Chief Research Officer at the Milken Institute
He oversees research on international, national and comparative regional growth performance, technology and its impact on regional and national economies, access to capital and its role in economic growth and job creation, and health-related topics.
He was the principal author of "A Matter of Degrees: The Effect of Educational Attainment on Regional Economic Prosperity," which demonstrated the high returns to investment in higher education and the research spillovers that universities facilitate. He also authored "America's High-Tech Economy: Growth, Development and Risks for Metropolitan Areas" and created "Best-Performing Cities," an annual ranking of U.S. metropolitan areas that shows where jobs are being created.
Oct 12-13, 2015
May 1-4, 2016
The Los Angeles Chapter of NABE created the Robert Parry Award in honor of Robert T. Parry, who served as president and chief executive of the Federal Reserve Bank of San Francisco for 18 years and has been a long time member and supporter of the Chapter.
The Award is given annually to a member of L.A. NABE who has served on the Board and made notable contributions to the Chapter, in addition to his/her contributions to the economics community in Greater Los Angeles.
If we required a reminder that the United States is more fully integrated into global economic and financial markets than ever, we received it by way of the latest turmoil in U.S. equity markets. By many measures, valuations had become stretched, so in some respects the markets were looking for a reason to correct. However, there is no doubt that the recent market anxiety was at least “assembled” in China, with components from the global supply chain, before being imported into the U.S.
Nevertheless, recent data on housing, consumer confidence, auto sales, capital goods orders and PMIs all point to underlying strength in the U.S. economy. Even the second quarter was stronger than previously thought with GDP growth being revised up to an annual rate of 3.7 percent. More impressively, final sales to domestic private purchasers rose at an annual rate of 3.3 percent, an upward revision from the first estimate of 2.5 percent.
So, where does this leave us? On balance, the U.S. economy is expanding at a 2.5 percent to 3.0 percent pace, but downside risks to the outlook have risen due to the correction in U.S. equities and financial sector stress. Equity market anxieties will knock just 0.2 to 0.3 percentage point off of U.S. GDP growth over the next four quarters.
He also has specialized in the effects of technology, research and development activities, international trade, human capital and labor-force skills training, entrepreneurship, early-stage financing, and quality-of-place issues on the geographic distribution of economic activity.DeVol has authored numerous reports in the Institute’s primary research areas. His recent work involves research on global economic and financial market conditions
DeVol was previously senior vice president of Global Insight Inc. His recent work involves research on global economic and financial market conditions. DeVol is ranked among the "Super Stars" of Think Tank Scholars by International Economy magazine.
Sep 17-18 2015
Equity Market Anxiety and Other Risks to U.S. Economic Growth
The Robert Perry Award 2015
2015 Robert Parry Award Recipient
Ross DeVol (left) and Robert T. Parry (right) at the 2015 Robert Parry Award Luncheon on Monday, June 22, 2015.