NBER Profile: Merton H. Miller.

• Position: National Bureau of Economic Research

Merton H. Miller, the Robert R. McCormick Distinguished Service Professor Emeritus at the Graduate School of Business (GSB), University of Chicago, was elected to the NBER's Board of Directors in April 1994. He received his A.B. from Harvard University, his Ph.D. from Johns Hopkins University, and has been a member of the GSB faculty since 1961.

Miller began his career as an economist with the U.S. Treasury, Division of Tax Research (from 1943 to 1947), and the Board of Governors, Federal Reserve System (from 1947 to 1949). Following a term as an assistant lecturer at the London School of Economics, he joined the faculty of the Graduate School of Industrial Administration at Carnegie Institute of Technology. He taught economics and industrial administration there until his appointment at the GSB in 1961.

Miller has written extensively on economics and finance. Along with Franco Modigliani of MIT, he developed the much-cited "M&M Theorems" on capital structure and dividend policy that are the foundations of the theory of...