Banking

Economists

 

Ray Brastow

Ray Brastow picture

My research is currently focused on issues related to bank performance during and after the financial crisis, particularly those issues that inform supervisory practice and policy, along with analysis of principal-agent problems and neighborhood externalities in residential real estate.

 

Professional Experience

Ray Brastow joined the Federal Reserve Bank of Richmond as a financial economist in December 2004. He has authored studies and made presentations about emerging risks in banking and financial markets, and he has served as co-chair of a System-wide workgroup to develop and maintain online training modules for System examiners on the use of market data in bank supervision. Ray has taught economics at several universities, and in 1987 he joined the faculty of Longwood University in Farmville, Virginia, where he is currently a professor of economics.

Education

Ph.D., University of Washington, 1988
M.A., University of Washington, 1976
B.A., University of Washington, 1974

Curriculum vitae

“Efficiency and Incentives in Residential Brokerage” (with Bennie Waller and Tom Springer). Journal of Real Estate Finance and Economics (forthcoming).

“On the Likelihood of a Transaction and the Amount of Time Provided the Broker to Sell Property” (with Bennie Waller and Ken Johnson). Journal of Housing Research (forthcoming).

“Listing Contract Length and Time on Market” (with Bennie Waller and Ken Johnson). Journal of Real Estate Research 32, no. 3 (November 2010): 271-88.

“Click and Think: Actively Teaching Duopoly” (with Ron McPherson and Jeremy Schwartz). Perspectives in Economic Education Research 5, no. 1 (Spring 2009). 

“Cooperation versus Free-Riding in a Threshold Public Goods Classroom Experiment” (with Melanie Marks and David Lehr). Journal of Economic Education 37, no. 2 (Spring 2006): 156-170.

“A Test of Employer Discrimination in the NBA” (with Orn Bodvarsson). Contemporary Economic Policy 17, no. 2 (April 1999): 243-255.

“Do Employers Pay For Consistent Performance: Evidence from the NBA” (with Orn Bodvarsson). Economic Inquiry 36, no. 1 (January 1998): 145-160.

“Wealth Effects of the Drug Price Competition and Patent Term Restoration Act of 1984” (with David Rystrom). The American Economist 32, no. 2 (Fall 1988): 59-65.

“The Effect of Unit Fees on the Consumption of Quality” (with William Kaempfer). Economic Inquiry 23, no. 2 (April 1985): 341-48.

“Dual Agency Representation: Incentive Conflicts or Efficiencies?” (with Bennie Waller). Revise and resubmit to Journal of Real Estate Research.

“Valuation and Assessment of Private Label Mortgage-Backed Securities: A Bloomberg Approach” (with Andrew McKenna).

“Estimating the Effect of Crime Risk on Property Values and the Time on Market: Evidence from Megan’s Law in Virginia” (with Bennie Waller and Scott Wentland).

“Broker Specialization and Dual Agency” (with Bennie Waller, Tom Springer, and Jon Wiley).

“Simultaneous Determination of Property Price and Liquidity: The Effect of Contract Length” (with Bennie Waller and Geoffrey Turnbull).

“Cumulative Probability of Residential Real Estate Sales and Listing Contract Length” (with Bennie Waller).

"Arbitrage Opportunities for Dynamic Spatial Externalities: An Analysis of Registered Sex Offender Blockbusting" (with Bennie Waller and Scott Wentland).

“Listing Contract Terms and the Simultaneous Determination of Selling Price and Time on Market” (with Bennie Waller, Geoffrey Turnbull, and Randy Anderson). American Real Estate Society Annual Meeting, Seattle, WA, April 14, 2011.

“The Motivating Causes of Dual Agency Transactions: Specialization and incentives” (with Bennie Waller and Tom Springer). American Real Estate Society Annual Meeting, Seattle, WA, April 14, 2011.

“Estimating the Effect of Crime Risk on Property Values and the Time on Market: Evidence from Megan’s Law in Virginia” (with Bennie Waller and Scott Wentland). Applied Research Seminar, Federal Reserve Bank of Richmond, Richmond, VA, September 8, 2010.

“Broker Incentives in Residential Real Estate: Pricing and Time Effects” (with Thomas Springer and Bennie Waller). American Real Estate Society Annual Meeting, Naples Beach, FL, April 15, 2010.

“Estimating the Effect of Crime Risk on Property Values and the Time on Market: Evidence from Megan’s Law in Virginia” (with Bennie Waller and Scott Wentland). American Real Estate Society Annual Meeting, Naples Beach, FL,  April 15, 2010. Also presented for the American Real Estate and Urban Economics Association, Denver, CO, January 8, 2011.

“Valuation and Assessment of Private Label Mortgage-Backed Securities: A Bloomberg Approach” (with Andrew McKenna). Federal Reserve Rapid Response Conference, Richmond, VA, November 2009. Presented at subsequent Federal Reserve System groups and forums as well as the National Credit Union Administration Capital Markets Conference, Pittsburgh, PA, May 5, 2010.

“Dual Agency: Breeding Ground for Moral Hazard?” (with Bennie Waller). Southern Finance Association Annual Meeting, Captiva Island, FL, November 2009.

“Evolution of Lending by Large and Small Banks.” Federal Reserve Bank of Richmond Media Day, Richmond, VA, October 21, 2009.

“The Probability of Dual Agency” (with Bennie Waller). American Real Estate Society Annual Meeting, Monterey, CA, April 2009.

“Broker and Seller Incentive at Listing: Simultaneous Determination of Contract Length and List Price” (with Bennie Waller). American Real Estate Society Annual Meeting, Monterey, CA, April 2009.

“Market Data in Supervision Modules.” Federal Reserve System Rapid Response Conference, Richmond, VA, January 2009.

“Simultaneous Determination of Days on Market, Length of Contract, and Percentage Overpriced” (with Bennie Waller). American Real Estate Society Annual Meeting, Captiva Island, FL, April 2008.

“The Use of Market Data in Bank Supervision” (with Tori Cyrier and Mike Riddle). Federal Reserve System Market and Liquidity Risk Conference, Dallas, TX, October 4, 2007.

“Now and Then: A Comparative Look Back at the 1994-1995 Yield Curves” (with Eliana Balla). Regional Economic Update (Federal Reserve Bank of St. Louis), July 2005, 3-5. Also appeared in the 2005-1 edition of the Economy Monitor (Federal Reserve Bank of Richmond).

Contact Us

Richmond

Ray Brastow
(804) 697-8668