Institute for Policy Research
The University's Senate and Council formally approved the establishment of the Institute for Policy Research with effect from 1 February 2013.
The strategic aims of the Institute include:
- undertaking inter-disciplinary research of high quality and with international significance for policy
- projecting research into the policy world for maximum impact
- working with policy makers on complex policy challenges
- promoting public understanding of the policy dilemmas that our society faces.
“What can monetary policy do?”
Professor David Miles gave the first public lecture for our new Institute for Policy Research on 21 February 2013. The lecture was attended by around 200 people and his speech was discussed in the Telegraph.
The Institute brings together many of our existing research strengths and will be an influential platform from which to conduct research of international excellence and impact.
Professor Miles has been a member of the Monetary Policy Committee at the Bank of England since 2009, and is also a Visiting Professor at Imperial College.
In his lecture "What can monetary policy do?" he analysed how monetary policy should be set in the difficult - and in many ways extraordinary - circumstances that followed the near collapse of the banking system in late 2008.
“ Optimal policy depends on making judgements on the relative likelihood of different outcomes - it makes no more sense to just focus on the single most likely outcomes than it would in making decisions on buying insurance or crossing a road. ”
— David Miles, 21 February 2013
The financial crisis has significantly increased the uncertainty about how changes in policy will affect production and prices, and he explored how policy should be optimally set in such an environment.
As an economist, Professor Miles focused on the interaction between financial markets and the wider economy. He was Chief UK Economist at Morgan Stanley from 2004 to 2009 and has been a specialist economic advisor to the Treasury Select Committee.