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David C. Mills

Assistant Director

Acting Chief, Payment System Studies Section

Reserve Bank Operations and Payment Systems

202-530-6265
david.c.mills@frb.gov
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
  • Central Clearing
    • Assistant Director

      Board of Governors of the Federal Reserve System

    • 2013 - present
    • 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
  • 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.
  • 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.
  • Antinolfi, Gaetano, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal (2012). "Repos, Fire Sales, and Bankruptcy Policy," Working Paper Series WP-2012-15. Federal Reserve Bank of Chicago.
  • 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 (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
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Last update: June 12, 2015