Economists

Raymond E. Owens III

Ray Owens is a senior economist and policy advisor in the Research Department. Owens joined the Federal Reserve Bank of Richmond in 1983 after earning his master's degree from Virginia Tech in 1980. He has published academic articles on monetary policy, financial markets, and economic development policy.

In addition, Owens frequently talks to groups on current economic developments and is regularly quoted in the financial press. He created the Richmond Fed's monthly surveys of manufacturing and service sector activity.

In addition to tracking economic trends, Owens has researched credit issues, commercial and real estate markets, economic development incentives, and other regional economic topics.

Academic Publications
Rethinking Detroit

American Economic Journal: Economic Policy, forthcoming

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

Previous Version: Working Paper, February 2017, No. 17-04

Supplementary material and data appendices
Technical notes
Slides
Distance and Decline: The Case of Petersburg, Virginia

Virginia Economic Journal, Vol. 22, 2018: 1-28

Raymond E. Owens III and Santiago Pinto

Previous Version: Working Paper, October 2018, No. 18-16
Housing Externalities

Journal of Political Economy, Vol. 118, June 2010: 485-535

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

Previous Version: Working Paper, June 2008, No. 08-3

Related Work: "Economics of Housing Externalities" (with Esteban Rossi-Hansberg) in International Encyclopedia of Housing and Home, edited by S.J. Smith et al., 47-50. Oxford: Elsevier, 2012.
Programs (ZIP, 25 MB)
Slideshow
Firm Fragmentation and Urban Patterns

International Economic Review, Vol. 50, February 2009: 143-186

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

Previous Version: Working Paper, June 2005, No. 05-3

Population in Rural Areas: The Case of Loudoun County, Virginia

Virginia Economic Journal, Vol. 9, 2004: 41-56

Raymond E. Owens III and Pierre-Daniel G. Sarte

Analyzing Firm Location Decisions: Is Public Intervention Justified?

Journal of Public Economics, Vol. 86, November 2002: 223-242

Raymond E. Owens III and Pierre-Daniel G. Sarte

Previous Version: Working Paper, June 1999, No. 99-8

Using the Federal Funds Futures Market to Predict Monetary Policy Actions

Business Economics, Vol. 36, April 2001: 44-48

Raymond E. Owens III and Roy H. Webb

Identifying Credit Crunches

Contemporary Economic Policy, Vol. 13, April 1995: 63-76

Raymond E. Owens III and Stacey L. Schreft

Previous Version: Working Paper, March 1993, No. 93-2
Bank Publications

Econ Focus, Fourth Quarter 2017

The Rise and Decline of Petersburg, Va.

Anne A. Burnett, Raymond E. Owens III and Santiago Pinto

Economic Quarterly, Fall 2005

How Well Do Diffusion Indexes Capture Business Cycles? A Spectral Analysis

Raymond E. Owens III and Pierre-Daniel G. Sarte

Economic Quarterly, Fall 2004

Using Manufacturing Surveys to Assess Economic Conditions

Matthew Harris, Raymond E. Owens III and Pierre-Daniel G. Sarte

Economic Quarterly, Winter 2004

Accommodating Rising Population in Rural Areas: The Case of Loudoun County, Virginia

Raymond E. Owens III and Pierre-Daniel G. Sarte

Economic Quarterly, Spring 2001

Using the Federal Funds Futures Market to Predict Monetary Policy Actions

Raymond E. Owens III and Roy H. Webb

Economic Review, Mar/Apr, 1991

Survey Evidence of Tighter Credit Conditions: What Does It Mean?

Raymond E. Owens III and Stacey L. Schreft

Economic Review, Jan/Feb, 1988

Agricultural Summary and Outlook

Raymond E. Owens III

Economic Review, May/Jun, 1987

An Overview of Agricultural Policy . . . Past, Present, and Future

Raymond E. Owens III

Economic Review, Jan/Feb, 1987

The Agricultural Outlook for 1987 . . . Financial Turnaround Unlikely

Raymond E. Owens III

Economic Review, Jan/Feb, 1986

The Agricultural Outlook for 1986 . . . Continued Financial Weakness Seen

Raymond E. Owens III

Economic Review, Jan/Feb, 1985

The Agricultural Outlook for 1985 . . . A Little Promise Seen

Raymond E. Owens III
Working Papers

October 2018, No. 18-16

Distance and Decline: The Case of Petersburg, Virginia

Raymond E. Owens III and Santiago Pinto

February 2017, No. 17-04

Rethinking Detroit

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

June 2008, No. 08-3

Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs

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

June 2005, No. 05-3

Firm Fragmentation and Urban Patterns

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

June 1999, No. 99-8

Analyzing Firm Location Decisions: Is Public Intervention Justified?

Raymond E. Owens III and Pierre-Daniel G. Sarte

May 1994, No. 94-6

Commercial Real Estate Overbuilding in the 1980's: Beyond the Hog Cycle

Raymond E. Owens III

March 1993, No. 93-2

Identifying Credit Crunches

Raymond E. Owens III and Stacey L. Schreft

March 1992, No. 92-1

Identifying Credit Crunches

Stacey L. Schreft and Raymond E. Owens III

May 1991, No. 91-5

Survey Evidence of Tighter Credit Conditions: What Does It Mean?

Stacey L. Schreft and Raymond E. Owens III
Regional View

Sept. 4, 2018

Current Economic Conditions in Maryland

Ray Owens spoke to a group of bankers in September 2018.

Raymond E. Owens
Other Work

"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.

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