Professor Stephen Millard
Prior to becoming Deputy Director at NIESR, Stephen worked in a variety of roles in a long career at the Bank of England.
Socials
Research Interests
Stephen’s research interests are centred around macroeconomics in general and central banking in particular. They include monetary and macroprudential policy; labour, employment and wages; inflation dynamics; and the implications of climate change and climate policy for monetary policy and the macroeconomy.
Education
Stephen read economics at Trinity College, Cambridge, from 1987-90. He then studied at Northwestern University (1990-95) where he received a PhD, supervised by the late Nobel Laureate Dale Mortensen.
Employment
Prior to joining NIESR, Stephen worked for 26 ½ years at the Bank of England. During this time he worked in a variety of policy, research and managerial roles across the Bank’s Monetary Analysis and Financial Market Infrastructure Directorates. He has also been a Visiting Professor at the Durham University Business School since 2011 and at the University of Portsmouth since October 2021.
Additional Information
Stephen has published papers in the Economic Journal, the Journal of the European Economic Association, the Journal of Economic Dynamics and Control, Applied Economics, Economics Letter, the International Journal of Central Banking, the Oxford Review of Economic Policy and Oxford Economic Papers.
Publications
Discussion Papers
A Macroeconomic Analysis of the Impact of the EU Recovery and Resilience Facility
07 Jan 2025
Discussion Papers
Energy and Climate Policy in a DSGE Model of the United Kingdom
08 Mar 2024
Discussion Papers
Economic Outlooks
National Institute Economic Review
Introduction to the Special Issue on ‘Current Issues in Central Banking’
23 May 2025
National Institute Economic Review
Introduction to the Special Issue on the Economic Impact of Brexit
24 Apr 2025
National Institute Economic Review
Business Investment, Productivity and Brexit
24 Apr 2025
National Institute Economic Review
Understanding the Effects of Brexit on UK Productivity
24 Apr 2025
National Institute Economic Review
Commentary: Macroeconomics and Climate Change
20 Nov 2023
National Institute Economic Review
Occasional Papers
Policy Papers
Policy, Budgets, & Fiscal Events
Response to the 2025 Comprehensive Spending Review
11 Jun 2025
Budget/Fiscal Event Comment
Low-Key Budget Unlikely to Unlock Productivity Growth: NIESR’s Response to the Spring Budget 2024
06 Mar 2024
Budget/Fiscal Event Comment
NIESR’s Response to the Chancellor’s Spring Budget
15 Mar 2023
Budget/Fiscal Event Comment
Challenging Times – The Economy Ahead of the Spring Budget
09 Mar 2023
Budget/Fiscal Event Comment
Research Report
Modelling Northern Ireland Within the Context of the All-Island Economy
15 Jan 2025
Research Report
Trackers
Blog Posts
Labour’s Economic Priorities: Unpacking the 2025 Comprehensive Spending Review
16 Jun 2025
6 min read
The Transition to Net Zero: Consequences for Productivity and the Economy
10 Mar 2025
7 min read
Projects
Business Investment and Brexit
Public Investment and Supply
Seasonally Adjusting the CPI
News
Verdict on the Budget: Some Building Blocks but not yet a Firm Foundation for Stronger Growth
30 Oct 2024
4 min read
Why it’s not worth worrying that the UK has technically entered a recession
26 Feb 2024
4 min read
Related events
From Tariff Ripples to Economic Waves
Fixing the UK Fiscal Framework: A Path to Sustainable Growth
Winter 2025 Economic Roundtable
Winter 2025 Press Conference
Crisis, What Crisis? Bond markets, the public finances and UK economic policy options
Autumn 2024 Economic Forum
Autumn 2024 Press Conference
Summer 2024 Press Conference
