Stephen Millard is a Senior Economist at the Bank of England, a research affiliate of the Centre for Macroeconomics and a Visiting Professor at the Durham University Business School. His main areas of research currently are inflation dynamics, the labour market and understanding how shocks and frictions within financial markets affect the real economy. He is also a member of the European Central Bank’s ‘Wage Dynamics Network’, carrying out joint research with economists across Europe using the 25-country wage-setting survey carried out by the network in 2014/15. In addition to carrying out research himself, his main role at the Bank is to develop and maintain the Bank’s contacts in the wider academic world in order to encourage and bring about more collaborative research. He has a PhD from Northwestern University, where he studied with the late Nobel Laureate Dale Mortensen.