Photo of David C. Mills

David C. Mills

Education

  • Ph.D., Economics, Pennsylvania State University, 2001
  • M.A., Economics, Pennsylvania State University, 2000
  • B.A., Economics and Classical Languages, Duquesne University, 1994
Current Research Topics
  • Digital Currencies and Distributed Ledgers
  • Innovations in Payments
  • Senior Associate Director

    Board of Governors of the Federal Reserve System

    2022 - present
  • Associate Director

    Board of Governors of the Federal Reserve System

    2019 - 2022
  • Deputy Associate Director

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2013 - 2016
  • Chief

    Board of Governors of the Federal Reserve System

    2008 - 2013
  • Economist

    Board of Governors of the Federal Reserve System

    2002 - 2008
  • Visiting Assistant Professor

    Purdue University

    2001 - 2002
  • The stable in stablecoins
    Garth Baughman, Francesca Carapella, Jacob Gerszten, and David Mills
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3224
  • Fedwire Funds Service: Payments, Balances, and Available Liquidity
    Anton Badev, Lauren Clark, Daniel Ebanks, Jeffrey Marquardt, and David Mills
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.070
  • Distributed Ledger Technology in Payments, Clearing, and Settlement
    David Mills, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian, Max Ellithorpe, Wendy Ng, and Maria Baird
    Journal of Financial Market Infrastructures (2018)
    https://doi.org/10.21314/JFMI.2018.095
    See also » FRB Working Paper (2016)
  • Repos, Fire Sales, and Bankruptcy Policy
    Gaetano Antinolfi, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal
    Review of Economic Dynamics (2015)
    https://doi.org/10.1016/j.red.2014.06.002
  • Interlinkages between Payment and Securities Settlement Systems
    David C. Mills Jr. and Samia Y. Husain
    Annals of Finance (2013)
    https://doi.org/10.1007/s10436-012-0198-x
  • Repos, Fire Sales, and Bankruptcy Policy
    Gaetano Antinolfi, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal
    Working paper series (Federal Reserve Bank of Chicago. Research Department) (2012)
  • Imperfect Monitoring and the Discounting of Inside Money
    David C. Mills Jr.
    International Economic Review (2008)
    https://doi.org/10.1111/j.1468-2354.2008.00496.x
    See also » FRB Working Paper (2007)
  • Risk and Concentration in Payment and Securities Settlement Systems
    David C. Mills Jr. and Travis D. Nesmith
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.01.002
    See also » FRB Working Paper (2007)
  • An Economic Perspective on the Enforcement of Credit Arrangements: The Case of Daylight Overdrafts in Fedwire
    David C. Mills Jr. and Antoine Martin
    Economic Policy Review (2008)
  • A Model in Which Outside and Inside Money are Essential
    David C. Mills Jr.
    Macroeconomic Dynamics (2007)
    https://doi.org/10.1017/S1365100506060123
    See also » FRB Working Paper (2006)
  • Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments
    David C. Mills Jr.
    Journal of Monetary Economics (2006)
    https://doi.org/10.1016/j.jmoneco.2005.05.008
    See also » FRB Working Paper (2006)
  • Mechanism Design and the Role of Enforcement in Freeman's Model of Payments
    David C. Mills Jr.
    Review of Economic Dynamics (2004)
    https://doi.org/10.1016/S1094-2025(03)00045-0
  • The Size of Meetings and the Role of Money
    David C. Mills
    Economics Letters (2002)
    https://doi.org/10.1016/S0165-1765(02)00063-0
  • Outside and Inside Money: A Mechanism Design Approach
    David Charles Mills
    Dissertations (Pennsylvania State University) (2001)
  • seminar

    2012

    Universtiy of Alabama

  • seminar

    2009

    University of Missouri

  • seminar

    2009

    Federal Reserve Bank of Minneapolis

  • seminar

    2008

    Federal Reserve Bank of Philadelphia

  • seminar

    2007

    University of Alabama

  • seminar

    2007

    Texas A&M University

  • seminar

    2006

    Iowa State University

  • seminar

    2004

    Federal Reserve Bank of New York

  • seminar

    2004

    European Central Bank

  • seminar

    2003

    University of Kentucky

  • seminar

    2003

    Federal Reserve Bank of Richmond

  • seminar

    2003

    Michigan State University

  • seminar

    2001

    Purdue University

  • seminar

    2001

    Federal Reserve Bank of Philadelphia

  • seminar

    2001

    Federal Reserve Bank of Cleveland

  • seminar

    2001

    United States Naval Academy

  • conference

    2011

    The Optimal Design of Payments Systems Workshop, The Consortium on Financial Systems and Policy, Massachusetts Institute of Technology

  • conference

    2009

    Federal Reserve Bank of New York's 4th Annual Money and Payments Workshop

  • conference

    2009

    Bank of Canada Workshop on Payments Systems, Collateral and Liquidity

  • conference

    2009

    Midwest Macroceconomics Meetings

  • conference

    2008

    Federal Reserve Bank of Chicago Summer Workshop on Money, Banking and Payments

  • conference

    2008

    Liquidity in Interdependent Transfer Systems Conference, Banque de France

  • conference

    2007

    Federal Reserve Bank of Cleveland Summer Workshop on Money, Banking and Payments

  • conference

    2007

    Midwest Macoreconomics Meetings

  • conference

    2006

    Federal Reserve Bank of New York Workshop on Money and Payments

  • conference

    2006

    Midwest Macroeconomics Meetings

  • conference

    2006

    Winter Meetings of the Econometric Society

  • conference

    2005

    Federal Reserve Bank of Cleveland Workshop on Money, Banking and Payments

  • conference

    2005

    Midwest Macroeconomics Meetings

  • conference

    2004

    Federal Reserve Bank of Cleveland Workshop on Money, Banking and Payments

  • conference

    2004

    North American Summer Meetings of the Econometric Society

  • conference

    2004

    Midwest Macroeconomics Meetings

  • conference

    2003

    Midwest Economic Theory Meetings

  • conference

    2003

    Federal Reserve Bank of Cleveland Monetary Theory Workshop

  • conference

    2003

    North American Summer Meetings of the Econometric Society

  • conference

    2003

    Midwest Macroeconomics Meetings

  • conference

    2002

    Midwest Economic Theory Meetings

  • conference

    2001

    Midwest Economic Theory Meetings

  • conference

    2001

    Midwest Macroeconomics Meetings

  • discussion

    2008

    Economics of Payments III Conference, Federal Reserve Bank of Atlanta

  • discussion

    2006

    Winter Meetings of the Econometric Society

  • discussion

    2004

    Seng Conference on Money, Banking and Economic Development, University of Notre Dame

  • discussion

    2003

    Economics of Payments Conference, Federal Reserve Bank of Atlanta

  • discussion

    2001

    North American Summer Meetings of the Econometric Society

Awards
  • 2011

    Board of Governors of the Federal Reserve System

    Special Achievement Award

Conference Organization
  • June 2011 | Board of Governors of the Federal Reserve System

    Economics of Payments V

    Main Organizer

  • November 2008 | Bank of Canada

    Workshop on Payment Economics

    Co-chair

Referee
  • Bank of England Financial Stability Working Paper Series
  • The B.E. Journal of Macroeconomics
  • Computational Economics
  • Contemporary Economic Policy
  • Economics Letters
  • Economic Theory
  • Federal Reserve Bank of New York Economic Policy Review
  • International Economic Review
  • International Finance
  • Journal of Economic Dynamics and Control
  • Journal of Economic Theory
  • Journal of Financial Intermediation
  • Journal of Monetary Economics
  • Journal of Money, Credit and Banking
  • Journal of Political Economy
  • Macroeconomic Dynamics
  • Omega, The International Journal of Management Science
  • Review of Economic Dynamics
  • Review of Finance
Professional Affiliation
  • Member, American Economic Association
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Last Update: December 1, 2023