WorldCat Identities

Miller, Marcus 1941-

Works: 190 works in 662 publications in 2 languages and 4,357 library holdings
Genres: Conference papers and proceedings 
Roles: Author, Editor, Other, Honoree
Publication Timeline
Most widely held works about Marcus Miller
Most widely held works by Marcus Miller
The European monetary system by Banca d'Italia( Book )

16 editions published between 1988 and 1990 in English and held by 531 WorldCat member libraries worldwide

Recoge: 1. The international environment - 2. Disinflation, external adjustment and cooperation - 3. Exchange rates, capital mobility and monetary coordination - 4. The future og the European monetary system
Exchange rate targets and currency bands by Paul R Krugman( Book )

21 editions published between 1991 and 1998 in English and held by 427 WorldCat member libraries worldwide

"Contains most of the papers presented at the conference on exchange rate targets and currency bands organized jointly by the Centre for Economic Policy Research and the National Bureau of Economic Research and held at the University of Warwick on 9-11 July, 1990"--Preface
Targets and indicators : a blueprint for the international coordination of economic policy by John Williamson( Book )

12 editions published in 1987 in English and held by 360 WorldCat member libraries worldwide

Discusses the target zone proposal for exchange rate management, a formula for the growth of domestic nominal demand calculated to support stable, noninflationary growth. Includes principles that should govern monetary and fiscal policy in each country to enable them to persue simultaneously the intermediate targets for both domestic demand and the exchange rate
Monetary policy and economic activity in West Germany by Surrey Conference on West German Monetary Developments( Book )

16 editions published in 1977 in English and held by 354 WorldCat member libraries worldwide

Essays in fiscal and monetary policy by Michael J Artis( Book )

13 editions published in 1981 in English and held by 340 WorldCat member libraries worldwide

Blueprints for exchange-rate management by Marcus Miller( Book )

13 editions published in 1989 in English and held by 304 WorldCat member libraries worldwide

"Proceedings of the conference on "International Regimes and Macroeconomic Policy" organised by the Centre for Economic Policy Research and held in London on 8-9 September 1988" - Preface
Monetary stabilization policy in an open economy by M. H Miller( )

4 editions published in 1985 in English and held by 244 WorldCat member libraries worldwide

Financial liberalisation, asset prices, and exchange rates by Marcus Miller( Book )

21 editions published in 1991 in English and French and held by 198 WorldCat member libraries worldwide

This paper is one of four in this Working Paper Series, focusing on financial liberalisation, along with those of Kupiec, Driscoll and Blundell-Wignall and Browne. It surveys recent work, both theoretical and empirical, on the question of market efficiency in various asset markets. A number of studies of behaviour in the foreign exchange market, which provide evidence of departures from efficiency, are described. The paper summarises and discusses the implications of research on the effects of noise trading by "irrational" groups of agents, with particular reference to the stock market. The housing market is also considered as an example where pronounced price "bubbles" have appeared. The paper concludes with a discussion of the potential welfare impact of departures from efficiency in the foreign exchange market, where it is argued that the case for some form of intervention is strongest
The European monetary system : proceedings of a conference organised by the Banca d'Italia, STEP and CEPR( Book )

19 editions published between 1988 and 1990 in English and French and held by 76 WorldCat member libraries worldwide

Leverage and asset bubbles : averting Armageddon with Chapter 11? by Marcus Miller( )

13 editions published between 2009 and 2011 in English and held by 65 WorldCat member libraries worldwide

An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to "overshoot" equilibrium when an asset bubble bursts-threatening widespread insolvency and what Richard Koo calls a "balance sheet recession". Besides interest rates cuts, asset purchases and capital restructuring are key to crisis resolution. The usual bankruptcy procedures for doing this fail to internalise the price effects of asset "fire-sales" to pay down debts, however. We discuss how official intervention in the form of "super" Chapter 11 actions can help prevent asset price correction causing widespread economic disruption
Asset bubbles, domino effects and 'lifeboats' : elements of the East Asian crisis by Hali J Edison( Book )

17 editions published in 1998 in English and held by 55 WorldCat member libraries worldwide

Costs and benefits of an anti-inflationary policy : questions and issues by Willem H Buiter( )

6 editions published between 1983 and 1986 in English and held by 54 WorldCat member libraries worldwide

This paper analyses how the output or unemployment cost of achieving a sustainable reduction in the rate of inflation depends on the structure of the wage-price process and how the "sacrifice ratio" can be minimized. In models where the natural rate is invariant under the anti-inflationary policies, price level inertia is not sufficient for a positive sacrifice ratio. Without sluggishness in the core inflation rate, a zero sacrifice ratio can be achieved simply through intelligent demand management. With sluggish core inflation, the sacrifice ratio is positive unless intelligent demand management is complemented by cost-reducing fiscal measures o reffective incomes policy. Letting the exchange rate float does not reduce the sacrifice ratio. If core inflation is partly backward-looking and partly forward-looking, current core inflation may be a function of current and past expectations of future recessions. Conventional sacrifice ratio calculations ignore forward-looking aspects of behaviour and may therefore underestimate the true cost of disinflation. If there is hysteresis in the natural rate (e.g. through a gradual adjustment of the natural rate towards the actual rate) and if there is sluggish core inflation, the sacrifice ratio will become infinite. Whenever sluggish core inflation is present, credibility of the anti-inflationary (monetary) policy alone cannot obviate a positive sacrifice ratio
Real exchange rate overshooting and the output cost of bringing down inflation by Willem H Buiter( )

7 editions published between 1981 and 1982 in English and held by 52 WorldCat member libraries worldwide

Implementing a 'gradualist' policy of monetary contraction, in an open economy with a freely floating exchange rate but with nominal inertia in domestic labor costs, can lead to prompt and substantial changes in the nominal and real exchange rate. One of the virtues claimed for such exchange rate 'overshooting', however, is its immediate effect on the price level and so on domestic wage and price inflation. In this paper we show that, in a model which is 'super-neutral' and has nominal inertia in both the level of labor costs and their trend or core rate of growth, this early overshooting of the exchange rate does not succeed in cutting the output costs of reducing steady-state inflation. Those output and unemployment costs which are initially avoided by over- valuing the currency have to be paid later when this overvaluation is corrected. Relative to other policies which achieve the same effect on steady-state inflation, exchange rate overshooting brings inflation down more quickly
The Asian financial crisis : causes, contagion and consequences by Pierre-Richard Agénor( )

9 editions published between 1999 and 2006 in English and held by 51 WorldCat member libraries worldwide

"This volume presents the first overall analysis, both theoretical and empirical, of the Asian Financial Crisis. It draws out the general lessons of an event whose potential long-term effects have been likened to the Crash of 1929." "Part One presents a factual and analytic overview of what happened: the role of 'vulnerability'; the interconnection between currency crises and financial crises; and why crisis turned into collapse." "Part Two considers more detailed issues, including: how the inflation of non-traded goods prices created vulnerability; welfare-reducing capital inflow owing to under-regulated financial markets; and the onset of speculative attacks." "Part Three assesses the many aspects of contagion, including both the channels through which it occurs and the role of geographical proximity."--Jacket
Global financial crises : institutions and incentives by Manmohan S Kumar( )

6 editions published in 2000 in English and held by 48 WorldCat member libraries worldwide

Emerging market crises of the 1990s have led to wide-ranging scrutiny of the international monetary system and how it works. Stanley Fischer (1999, pp. 95) emphasized that the International Monetary Fund has increasingly come to play the role of crisis manager and international lender of last resort (LOLR) by lending to countries facing external payments crises. Lawrence Summers, Treasury Secretary of the United States, the largest shareholder of the IMF, stressed that the IMF should focus its finance on emergency operations-that it "must be a last, not a first, resort-and its facilities should reflect that role" (Summers 19992). A timely analysis of this speech, and of five recent reports on the role of the IMF in a reformed global financial architecture, is to be found in Williamson (2000). The latest proposal to redefine the IMF's role is that of the "Meltzer Commission" in the United States. The central recommendation is that the IMF should function as a LOLR only for countries that meet criteria related to the stability of their domestic financial systems. More precisely, it is to act as "quasi LOLR to emerging economies" (where the 'quasi' signifies that the IMF cannot "print money"). In this role, lending would be of short maturity, be at a penalty rate and "except in unusual circumstances, where the crisis poses a threat to the global economy, loans would only be made to countries that have met preconditions that establish financial soundness." In these circumstances, the Commission's Report concludes, "there would be no need for detailed conditionally". In other words, pre-qualification would replace ex-post conditionality as a check on moral hazard
Monetary policy and international competitiveness by W. H Buiter( )

7 editions published between 1980 and 1982 in English and held by 48 WorldCat member libraries worldwide

A model of Dornbusch is adapted to analyze the consequences for output and competitiveness of certain aspects of the U.K. government's medium term financial strategy and some other policy actions. This includes the announcement of a sequence of reductions in the target rate of monetary growth, an increase in VAT and a move to make the U.K. banking system more competitive. The impact of a discovery of domestic oil is also modeled. We consider the consequences of varying the degree of inertia in the underlying rate of inflation and of different rates of international capital mobility. A real interest rate equalization tax stabilizes the real exchange rate but not the level of output. Once and for all changes in the level of the nominal money stock to accommodate changes in the demand for real money balances prevent 'overshooting' of the real exchange rate and fluctuations in output. It may, however, undermine the credibility of an announced policy of monetary disinflation
Sovereign liquidity crises : the strategic case for a payments standstill by M. H Miller( Book )

14 editions published between 1998 and 1999 in English and held by 41 WorldCat member libraries worldwide

No credit for transition : the Maastricht treaty and German unemployment by John Driffill( Book )

10 editions published in 1998 in English and held by 38 WorldCat member libraries worldwide

Contracts, credibility and common knowledge : their influence on inflation convergence by M. H Miller( Book )

11 editions published between 1992 and 1999 in English and held by 37 WorldCat member libraries worldwide

In this paper three possible reasons are examined for a sluggish inflation response to a hard currency peg. Models of overlapping wage contracts are analyzed and shown to generate little inertia. This contrasts with the effects of government credibility and the speed of private sector learning, which are shown to have a major impact on the speed of inflation adjustment. But even if individual agents believe the government will not devalue, it is shown that inflation inertia can still arise if these expectations are not common knowledge
When does coordination pay? by M. H Miller( Book )

9 editions published between 1989 and 1990 in English and Undetermined and held by 35 WorldCat member libraries worldwide

In a continuous time model of two symmetric open economies, with a floating exchange rate, we find that the pay-off to the policy coordination depends systematically on the heterogeneity of their inflation experience. While monetary policy coordination improves welfare when there is a common rate of underlying inflation, it exacerbates the 'time-consistency' problem arising when there are differences. Since the principle of 'certainty equivalence' applies to time-consistent policy in linear quadratic models, we are also able to give a stochastic interpretation of the deterministic results
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The European monetary system The European monetary system : proceedings of a conference organised by the Banca d'Italia, STEP and CEPR
Exchange rate targets and currency bandsThe European monetary system : proceedings of a conference organised by the Banca d'Italia, STEP and CEPRThe Asian financial crisis : causes, contagion and consequences
Alternative Names
Hay Miller, Marcus 1941-

Marcus Miller economist (University of Warwick; Centre for Economic Policy Research (CEPR); Peter G. Peterson Institute for International Economics (IIE))

Marcus Miller Wirtschaftswissenschaftler (University of Warwick; Centre for Economic Policy Research (CEPR); Peter G. Peterson Institute for International Economics (IIE))

Miller, M. 1941-

Miller, M. H.

Miller, M. H. 1941-

Miller, M. H. (Marcus Hay), 1941-

Miller, Marc

Miller Marcus

Miller, Marcus H.

Miller, Marcus H. 1941-

Miller, Marcus Hay 1941-

ミラー, M. H

English (242)

French (2)