David Miles

David Miles is a professor at Imperial College London who served as an external member of the Bank of England's Monetary Policy Committee from 2009 to 2015. During his MPC tenure, he was known for dovish views on monetary policy, often voting for lower rates and additional quantitative easing. His academic research has focused extensively on UK housing markets, mortgage finance, and the macroeconomic implications of housing tenure decisions. His work on mortgage markets and long-term housing finance has influenced UK housing policy debates. He has also written on optimal capital structure for banks and on the macroeconomic implications of population aging for savings and interest rates. His research on the long-run equilibrium real interest rate — arguing that demographic and productivity trends point to structurally low neutral rates — has been influential in academic and policy debates about the appropriate level of accommodative monetary policy in economies facing aging populations and slowing potential growth.