Meet the Researchers
Raven Molloy
Education
- Ph.D., Economics, Harvard University, 2005
- M.A., Economics, Harvard University, 2003
- B.A., Economics, University of Virginia, 1997
- House prices,housing affordability,rent growth
- Inflation inequality
Deputy Associate Director
Board of Governors of the Federal Reserve System
2022 - presentAssistant Director
Board of Governors of the Federal Reserve System
2019 - 2022Chief, Real Estate Finance Section
Board of Governors of the Federal Reserve System
2014 - 2020Senior Economist
Board of Governors of the Federal Reserve System
2010 - 2014Economist
Board of Governors of the Federal Reserve System
2005 - 2010
- JUE insight: Differences in rent growth by income from 1985 to 2021 and implications for inflation
Raven Molloy
Journal of Urban Economics (2024)
https://doi.org/10.1016/j.jue.2024.103669 - Changing Stability in U.S. Employment Relationships: A Tale of Two Tails
Raven Molloy, Christopher L. Smith, and Abigail Wozniak
Journal of Human Resources (2024)
https://doi.org/10.3368/jhr.0821-11843
See also » FRB Working Paper (2020) - Can Measurement Error Explain Slow Productivity Growth in Construction?
Daniel Garcia and Raven Molloy
Finance and Economics Discussion Series (2023)
https://doi.org/10.17016/FEDS.2023.052 - The Economics of Internal Migration: Advances and Policy Questions
Ning Jia, Raven Molloy, Christopher Smith, and Abigail Wozniak
Journal of Economic Literature (2023)
https://doi.org/10.1257/jel.20211623
See also » FRB Working Paper (2022) - Discussion of “Homeownership segregation”
Raven Molloy
Journal of Monetary Economics (2022)
https://doi.org/10.1016/j.jmoneco.2022.04.002 - Housing supply and affordability: Evidence from rents, housing consumption and household location
Raven Molloy, Charles G. Nathanson, and Andrew Paciorek
Journal of Urban Economics (2022)
https://doi.org/10.1016/j.jue.2022.103427
See also » FRB Working Paper (2020) - Differences in Rent Growth by Income 1985-2019 and Implications for Real Income Inequality
Daryl Larsen and Raven Molloy
FEDS Notes (2021)
https://doi.org/10.17016/2380-7172.3006 - Migration and Housing special issue: Introduction from Editors Kyle Mangum and Raven Molloy
Kyle Mangum and Raven Molloy
Journal of Housing Economics (2021)
https://doi.org/10.1016/j.jhe.2021.101782 - Measuring Aggregate Housing Wealth: New Insights from Machine Learning
Joshua H. Gallin, Raven Molloy, Eric Nielsen, Paul Smith, and Kamila Sommer
Journal of Housing Economics (2021)
https://doi.org/10.1016/j.jhe.2020.101734
See also » FRB Working Paper (2018) - Housing Supply and Affordability: Evidence from Rents, Housing Consumption and Household Location
Raven Molloy, Charles G. Nathanson, and Andrew Paciorek
Finance and Economics Discussion Series (2020)
https://doi.org/10.17016/FEDS.2020.044 - Changing Stability in U.S. Employment Relationships: A Tale of Two Tails
Raven Molloy, Christopher L. Smith, and Abigail Wozniak
Finance and Economics Discussion Series (2020)
https://doi.org/10.17016/FEDS.2020.017 - The Effect of Housing Supply Regulation on Housing Affordability: A Review
Raven Molloy
Regional Science and Urban Economics (2020)
https://doi.org/10.1016/j.regsciurbeco.2018.03.007 - Measuring Mortgage Credit Availability: A Frontier Estimation Approach
Elliot Anenberg, Aurel Hizmo, Edward Kung, and Raven Molloy
Journal of Applied Econometrics (2019)
https://doi.org/10.1002/jae.2720
See also » FRB Working Paper (2017) - Moving Out to Move Up: Who Leaves and Where Do They Go?
Raven Molloy, A. Spencer Perry, and Christopher L. Smith
Pathways (2019) - Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class
James Mills, Raven Molloy, and Rebecca Zarutskie
Real Estate Economics (2019)
https://doi.org/10.1111/1540-6229.12189
See also » FRB Working Paper (2015) - How Can We Measure the Value of a Home? Comparing Model-Based Estimates with Owner-Occupant Estimates
Raven Molloy and Eric Nielsen
FEDS Notes (2018)
https://doi.org/10.17016/2380-7172.2266 - Job Changing and the Decline in Long-Distance Migration in the United States
Raven Molloy, Christopher L. Smith, and Abigail Wozniak
Demography (2017)
https://doi.org/10.1007/s13524-017-0551-9 - Long-Term Vacant Housing in the United States
Raven Molloy
Regional Science and Urban Economics (2016)
https://doi.org/10.1016/j.regsciurbeco.2016.06.002
See also » FRB Working Paper (2014) - Understanding Declining Fluidity in the U.S. Labor Market
Raven Molloy, Christopher L. Smith, Riccardo Trezzi, and Abigail Wozniak
Brookings Papers on Economic Activity (2016)
See also » FRB Working Paper (2016) - Regulation and Housing Supply
Joseph E. Gyourko and Raven Molloy
Handbook of Regional and Urban Economics (2015)
https://doi.org/10.1016/B978-0-444-59531-7.00019-3 - Business Investor Activity in the Single-Family-Housing Market
Raven Molloy and Rebecca Zarutskie
FEDS Notes (2013)
https://doi.org/10.17016/2380-7172.0005 - Declining Migration Within the US: The Role of the Labor Market
Raven Molloy, Christopher L. Smith, and Abigail Wozniak
Finance and Economics Discussion Series (2013)
https://doi.org/10.17016/FEDS.2013.27 - The Postforeclosure Experience of U.S. Households
Raven Molloy and Hui Shan
Real Estate Economics (2013)
https://doi.org/10.1111/j.1540-6229.2012.00344.x
See also » FRB Working Paper (2011) - The Effect of Gasoline Prices on Household Location
Raven Molloy and Hui Shan
Review of Economics and Statistics (2013)
https://doi.org/10.1162/REST_a_00331
See also » FRB Working Paper (2010) - Pay Cuts for the Boss: Executive Compensation in the 1940s
Carola Frydman and Raven S. Molloy
Journal of Economic History (2012)
https://doi.org/10.1017/S002205071100249X - Labor Reallocation Over the Business Cycle: New Evidence from Internal Migration
Raven S. Molloy and Abigail Wozniak
Journal of Labor Economics (2011)
https://doi.org/10.1086/660772
See also » FRB Working Paper (2007) - Internal Migration in the United States
Raven Saks Molloy, Christopher L. Smith, and Abigail Wozniak
Journal of Economic Perspectives (2011)
https://doi.org/10.1257/jep.25.3.173
See also » FRB Working Paper (2011) - The Housing Crisis and State and Local Government Tax Revenue: Five Channels
Byron Lutz, Raven Molloy, and Hui Shan
Regional Science and Urban Economics (2011)
https://doi.org/10.1016/j.regsciurbeco.2011.03.009
See also » FRB Working Paper (2010) - Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms
Raven Molloy and Carola Frydman
Journal of Public Economics (2011)
https://doi.org/10.1016/j.jpubeco.2011.02.005
See also » FRB Working Paper (2009) - Executive Compensation: A New View from a Long-Term Perspective, 1936-2005
Carola Frydman and Raven E. Saks
Review of Financial Studies (2010)
https://doi.org/10.1093/rfs/hhp120
See also » FRB Working Paper (2009) - Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth
Raven E. Saks
Journal of Urban Economics (2008)
https://doi.org/10.1016/j.jue.2007.12.003
See also » FRB Working Paper (2005) - Reassessing the Role of National and Local Shocks in Metropolitan Area Housing Markets
Raven E. Saks
Brookings-Wharton Papers on Urban Affairs (2008) - Corruption in America
Edward L. Glaeser and Raven E. Saks
Journal of Public Economics (2006)
https://doi.org/10.1016/j.jpubeco.2005.08.007 - Urban Growth and Housing Supply
Edward L. Glaeser, Joseph Gyourko, and Raven E. Saks
Journal of Economic Geography (2006)
https://doi.org/10.1093/jeg/lbi003 - Why Is Manhattan So Expensive? Regulation and the Rise in Housing Prices
Edward L. Glaeser, Joseph Gyourko, and Raven Saks
Journal of Law & Economics (2005) - Why Have Housing Prices Gone Up?
Edward L. Glaeser, Joseph Gyourko, and Raven E. Saks
American Economic Review: Papers and Proceedings (2005)
https://doi.org/10.1257/000282805774669961 - Risk and Career Choice
Raven E. Saks and Stephen H. Shore
B.E. Journal of Economic Analysis & Policy (2005)
https://doi.org/10.1515/1538-0637.1414 - Downward Nominal Wage Rigidity: Evidence from the Employment Cost Index
David E. Lebow, Raven E. Saks, and Beth Anne Wilson
Advances in Macroeconomics (2003)
https://doi.org/10.2202/1534-6013.1117
See also » FRB Working Paper (1999) - Has Compensation Become More Flexible?
Sandra A. Cannon, Bruce Fallick, Michael Lettau, and Raven Saks
Worker Wellbeing in a Changing Labor Market (2001)
https://doi.org/10.1016/S0147-9121(01)20044-2
See also » FRB Working Paper (2000)
seminar
July 2018UBC Sauder School of Business
Housing Supply Regulation and Housing Affordability: the Role of Housing Unit Quality
seminar
November 2017George Washington University
Housing Supply Regulation and Housing Affordability: the Role of Housing Unit Quality
conference
November 2017Annual Meeting of the Urban Economics Association
Measuring Aggregate Housing Wealth: New Insights from an Automated Valuation Model
conference
April 2017AEI Conference on Housing Affordability
The Effect of Housing Supply Regulation on Housing Affordability: a Review
conference
March 2017NABE Economic Policy Conference
The Effect of Housing Supply Regulation on Housing Affordability
seminar
February 2017University of North Carolina-Charlotte
The Effect of Mortgage Credit Availability on House Prices and Construction: Evidence from a Frontier Estimation Approach
conference
October 2016AEI Conference on Housing Risk
Assessing House Price Risk and Mortgage Market Risk
conference
Sept 2016Urban Institute
Declining Migration Within the US: the Role of the Labor Market
seminar
May 2016Federal Reserve Bank of Chicago
The Effect of Mortgage Credit Availability on House Prices and Construction: Evidence from a Frontier Estimation Approach
conference
September 2015Federal Reserve System Conference on Regional Analysis
The Effect of Mortgage Credit Availability on House Prices and Construction: Evidence from a Frontier Estimation Approach
conference
May 2015Lincoln Institute for Land Policy
Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market
conference
Januray 2015AREUEA-ASSA meeting
Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market
conference
November 2014Urban Economics Association Annual Meeting
Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market
seminar
November 2014Federal Reserve Bank of Kansas City
Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market
conference
May 2014AREUEA National Conference
Regulation and the Housing Supply
seminar
May 2014Realtor University
Long-Term Vacant Housing in the United States
conference
February 2013Renters, Homeowners and Investors: The Changing Profile of Communities
Long-Term Vacant Housing in the United States
seminar
March 2012NYU Colloquium on Law, Economics and Politics
The Post-Foreclosure Experience of US Households
seminar
November 2011Federal Reserve Bank of Philadelphia
The Post-Foreclosure Experience of U.S. Households
seminar
November 2011Massachusetts Institute of Technology, Department of Urban Studies and Planning
Gasoline Prices, Household Location, and Urban Sprawl
conference
May 2011Federal Reserve Bank of Cleveland Policy Summit
The Post-Foreclosure Experience of U.S. Households
conference
April 2011Federal Reserve Community Affairs Research Conference
The Post-Foreclosure Experience of U.S. Households
conference
November 2010Urban Economics Association
The Post-Foreclosure Experience of U.S. Households
conference
November 2010Federal Reserve System Conference on Regional Economics
The Post-Foreclosure Experience of U.S. Households
conference
July 2010Institut d'Economia de Barcelona Workshop on Urban Economics
The Effect of Gasoline Prices on Household Location
seminar
May 2010University of Maryland, Department of Agricultural Economics
The Effect of Gasoline Prices on Household Location
conference
May 2009Mid-Year Meeting of the Amerian Real Estate and Urban Economics Association
The Contribution of Higher-Risk Lending to the 2002-2008 Housing Cycle
conference
November 2008Federal Reserve System Conference on Regional Economics
The Contribution of Higher-Risk Lending to the 2002-2008 Housing Cycle
conference
November 2008Urban Economics Association
The Contribution of Higher-Risk Lending to the 2002-2008 Housing Cycle
conference
July 2008International Conference of the American Real Estate and Urban Economics Association
Resurrecting the National Housing Market: Reassessing the Role of National and Local Shocks in Metropolitan Area Housing Markets
seminar
April 2008Massachusetts Institute of Technology Center for Real Estate
The Current Housing Market Contraction: Is Subprime Lending to Blame?
seminar
November 2007University of Michigan, Department of Economics
Executive Compensation: A New View from a Long-Term Perspective
conference
October 2007Brookings-Wharton Conference on Urban Affairs
Resurrecting the National Housing Market: Reassessing the Role of National and Local Shocks in Metropolitan Area Housing Markets
seminar
April 2007Brookings Economic Studies Seminar Series
Tax Policy and Executive Compensation
seminar
December 2006McGill University, Department of Economics
Is Migration Procyclical? Evidence on Internal Migration over the Business Cycle
conference
November 2006Annual Meeting of the North American Regional Science Council
Is Migration Procyclical? Evidence on Internal Migration over the Business Cycle
conference
November 2006Federal Reserve System Conference on Regional Economics
Is Migration Procyclical? Evidence on Internal Migration over the Business Cycle
conference
May 2006Mid-Year Meeting of the Amerian Real Estate and Urban Economics Association
Why Have Housing Prices Gone Up?
conference
January 2006Annual Meeting of the American Economic Association, Cliometric Society
Executive Compensation: A New View from a Long-Term Perspective
conference
November 2005Annual Meeting of the North American Regional Science Council
Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth
Awards
- 2013
American Real Estate and Urban Economics Association
Edwin S. Mills Real Estate Economics Best Paper Award
- 2005
The B.E. Journal of Economic Analysis & Policy
Arrow Prize for Best Paper by a Junior Economist
Conference Organization
October 2018 | Boston, MA
System Conference on Regional Analysis
Committee Chair
June 2018 | Washington, DC
AREUEA National Conference
Committee Co-Chair
November 2017 | New York, NY
System Conference on Regional Analysis
Committee Chair
June 2017 | Washington, DC
AREUEA National Conference
Committee Co-Chair
Editor
- Editorial Board, Journal of Housing Economics
- Editorial Board, Journal of Real Estate Finance and Economics
- Editorial Board, Journal of Urban Economics
- Editorial Board, Regional Science and Urban Economics
Referee
- American Economic Review
- Cityscape
- Econometrica
- Economic Journal
- Economics Letters
- Explorations in Economic History
- Journal of Economic Development
- Journal of Economic Geography
- Journal of Economic History
- Journal of Housing Economics
- Journal of Labor Economics
- Journal of Political Economy
- Journal of Public Economics
- Journal of Regional Science
- Journal of Regional Science and Urban Economics
- Journal of Urban Economics
- National Science Foundation
- Quarterly Journal of Economics
- Regional Science and Urban Economics
- Review of Economics and Statistics
Professional Affiliation
- American Economic Association
- American Real Estate and Urban Economics Association