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Photo of Karen M. Pence

Karen M. Pence

Deputy Associate Director Program Direction Section Research and Statistics
202-452-2342
[email protected]

Education

  • Ph.D., Economics, University of Wisconsin, 2001
  • M.S., Economics, University of Wisconsin, 1998
  • B.A., Economics, Swarthmore College, 1992
  • Officer

    Board of Governors of the Federal Reserve System

    2011 - present
  • Chief

    Board of Governors of the Federal Reserve System

    2009 - 2011
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2007 - 2009
  • Economist

    Board of Governors of the Federal Reserve System

    2001 - 2007
  • Liquidity in the mortgage market: How does the COVID-19 crisis compare with the global financial crisis?
    Karen Pence
    Real Estate Economics (2022)
    https://doi.org/10.1111/1540-6229.12389
    See also » FRB Working Paper (2022)
  • Nonbanks and Mortgage Securitization
    You Suk Kim, Karen Pence, Richard Stanton, Johan Walden, and Nancy Wallace
    Annual Review of Financial Economics (2022)
    https://doi.org/10.1146/annurev-financial-111620-025204
  • Crisis Liquidity Facilities with Nonbank Counterparties: Lessons from the Term Asset-Backed Securities Loan Facility
    Ralf R. Meisenzahl and Karen M. Pence
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.021
  • Technological Innovation and Discrimination in Household Finance
    Adair Morse and Karen Pence
    Palgrave Handbook of Technological Finance (2021)
    See also » FRB Working Paper (2020)
  • Improving the Measurement of Racial and Ethnic Disparities in the Survey of Consumer Finances
    Kevin B. Moore and Karen M. Pence
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2945
  • The Distributional Financial Accounts
    Michael Batty, Joseph Briggs, Karen Pence, Paul Smith, and Alice Volz
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2436
  • How Much Are Car Purchases Driven by Home Equity Withdrawal?
    Brett A. McCully, Karen M. Pence, and Daniel J. Vine
    Journal of Money, Credit and Banking (2019)
    https://doi.org/10.1111/jmcb.12595
    See also » FRB Working Paper (2015)
  • Preface
    Karen Pence
    ANNALS of the American Academy of Political and Social Science (2018)
    https://doi.org/10.1177/0002716218802752
  • Liquidity Crises in the Mortgage Market
    You Suk Kim, Steven M. Laufer, Karen Pence, Richard Stanton, and Nancy Wallace
    Brookings Papers on Economic Activity (2018)
    See also » FRB Working Paper (2018)
  • Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey
    Brian Bucks and Karen M. Pence
    Journal of Economic and Social Measurement (2015)
    https://doi.org/10.3233/JEM-150396
    See also » FRB Working Paper (2015)
  • How Much Student Debt is Out There?
    Jesse Bricker, Meta Brown, Simona Hannon, and Karen Pence
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1576
  • The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012: Discussion
    Karen Pence
    Journal of Money, Credit and Banking (2015)
    https://doi.org/10.1111/jmcb.12199
  • Auto Sales and Credit Supply
    Kathleen W. Johnson, Karen M. Pence, and Daniel J. Vine
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.82
  • The Wealthy Hand-to-Mouth: Comment
    Karen Pence
    Brookings Papers on Economic Activity (2014)
  • Is a Household Debt Overhang Holding Back Consumption? Comment
    Karen M. Pence
    Brookings Papers on Economic Activity (2012)
  • Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility
    Sean Campbell, Daniel Covitz, William Nelson, and Karen Pence
    Journal of Monetary Economics (2011)
    https://doi.org/10.1016/j.jmoneco.2011.05.003
    See also » FRB Working Paper (2011)
  • Comment on 'The Financially Fragile Households: Evidence and Implications'
    Karen M. Pence
    Brookings Papers on Economic Activity (2011)
  • The Rise in Mortgage Defaults
    Christopher Mayer, Karen Pence, and Shane M. Sherlund
    Journal of Economic Perspectives (2009)
    https://doi.org/10.1257/jep.23.1.27
    See also » FRB Working Paper (2008)
  • Comments on 'The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation'
    Karen M. Pence
    Brookings Papers on Economic Activity (2009)
  • Subprime Mortgages: What, Where, and to Whom?
    Chris Mayer and Karen Pence
    Housing Markets and the Economy: Risk, Regulation, and Policy (2009)
    https://doi.org/10.1111/j.1467-9787.2011.00740_6.x
    See also » FRB Working Paper (2008)
  • Do Borrowers Know their Mortgage Terms?
    Brian Bucks and Karen Pence
    Journal of Urban Economics (2008)
    https://doi.org/10.1016/j.jue.2008.07.005
  • Do Youth Nonmarital Childbearing Choices Reflect Income and Relationship Expectations?
    Barbara Wolfe, Robert Haveman, Karen Pence, and Jonathan A. Schwabish
    Journal of Population Economics (2007)
    https://doi.org/10.1007/s00148-006-0109-4
  • Foreclosing on Opportunity: State Laws and Mortgage Credit
    Karen M. Pence
    Review of Economics and Statistics (2006)
    https://doi.org/10.1162/rest.2006.88.1.177
    See also » FRB Working Paper (2003)
  • The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving
    Karen M. Pence
    B.E. Journal of Economic Analysis & Policy (2006)
    https://doi.org/10.1515/1538-0645.1430
  • Are Successive Generations Getting Wealthier, and If So, Why? Evidence from the 1990s
    William G. Gale and Karen M. Pence
    Brookings Papers on Economic Activity (2006)
  • Recent Changes to a Measure of U.S. Household Debt Service
    Karen Dynan, Kathleen Johnson, and Karen Pence
    Federal Reserve Bulletin (2003)
    https://doi.org/10.17016/bulletin.2003.89-10
  • Nature or Nurture: Why Do 401(K) Participants Save Differently Than Other Workers?
    Karen M. Pence
    National Tax Journal (2002)
    https://doi.org/10.17310/ntj.2002.3.11
    See also » FRB Working Paper (2002)
  • Intergenerational Effects of Nonmarital and Early Childbearing
    Robert Haveman, Barbara Wolfe, and Karen Pence
    Out of wedlock: Causes and consequences of nonmarital fertility (2001)
  • Household Saving in the '90s: Evidence from Cross-Section Wealth Surveys
    John Sabelhaus and Karen Pence
    Review of Income and Wealth (1999)
    https://doi.org/10.1111/j.1475-4991.1999.tb00359.x
Awards
  • 2022

    Weimer School of Advanced Studies in Real Estate

    Academic Fellow

  • 2010

    Board of Governors of the Federal Reserve System

    Special Achievement Award

  • 2008

    Weimer School of Advanced Studies in Real Estate

    Post-Doctoral Award

  • 2002

    National Tax Association

    Dissertation Award Honorable Mention

Professional Affiliation
  • President, First Vice President, and Second Vice President, American Real Estate and Urban Economics Association,2019- 2021
  • Member, Committee for the Status of Women in the Economics Profession, American Economic Association, 2019-2021
  • Chair and Board Member, Board of Overseers of the Panel Study of Income Dynamics, 2014-2020
  • Member, Board of Directors, American Real Estate and Urban Economics Association, 2008-2010
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Last Update: April 3, 2023