Rawley Heimer |

Research Economist

Rawley Heimer, Research Economist

Rawley Heimer is a research economist in the Research Department of the Federal Reserve Bank of Cleveland. His research focuses on household and behavioral finance with an application to social networks and online media. His work has been presented at several top universities and conferences including the American Finance Association Annual Meetings. 

He completed his PhD in international economics and finance at Brandeis University and BA in economics from the University of Rochester. He has also been a lecturer at Brandeis University and held research positions at the Bureau of Labor Statistics and Montana State University. In a former life, Rawley was an accomplished guitarist. 

To view his research in progress and publications, please visit his website.

  • Fed Publications
Title Date Publication Author(s) Type


October, 2013 Federal Reserve Bank of Cleveland, working paper, no. 13-14 Rawley Z Heimer; Working Papers
Abstract: This research is the first to provide empirical evidence that social interaction is more prevalent amongst active rather than passive investors. While previous empirical work, spearheaded by Hong, Kubik, and Stein (2004), shows that proxies for sociability are related to participation in asset markets, the literature is unable to distinguish between the types of participants because of data limitations. I address this shortcoming by using data from the Consumer Expenditure Quarterly Interview Survey on individual holdings, and buying and selling of financial assets as well as expenditure variables which imply variation in the level of social activity. My findings support a new explanation for the active investing puzzle in which informal communication tends to promote active rather than passive strategies (Han and Hirshleifer 2012).