Staff Economists

Raymond E. Owens

headshot of Raymond E. Owens

In addition to tracking economic trends, I have written papers on credit issues, commercial and real estate markets, economic development incentives, and other regional economic topics.

Professional Experience

Ray Owens is a senior economist and policy advisor in the Research Department and has been with the Richmond Fed since 1983. Owens has published academic articles in fields as diverse as monetary policy, financial markets and economic development policy, but he spends most of his time analyzing national and regional economic conditions. In addition, he frequently talks to groups on current economic developments and is regularly quoted in the financial press. Owens created the Richmond Fed’s monthly surveys of manufacturing and service sector activity.


M.A., Virginia Tech, 1980
B.S., Virginia Tech, 1977

"Housing Externalities" (with Esteban Rossi-Hansberg and Pierre-Daniel Sarte). Journal of Political Economy 118, no 3 (June 2010): 485-535.

"Firm Fragmentation and Urban Patterns" (with Esteban Rossi-Hansberg and Pierre-Daniel Sarte). International Economic Review 50, no. 1 (February 2009): 143-186.

“Population in Rural Areas: The Case of Loudoun County, Virginia” (with Pierre-Daniel Sarte). Virginia Economic Journal 9 (2004): 41-56.

“Analyzing Firm Location Decisions: Is Public Intervention Justified?” (with Pierre-Daniel Sarte). Journal of Public Economics 86, no. 2 (November 2002): 223-242.

“Using the Federal Funds Futures Market to Predict Monetary Policy Actions” (with Roy H. Webb). Business Economics 36, no. 2 (April 2001): 44-48.

“Identifying Credit Crunches” (with Stacey L. Schreft). Contemporary Economic Policy 13, no. 2 (April 1995): 63-76.

February 2017, No. 17-04

Rethinking Detroit

Raymond E. Owens, Esteban Rossi-Hansberg and Pierre-Daniel G. Sarte

June 2005, No. 05-3

Firm Fragmentation and Urban Patterns

Raymond E. Owens, Pierre-Daniel G. Sarte and Esteban Rossi-Hansberg

March 1993, No. 93-2

Identifying Credit Crunches

Raymond E. Owens and Stacey L. Schreft

March 1992, No. 92-1

Identifying Credit Crunches

Raymond E. Owens and Stacey L. Schreft

"Trade Deficits (and Surpluses)." In Encyclopedia of Contemporary American Social Issues, vol. 2, edited by Michael Shally-Jensen, pp. 312-321. Santa Barbara, CA: ABC-CLIO, 2011.

"Trade Surpluses and Deficits." In Battleground: Business, vol. 2, edited by Michael Walden and Peg Thoms, pp. 582-590. Westport, CT: Greenwood Press, 2007.

"Government-Sponsored Enterprises." In Instruments of the Money Market, 7th edition, edited by Timothy Q. Cook and Robert K. LaRoche, pp. 139-155, Richmond, VA: Federal Reserve Bank of Richmond, 1993.

"Farmer Mac and Farm Lending." In Financing Agriculture in the 1990s: Structural Change and Public Policy, Proceedings of the 1990 Meeting of the Federal Reserve Committee on Agriculture and Rural Development, pp. 49-55. Washington, DC: Board of Governors of the Federal Reserve System, 1991.

Contact Us

Raymond E. Owens
(804) 697-8147