Financial Economists
Ray Brastow
Manager and Senior Financial Economist
Ray Brastow is a manager and senior financial economist in the Banking Supervision department. He has served on the LISCC Retail HET since its formation in 2018 (and on the predecessor unit starting in 2015) where he analyzes large bank retail models at institutions across the System and supports Fifth District quantitative exams. His research has focused on issues in residential real estate, including principal-agent problems in sales markets, neighborhood externalities and mortgage performance. He served as co-chair of a System workgroup to develop and maintain online training modules for examiners on the use of market data in bank supervision.
Prior to joining the Richmond Fed, Brastow taught economics at several universities and is currently an Emeritus Professor of Economics at Longwood University. He earned a doctorate in economics from the University of Washington.
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Publications
“The Effect of Regulatory Oversight on Nonbank Mortgage Subsidiaries,” (with Eliana Balla, Daniel Edgel, and Morgan Rose). Journal of Real Estate Finance and Economics, (2024) 68, 523–575.
“Foreclosure Externalities and Home Liquidity,” (with Xun Bian, Bennie Waller, and Scott Wentland). Real Estate Economics, (2021) 49(3) 876–916.
“Temporally Dynamic Externalities and Real Estate Liquidity,” (with Bennie Waller and Scott Wentland). Journal of Real Estate Research (2018) 40(2) 199–240.
“Seller Over-Pricing and Listing Contract Length: The Effects of Endogenous Listing Contracts on Housing Markets,” (with Randy Anderson, Geoffrey Turnbull, and Bennie Waller). Journal of Real Estate Finance and Economics (2014) 49(3) 434–450.
“Estimating the Effect of Crime Risk on Property Values and Time on Market: Evidence from Megan’s Law,” (with Scott Wentland and Bennie Waller). Real Estate Economics (2014) 45(1) 223–251.
“Two Sides of Dual Agency: Evidence from Homebuyers and Transactions.” (with Jon Wiley and Bennie Waller). Journal of Property Research (2013) 30(1) 47–66.
“Dual Agency Representation: Incentive Conflicts or Efficiencies?” (with Bennie Waller). Journal of Real Estate Research (2013) 35(2) 199–222.
“Efficiency and Incentives in Residential Brokerage,” (with Bennie Waller and Tom Springer), Journal of Real Estate Finance and Economics. (2012) 45(4) 1041–1061.
“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. (2012) 21(2) 215–225.
“Listing Contract Length and Time on Market,” (with Bennie Waller and Ken Johnson), Journal of Real Estate Research, 32 (3), November 2010. Best paper award, volume 32 (2010) voted by membership of the American Real Estate Society.
“Click and Think: Actively Teaching Duopoly,” (with Ron McPherson and Jeremy Schwartz), Perspectives in Economic Education Research, 5(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.
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Working Papers
“Auto Retail Risk Index,” (with Liming Brotcke, Gene Huang, and Ben Zhang).
Federal Reserve System Surveillance Conference, Atlanta Fed, October 2019
Interagency Risk Quantification Forum, Philadelphia Fed, November 2018
“Crime Risk and Housing Values: Evidence from Colorado’s Natural Experiment" (with Yuna Kim, Jeremy Moulton, and Scott Wentland).
Southern Economics Association Meetings, Tampa FL, November 2017
AEA Poster Session, ASSA Conference, Chicago, IL. January 2017
“Cumulative Probability of Residential Real Estate Sales and Listing Contract Length,” (with Bennie Waller)
Richmond Fed Applied Research Seminar. November 2013
ARES Conference, St. Petersburg, FL April 2012“Listing Agent Specialization,” (with Tom Springer and Bennie Waller).
Southern Finance Association Conference, Charleston, SC. November 2012