis, twin crisis, keynesian recession, asymmetric pesification, conflicting beliefs

27.

Exchange Rate Monitoring Bands: Theory and Policy

Number of pages: 37 Posted: 28 May 2002
Luisa Corrado, Marcus H. Miller and Lei Zhang
University of Rome Tor Vergata Department of Economics and Finance, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 17 (671,501)
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Monitoring band, non-linear mean-reversion, near random walk dynamics

28.

Fear and Market Failure: Global Imbalances and “Self-Insurance”

IDB Working Paper No. 496
Number of pages: 40 Posted: 25 Apr 2011
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 15 (686,453)

Abstract:

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29.

No Credit for Transition: European Institutions and German Unemployment

Number of pages: 20 Posted: 18 Apr 2003
John Driffill and Marcus H. Miller
University of London - Birkbeck College and University of Warwick - Department of Economics
Downloads 14 (694,176)
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30.

Supply Shocks and Currency Crises: The Policy Dilemma Reconsidered

Number of pages: 41 Posted: 29 Dec 2006
Javier Garcia-Fronti, Marcus H. Miller and Lei Zhang
University of Buenos Aires (UBA) - Centro de Investigación en Métodos Cuantitativos Aplicados a la Economía y la Gestión, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 9 (733,514)
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Supply and demand shocks, financial crises, contractionary devaluation, Keynesian recession

31.

When Bigger Isn't Better: Bail Outs and Bank Behaviour

Number of pages: 48 Posted: 01 Nov 2011
Han Hao Li, Lei Zhang and Marcus H. Miller
affiliation not provided to SSRN, University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 7 (749,391)
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bailouts, money and banking, regulation, risk-taking, seigniorage

32.

Punishment Without Crime? Prison as a Worker-Discipline Device

Number of pages: 47 Posted: 05 Jun 2008
Marcus H. Miller and Jennifer C. Smith
University of Warwick - Department of Economics and University of Warwick - Department of Economics
Downloads 5 (765,063)
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Asymmetric information, efficiency wage, Labour-discipline, Soviet Gulag

33.

Liquidity When It Matters Most: QE and Tobin's Q

Number of pages: 40 Posted: 12 Aug 2011
John Driffill and Marcus H. Miller
affiliation not provided to SSRN and University of Warwick - Department of Economics
Downloads 4 (772,688)
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Credit Constraints, Liquidity Shocks, Temporary Equilibrium

34.

Choosing the Narrative? The Shadow Banking Crisis in Light of COVID

Number of pages: 22 Posted: 02 Dec 2020
Marcus H. Miller
University of Warwick - Department of Economics
Downloads 1 (801,650)
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35.

The Blind Monks and the Elephant: Contrasting Narratives of Financial Crisis

The Manchester School, Vol. 86, pp. 83-109, 2018
Number of pages: 27 Posted: 26 Sep 2018
Marcus H. Miller, Songklod Rastapana and Lei Zhang
University of Warwick - Department of Economics, University of Warwick and Sichuan University
Downloads 1 (801,650)
Citation 1
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36.

A Comedy of Errors: Misguided Policy, Mis-Sold Mortgages, and More

Number of pages: 29 Posted: 03 Oct 2016
Marcus H. Miller, Lei Zhang and Songklod Rastapana
University of Warwick - Department of Economics, Sichuan University and University of Warwick
Downloads 1 (801,650)
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default, Financial crises, financial stability, General Equilibrium

37.

Without Liberty and Justice, What Extremes to Expect? Two Contemporary Perspectives

Number of pages: 25 Posted: 09 Nov 2021
Marcus H. Miller and Benjamin Zissimos
University of Warwick - Department of Economics and University of Exeter Business School
Downloads 0 (819,021)
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Anarchy, Competing Species, Despotism, liberty, Neofeudalism, repeated games, Social Contracts

38.

Externalities and Financial Crisis - Enough to Cause Collapse?

Number of pages: 27 Posted: 30 Jul 2019
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and Sichuan University
Downloads 0 (819,021)
Citation 1
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bank runs, cross-border banking, Illiquidity, lender of last resort, Pecuniary externalities

39.

Waiting for a Haircut? A Bargaining Perspective on Sovereign Debt Restructuring

Number of pages: 29 Posted: 19 Dec 2016
University of Warwick - Department of EconomicsUniversity of Glasgow - Adam Smith Business School, University of Warwick - Department of Economics and Thailand Development Research Institute
Downloads 0 (819,021)
Citation 1
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asymmetric information, debt restructuring, delay, growth, sustainability

40.

The Hedgehog and the Fox: From DSGE to Macro‐Pru

The Manchester School, Vol. 83, pp. 31-55, 2015
Number of pages: 25 Posted: 27 Aug 2015
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and Sichuan University - School of Economics
Downloads 0 (819,021)
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41.

Asset Bubbles, Leverage and "Lifeboats": Elements of the East Asian Crisis

Posted: 27 Jun 2000
Hali J. Edison, Pongsak Luangaram and Marcus H. Miller
International Monetary Fund (IMF) - Research Department, University of Warwick - Department of Economics and University of Warwick - Department of Economics

Abstract:

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42.

Stochastic Saddlepoint Systems, Stabilization Policy and the Stock Market

Posted: 04 May 2000
Marcus H. Miller and Paul A. Weller
University of Warwick - Department of Economics and University of Iowa - Department of Finance

Abstract:

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43.

Debt in Industry Equilibrium

REVIEW OF FINANCIAL STUDIES, Vol. 10, No. 1
Posted: 31 Mar 1997
Steven Fries, Marcus H. Miller and William Perraudin
European Bank for Reconstruction and Development (EBRD), University of Warwick - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics

Abstract:

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44.

Hyperinflation and Stabilization: Cagan Revisited

CEPR Discussion Paper Series No. 1513
Posted: 24 Mar 1997
Marcus H. Miller and Lei Zhang
University of Warwick - Department of Economics and University of Warwick - Department of Economics

Abstract:

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