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Raphael Bostic

President and CEO of the Federal Reserve Bank of Atlanta


Dr. Raphael Bostic is President and CEO of the Federal Reserve Bank of Atlanta.

Dr. Bostic served for 3 years in the Obama Administration as the Assistant Secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development. In that Senate-confirmed position, Dr. Bostic was a principal advisor to the Secretary on policy and research, with the goal of helping the Secretary, and other principal staff, make informed decisions on HUD policies and programs, as well as budget and legislative proposal. Bostic led an interdisciplinary team of 150 which had expertise in all policy areas of importance to the department, including housing, housing finance, rental assistance, community development, economic development, sustainability, and homelessness, among others. During his tenure and with his leadership, PD&R funded more than $150M in new research, became an important advisory voice on departmental budget and prioritization decisions, and reestablished its position as a thought leader on policies associated with housing and urban development.

Dr. Bostic arrived at USC in 2001, where he served as a professor in the University of Southern California’s School of Policy, Planning, and Development. His work spans many fields including home ownership, housing finance, neighborhood change, and the role of institutions in shaping policy effectiveness. A particular emphasis has been on how the private, public, and non-profit sectors interact to influence household access to economic and social amenities. His work has appeared in the leading economic, public policy, and planning journals. He was Director of USC’s Master of Real Estate Development degree program and was the founding director of the Casden Real Estate Economics Forecast. Prior to that, he worked at the Federal Reserve Board of Governors, where his work on the Community Reinvestment Act earned him a Special Achievement Award.

He was named the Judith and John Bedrosian Chair in Governance and the Public Enterprise and director of the Bedrosian Center on Governance at the Price School of Public Policy in 2012. Since 2016, Dr. Bostic has served as the chair of the Governance, Management and Policy Process department.

In an earlier stint at HUD, Dr. Bostic served as a special assistant to Susan Wachter when she served as the Assistant Secretary for PD&R. He earned his Ph.D. in Economics from Stanford University and his BA from Harvard University.



Schwartz, H., Bostic, R., Green, R., Reina, V., Davis, L., & Augustine, C. (2016). Preservation of affordable rental housing : evaluation of the Macarthur Foundation’s Window of Opportunity Initiative . Santa Monica, Calif: Rand Corporation.

Bostic, R., & Lee, H. (2017). Small Business Lending Under the Community Reinvestment Act. Cityscape19(2), 63–84.

Acolin, A., Bostic, R., & Painter, G. (2016). A field study of rental market discrimination across origins in France. Journal of Urban Economics95, 49–63.

Bostic, R. W. (2014). CDBG at 40: Opportunities and Obstacles. Housing Policy Debate, 24(1), 297-302.

Bostic, R. W., & Ellen, I. G. (2014). Introduction: Special Issue on Housing Policy in the United States. Journal of Housing Economics, 24, 1-3.

Bostic, R. W. (2013). Resilient Economic Development: Challenges and Opportunities. In M. A. Pagano (Ed.), Metropolitan Resilience in a Time of Economic Turmoil (pp. 58). Urbana, IL: University of Illinois Press.

Bostic, R. W., & McFarlane, A. (2013). The Proposed Affirmatively Furthering Fair Housing Regulatory Impact Analysis. A Journal of Policy Development and Research, 15(3), 257.

Bostic, R. W., Chomsisengphet, S., Engel, K. C., McCoy, P. A., Pennington-Cross, A., & Wachter, S. (2012). Mortgage Product Substitution and State Anti-Predatory Lending Laws: Better Loans and Better Borrowers? Atlantic Economic Journal, 40(3), 273-294.

Bostic, R. W., Thornton, R. L., Rudd, E. C., & Sternthal, M. J. (2012). Health in All Policies: The Role of the US Department of Housing and Urban Development and Present and Future Challenges. Health Affairs, 31(9), 2130-2137.

Bostic, R. W., & Lavizzo-Mourey, R. (2011, December 15). Housing and Health Care go Hand in Hand. Roll Call. Retrieved from

Bostic, R. W. (2010). Financing Low‐Income Communities: Models, Obstacles, and Future Directions. Journal of Regional Science, 50(2), 678-679.

Graddy, E. A., & Bostic, R. W. (2010). The Role of Private Agents in Affordable Housing Policy. Journal of Public Administration Research and Theory, 20(Supplement I), I81-I99.

An, X., & Bostic, R. W. (2009). Policy Incentives and the Extension of Mortgage Credit: Increasing Market Discipline for Subprime Lending. Journal of Policy Analysis and Management, 28(3), 340-365.

Bostic, R. W., Gabriel, S., & Painter, G. (2009). Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data. Regional Science and Urban Economics, 39(1), 79-89.

Bostic, R. W., & Lee, K. O. (2009). Homeownership: America’s Dream? In R. Blank, & M. Barr (Eds.), Insufficient Funds: Savings, Assets, Credit and Banking among Low-Income Households (pp. 218). New York: National Poverty Center, Russell Sage Foundation.

Bostic, R. W., Lewis, L. B., & Sloane, D. (2009). The Neighborhood Dynamics of Hospitals as Large Land Owners. In R. W. Bostic (Ed.), The Impact of Large Landowners on Land Markets (pp. 65). Cambridge, MA: Lincoln Institute of Land Policy.

Bostic, R. W., & Zhu, P. (2009). Understanding Large Landholders on the Urban Fringe: A Supply-Side Perspective. In R. W. Bostic (Ed.), The Impact of Large Landowners on Land Markets (pp. 17). Cambridge, MA: Lincoln Institute of Land Policy.

An, X., & Bostic, R. W. (2008). GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals. The Journal of Real Estate Finance and Economics, 36(2), 207-231.

Bostic, R. W., Engel, K. C., McCoy, P. A., Pennington-Cross, A., & Wachter, S. (2008). State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms. Journal of Economics and Business, 60(1), 47-66.

Bostic, R. W., & Lee, K. O. (2008). Mortgages, Risk, and Homeownership among Low-And Moderate-Income Families. The American Economic Review, 98(2), 310-314.

Bostic, R. W., McCoy, P. A., Pennington-Cross, A., Wachter, S., & Engel, K. C. (2008). The Impact of State Antipredatory Lending Laws: Policy Implications and Insights. Working Paper, The Joint Center for Housing Studies, Harvard University.

Bostic, R. W., & Molaison, D. (2008). Hurricane Katrina and Housing: Devastation, Possibilities, and Prospects. In H. Richardson, & P. Gordon (Eds.), Natural Disaster Analysis after Hurricane Katrina: Risk Assessment, Economic Impacts and Social Implications. Northampton, MA: Edward Elgar Publishing.

Bostic, R. W., An, X., Deng, Y., & Gabriel, S. A. (2007). GSE Loan Purchases, the FHA, and Housing Outcomes in Targeted, Low-Income NeighborhoodsBrookings-Wharton Papers on Urban Affairs Series (pp. 205-256). Washington, DC: Brookings Institute Press.

Bostic, R. W., Longhofer, S. D., & Redfearn, C. L. (2007). Land Leverage: Decomposing Home Price Dynamics. Real Estate Economics, 35(2), 183-208.

Sloane, D., Bostic, R. W., & Lewis, L. B. (2007). The Neighborhood Dynamics of Hospitals as Land Owners. Lincoln Institute of Land Policy Working Paper.

Bostic, R. W., & Gabriel, S. A. (2006). Do the GSEs matter to Low-Income Housing Markets? An Assessment of the Effects of the GSE Loan Purchase Goals on California Housing Outcomes. Journal of Urban Economics, 59(3), 458-475.

Bostic, R. W., & Prohofsky, A. C. (2006). Enterprise Zones and Individual Welfare: A Case Study of California*. Journal of Regional Science, 46(2), 175-203.

Black, H. A., Bostic, R. W., Robinson, B. L., & Schweitzer, R. L. (2005). Do CRA‐Related Events affect Shareholder Wealth? The Case of Bank Mergers. The Financial Review, 40(4), 575-586.

Bostic, R. W., Avery, R. B., & Canner, G. B. (2005). Assessing the Necessity and Efficiency of the Community Reinvestment Act. Housing Policy Debate, 16(1), 143-172.

Bostic, R. W., Calem, P. S., & Wachter, S. (2005). Hitting the Wall: Credit as an Impediment to Homeownership. In N. P. Retsinas, & E. S. Belsky (Eds.), Building Assets, Building Credit: Creating Wealth in Low-Income Communities (pp. 155-172). Washington, DC: Brookings Institution Press.

Bostic, R. W., & Martin, R. W. (2005). Have Anti-Discrimination Housing Laws Worked? Evidence from Trends in Black Homeownership. The Journal of Real Estate Finance and Economics, 31(1), 5-26.

Bostic, R. W., Paulson, A., Mehran, H., & Saidenberg, M. (2005). Regulatory Incentives and Consolidation: The Case of Commercial Bank Mergers and the Community Reinvestment Act. The B.E. Journal of Economic Analysis & Policy, 5(1).

Bostic, R. W., & Robinson, B. L. (2005). What Makes Community Reinvestment Act Agreements Work? A Study of Lender Responses. Housing Policy Debate, 16(3-4), 513-545.

Bostic, R. W., Aaronson, D., Huck, P., & Townsend, R. (2004). Supplier Relationships and Small Business Use of Trade Credit. Journal of Urban Economics, 55(1), 46-67.

Bostic, R. W., & Robinson, B. L. (2004). The Impact of CRA Agreements on Community Banks. Journal of Banking & Finance, 28(12), 3069-3095.

Avery, R. B., Bostic, R. W., Calem, P. S., & Canner, G. B. (2003). An Overview of Consumer Data and Credit Reporting. Federal Reserve Bulletin, 89, 47.

Barakova, I., Bostic, R. W., Calem, P. S., & Wachter, S. (2003). Does Credit Quality Matter for Homeownership? Journal of Housing Economics, 12(4), 318-336.

Bostic, R. W. (2003). A Test of Cultural Affinity in Home Mortgage Lending. Journal of Financial Services Research, 23(2), 89-112.

Bostic, R. W., & Martin, R. W. (2003). Black Home-Owners as a Gentrifying Force? Neighbourhood Dynamics in the Context of Minority Home-Ownership. Urban Studies, 40(12), 2427-2449.

Bostic, R. W., & Robinson, B. L. (2003). Do CRA Agreements Influence Lending Patterns? Real Estate Economics, 31(1), 23-51.

Bostic, R. W. (2002). Trends in Equal Access to Credit Products. In T. Durkin, & M. Staten (Eds.), The Impact of Public Policy on Consumer Credit (pp. 171). New York: Springer Science & Business Media.

Bostic, R. W., & Surette, B. J. (2001). Have the Doors Opened Wider? Trends in Homeownership Rates by Race and Income. The Journal of Real Estate Finance and Economics, 23(3), 411-434.

Avery, R. B., Bostic, R. W., Calem, P. S., & Canner, G. B. (2000). Credit Scoring: Statistical Issues and Evidence from Credit‐Bureau Files. Real Estate Economics, 28(3), 523-547.

Avery, R. B., Bostic, R. W., & Canner, G. B. (2000). CRA Special Lending Programs. Federal Reserve Bulletin, 86, 711.

Avery, R. B., Bostic, R. W., & Canner, G. B. (2000). The Performance and Profitability of CRA-Related Lending. Economic Commentary, (Nov). Federal Reserve Bank of Cleveland.

Avery, R. B., Bostic, R. W., Calem, P. S., & Canner, G. B. (1999). Trends in Home Purchase Lending: Consolidation and the Community Reinvestment Act. Federal Reserve Bulletin, 85, 81.

Avery, R. B., Bostic, R. W., Calem, P. S., & Canner, G. B. (1999). Consolidation and Bank Branching Patterns. Journal of Banking & Finance, 23(2), 497-532.

Avery, R. B., Bostic, R. W., & Samolyk, K. A. (1998). The Role of Personal Wealth in Small Business Finance. Journal of Banking & Finance, 22(6), 1019-1061.

Bostic, R. W., & Canner, G. B. (1998). New Information on Lending to Small Businesses and Small Farms: The 1996 CRA Data. Federal Reserve Bulletin, 84, 1.

Avery, R. B., Bostic, R. W., Calem, P. S., & Canner, G. B. (1997). Changes in the Distribution of Banking Offices. Federal Reserve Bulletin, 83, 707.

Bostic, R. W. (1997). The Role of Race in Mortgage Lending: Revisiting the Boston Fed Study. Board of Governors of the Federal Reserve System Finance and Econ. Disc. Series, 97-2.

Bostic, R. W., Gans, J. S., & Stern, S. (1997). Urban Productivity and Factor Growth in the Late Nineteenth Century. Journal of Urban Economics, 41(1), 38-55.

Avery, R. B., Bostic, R. W., Calem, P. S., & Canner, G. B. (1996). Credit Risk, Credit Scoring, and the Performance of Home Mortgages. Federal Reserve Bulletin, 82, 621.

Bostic, R. W., Herrnstein, R. J., & Luce, R. D. (1990). The Effect on the Preference-Reversal Phenomenon of Using Choice Indifferences. Journal of Economic Behavior & Organization, 13(2), 193-212.

Bedrosian Center