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
  • Central Clearing
  • Deputy Associatie Director

    Board of Governors of the Federal Reserve System

    2016 - present
  • 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
  • Mills, David, 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 (2016). "Distributed Ledger Technology in Payments, Clearing, and Settlement," Finance and Economics Discussion Series 2016-095. Board of Governors of the Federal Reserve System (U.S.).
  • Antinolfi, Gaetano, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal (2015). "Repos, Fire Sales, and Bankruptcy Policy," Review of Economic Dynamics, vol. 18, no. 1, pp. 21-31.
  • Antinolfi, Gaetano, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal (2012). "Repos, Fire Sales, and Bankruptcy Policy," Working Paper Series, No. 2012-15. Federal Reserve Bank of Chicago.
  • Mills, David C., Jr., and Samia Y. Husain (2013). "Interlinkages between Payment and Securities Settlement Systems," Annals of Finance, vol. 9, no. 1, pp. 61-81.
  • Mills, David C., Jr. (2008). "Imperfect Monitoring and the Discounting of Inside Money," International Economic Review, vol. 49, no. 3, pp. 737-754.
  • Mills, David C., Jr., and Antoine Martin (2008). "An Economic Perspective on the Enforcement of Credit Arrangements: The Case of Daylight Overdrafts in Fedwire," Federal Reserve Bank of New York Economic Policy Review, vol. 14, no. 2, pp. 161-168.
  • Mills, David C., Jr., and Travis D. Nesmith (2008). "Risk and Concentration in Payment and Securities Settlement Systems," Journal of Monetary Economics, vol. 55, no. 3, pp. 542-553.
  • Mills, David C. (2007). "Imperfect Monitoring and the Discounting of Inside Money," Finance and Economics Discussion Series 2007-58. Board of Governors of the Federal Reserve System (U.S.).
  • Mills, David C., Jr. (2007). "A Model in Which Outside and Inside Money are Essential," Macroeconomic Dynamics, vol. 11, no. 3, pp. 347-366.
  • Mills, David C., Jr., and Travis D. Nesmith (2007). "Risk and Concentration in Payment and Securities Settlement Systems," Finance and Economics Discussion Series 2007-62. Board of Governors of the Federal Reserve System (U.S.).
  • Mills, David C., Jr. (2006). "Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments," Journal of Monetary Economics, vol. 53, no. 7, pp. 1593-1611.
  • Mills, David C., Jr. (2006). "A Model in Which Outside and Inside Money are Essential," Finance and Economics Discussion Series 2006-38. Board of Governors of the Federal Reserve System (U.S.).
  • Mills, David C., Jr. (2005). "Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments," Finance and Economics Discussion Series 2005-55. Board of Governors of the Federal Reserve System (U.S.).
  • Mills, David C., Jr. (2004). "Mechanism Design and the Role of Enforcement in Freeman's Model of Payments," Review of Economic Dynamics, vol. 7, no. 1, pp. 219-236.
  • Mills, David C. (2002). "The Size of Meetings and the Role of Money," Economics Letters, vol. 76, no. 3, pp. 337-343.
  • Mills, David Charles (2001). "Outside and Inside Money: A Mechanism Design Approach," Ph.D. dissertation, Pennsylvania State University.
  • 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
Last update: November 27, 2017