Photo of Karen M. Pence

Karen M. Pence

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
  • Morse, Adair, and Karen Pence (2020). "Technological Innovation and Discrimination in Household Finance," Finance and Economics Discussion Series 2020-018. Board of Governors of the Federal Reserve System (U.S.).
  • Batty, Michael, Joseph Briggs, Karen Pence, Paul Smith, and Alice Volz (2019). "The Distributional Financial Accounts," FEDS Notes 2019-08-30. Board of Governors of the Federal Reserve System (U.S.).
  • McCully, Brett A., Karen M. Pence, and Daniel J. Vine (2019). "How Much Are Car Purchases Driven by Home Equity Withdrawal?" Journal of Money, Credit and Banking, vol. 51, no. 5, pp. 1403-1426.
  • Pence, Karen (2018). "Preface," The Annals of the American Academy of Political and Social Science, vol. 680, no. 1, pp. 7-8.
  • Kim, You Suk, Steven M. Laufer, Karen Pence, Richard Stanton, and Nancy Wallace (2018). "Liquidity Crises in the Mortgage Market," Brookings Papers on Economic Activity, Spring 2018 Edition.
  • Bricker, Jesse , Meta Brown, Simona Hannon, and Karen Pence (2015). "How Much Student Debt is Out There?" FEDS Notes 2015-08-07. Board of Governors of the Federal Reserve System (U.S.).
  • Bucks, Brian, and Karen M. Pence (2015). "Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey," Journal of Economic and Social Measurement, vol. 40, no. 1-4, pp. 151-175.
  • Pence, Karen (2015). "The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012: Discussion," Journal of Money, Credit, and Banking, vol. 47, no. 1, pp. 215-220.
  • Johnson, Kathleen W., Karen M. Pence, and Daniel J. Vine (2014). "Auto Sales and Credit Supply," Finance and Economics Discussion Series 2014-82. Board of Governors of the Federal Reserve System (U.S.).
  • Pence, Karen (2014). "The Wealthy Hand-to-Mouth: Comment," Brookings Papers on Economic Activity, Spring, pp. 144-148.
  • Pence, Karen M. (2012). "Is a Household Debt Overhang Holding Back Consumption? Comment," Brookings Papers on Economic Activity, Spring, pp. 351-358.
  • Pence, Karen M. (2011). "Comment on 'The Financially Fragile Households: Evidence and Implications'," Brookings Papers on Economic Activity, Spring, pp. 141-150.
  • Campbell, Sean, Daniel Covitz, William Nelson, and Karen Pence (2011). "Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility," Journal of Monetary Economics, vol. 58, no. 5, pp. 518-531.
  • Mayer, Christopher, Karen Pence, and Shane M. Sherlund (2009). "The Rise in Mortgage Defaults," Journal of Economic Perspectives, vol. 23, no. 1, pp. 27-50.
  • Mayer, Chris, and Karen Pence (2009). "Subprime Mortgages: What, Where, and to Whom?" in Glaeser, Edward L., John M. Quigley eds., Housing Markets and the Economy: Risk, Regulation, and Policy. Cambridge, MA: Lincoln Institute of Land Policy.
  • Pence, Karen M. (2009). "Comments on 'the Age of Reason: Financial Decisions Over the Life Cycle and Implications for Regulation'," Brookings Papers on Economic Activity, Spring, pp. 108-111.
  • Bucks, Brian, and Karen Pence (2008). "Do Borrowers Know their Mortgage Terms?" Journal of Urban Economics, vol. 64, no. 2, pp. 218-233.
  • Wolfe, Barbara, Robert Haveman, Karen Pence, and Jonathan A. Schwabish (2007). "Do Youth Nonmarital Childbearing Choices Reflect Income and Relationship Expectations?" Journal of Population Economics, vol. 20, no. 1, pp. 73-100.
  • Gale, William G., and Karen M. Pence (2006). "Are Successive Generations Getting Wealthier, and if so, Why? Evidence from the 1990s," Brookings Papers on Economic Activity, no. 1, pp. 155-213.
  • Pence, Karen M. (2006). "Foreclosing on Opportunity: State Laws and Mortgage Credit," The Review of Economics and Statistics, vol. 88, no. 1, pp. 177-182.
  • Pence, Karen M. (2006). "The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving," B.E. Journals in Economic Analysis and Policy: Contributions to Economic Analysis and Policy, vol. 5, no. 1, pp. 1-24.
  • Dynan, Karen, Kathleen Johnson, and Karen Pence (2003). "Recent Changes to a Measure of U.S. Household Debt Service," Federal Reserve Bulletin, vol. 89, no. 10, pp. 417-426.
  • Pence, Karen M. (2002). "Nature Or Nurture: Why do 401(k) Participants Save Differently than Other Workers?" National Tax Journal, vol. 55, no. 3, pp. 597-616.
  • Haveman, Robert, Barbara Wolfe, and Karen Pence (2001). "Intergenerational Effects of Nonmarital and Early Childbearing," in Wu, Lawrence,L., Barbara Wolfe eds., Out of Wedlock: Causes and Consequences of Nonmarital Fertility. New York: Russell Sage Foundation, pp. 287-316.
  • Sabelhaus, John, and Karen Pence (1999). "Household Saving in the '90s: Evidence from Cross-Section Wealth Surveys," Review of Income and Wealth, vol. 45, no. 4, pp. 435-453.
Awards
  • 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
  • First Vice President, American Real Estate and Urban Economics Association, 2020
  • Member, Committee for the Status of Women in the Economics Profession, American Economic Association, 2019-present
  • Chair, Board of Overseers of the Panel Study of Income Dynamics, 2014-present
  • Member, Board of Directors, American Real Estate and Urban Economics Association, 2008-2010
Last update: September 14, 2020