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Photo of Elizabeth C. Klee

Elizabeth C. Klee

Senior Associate Director Program Direction Section Financial Stability
202-721-4501
[email protected]

Education

  • Ph.D., Economics, New York University, 2000
  • A.B., Economics, Princeton University, 1995
Current Research Topics
  • Monetary Policy
  • Financial Stability
  • Senior Associate Director

    Board of Governors of the Federal Reserve System

    2020 - present
  • Counselor to the Undersecretary for Domestic Finance (detail)

    Department of the Treasury

    2022
  • Associate Director

    Board of Governors of the Federal Reserve System

    2018 - 2020
  • Assistant and Deputy Associate Director

    Board of Governors of the Federal Reserve System

    2015 - 2018
  • Chief

    Board of Governors of the Federal Reserve System

    2013 - 2015
  • Economist and Senior Economist

    Board of Governors of the Federal Reserve System

    2000 - 2013
  • Auto Finance in the Electric Vehicle Transition
    Elizabeth Klee, Adair Morse, and Chaehee Shin
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.065
  • The 2023 Banking Turmoil and the Bank Term Funding Program
    David Glancy, Felicia Ionescu, Elizabeth Klee, Antonis Kotidis, Michael Siemer, and Andrei Zlate
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.045
  • Treasury Safety, Liquidity, and Money Premium Dynamics: Evidence from Debt Limit Impasses
    David Cashin, Erin E. Syron Ferris, and Elizabeth Klee
    Journal of Money, Credit and Banking (2023)
    https://doi.org/10.1111/jmcb.12999
    See also » FRB Working Paper (2020)
  • The FOMC’s Use of Operational Targets: 85 Years and Counting
    Jeffrey Huther, Elizabeth Klee, Kevin Kiernan, and Ethan Rodriguez-Shah
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.039
  • Leverage and Stablecoin Pegs
    Gary B. Gorton, Elizabeth C. Klee, Chase P. Ross, Sharon Y. Ross, and Alexandros P. Vardoulakis
    NBER Working Paper Series (2022)
    https://doi.org/10.3386/w30796
  • The Fed's Discount Window in "Normal" Times
    Huberto M. Ennis and Elizabeth Klee
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.016
  • The First Line of Defense: The Discount Window During the Early Stages of the Financial Crisis
    Elizabeth Klee
    International Journal of Central Banking (2021)
    See also » FRB Working Paper (2011)
  • The Federal Funds Network and Monetary Policy Transmission: Evidence from the 2007–2009 Financial Crisis
    Daniel O. Beltran, Valentin Bolotnyy, and Elizabeth Klee
    Journal of Monetary Economics (2021)
    https://doi.org/10.1016/j.jmoneco.2019.12.006
  • Monetary Policy Strategies and Tools: Financial Stability Considerations
    Jonathan Goldberg, Elizabeth Klee, Edward Simpson Prescott, and Paul Wood
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.074
  • Post-crisis Signals in Securitization: Evidence from Auto ABS
    Elizabeth Klee and Chaehee Shin
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.042
  • Effects of Changing Monetary and Regulatory Policy on Money Markets
    Elizabeth Klee, Zeynep Senyuz, and Emre Yoldas
    International Journal of Central Banking (2019)
    See also » FRB Working Paper (2016)
  • Expectations about the Federal Reserve's Balance Sheet and the Term Structure of Interest Rates
    Jane Ihrig, Elizabeth Klee, Canlin Li, Min Wei, and Joe Kachovec
    International Journal of Central Banking (2018)
    See also » FRB Working Paper (2012)
  • The Federal Reserve's Portfolio and its Effect on Interest Rates
    Jeffrey Huther, Jane Ihrig, and Elizabeth Klee
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.075
  • The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets
    Han Chen, James A. Clouse, Jane Ihrig, and Elizabeth Klee
    Journal of Money, Credit and Banking (2016)
    https://doi.org/10.1111/jmcb.12322
    See also » FRB Working Paper (2014)
  • Dynamics of Overnight Money Markets: What Has Changed at the Zero Lower Bound?
    Elizabeth Klee, Zeynep Senyuz, and Emre Yoldas
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1676
  • The Federal Reserve's Balance Sheet and Earnings: A Primer and Projections
    Seth Carpenter, Jane Ihrig, Elizabeth Klee, Daniel Quinn, and Alexander Boote
    International Journal of Central Banking (2015)
    See also » FRB Working Paper (2012)
  • Analyzing Federal Reserve Asset Purchases: From Whom Does the Fed Buy?
    Seth Carpenter, Selva Demiralp, Jane Ihrig, and Elizabeth Klee
    Journal of Banking & Finance (2015)
    https://doi.org/10.1016/j.jbankfin.2014.04.029
    See also » FRB Working Paper (2013)
  • The Repo and Federal Funds Markets before, during, and Emerging from the Financial Crisis
    Morten Bech, Elizabeth Klee, and Viktors Stebunovs
    Developments in Macro-Finance Yield Curve Modelling (2014)
    https://doi.org/10.1017/CBO9781107045149
    See also » FRB Working Paper (2011)
  • The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market
    Morten L. Bech and Elizabeth Klee
    Journal of Monetary Economics (2011)
    https://doi.org/10.1016/j.jmoneco.2011.05.007
    See also » FRB Working Paper (2010)
  • Big Bank, Small Bank: Monetary Policy Implementation and Bank' Reserve Management Strategies
    Ruth Judson and Elizabeth Klee
    Journal of Economics & Business (2011)
    https://doi.org/10.1016/j.jeconbus.2011.01.005
  • Whither the Liquidity Effect: The Impact of Federal Reserve Open Market Operations in Recent Years
    Ruth Judson and Elizabeth Klee
    Journal of Macroeconomics (2010)
    https://doi.org/10.1016/j.jmacro.2010.01.005
    See also » FRB Working Paper (2009)
  • Operational Outages and Aggregate Uncertainty in the Federal Funds Market
    Elizabeth Klee
    Journal of Banking & Finance (2010)
    https://doi.org/10.1016/j.jbankfin.2010.03.002
  • How People Pay: Evidence from Grocery Store Data
    Elizabeth Klee
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.01.009
  • Comparisons of the Incentive for Insolvency under Different Legal Regimes
    Elizabeth Klee and Lewis A. Kornhauser
    Journal of Legal Studies (2007)
  • Paper or Plastic? The Effect of Time on the Use of Check and Debit Cards at Grocery Stores
    Elizabeth Klee
    Finance and Economics Discussion Series (2006)
    https://doi.org/10.17016/FEDS.2006.02
  • Families' Use of Payment Instruments During a Decade of Change in the U.S. Payment System
    Elizabeth Klee
    Finance and Economics Discussion Series (2006)
    https://doi.org/10.17016/FEDS.2006.01
  • Profits and Balance Sheet Developments at U.S. Commercial Banks in 2005
    Elizabeth C. Klee and Gretchen C. Weinbach
    Federal Reserve Bulletin (2006)
    https://doi.org/10.17016/bulletin.2006.92-6
  • Profits and Balance Sheet Developments at U.S. Commercial Banks in 2004
    Elizabeth C. Klee and Fabio M. Natalucci
    Federal Reserve Bulletin (2005)
    https://doi.org/10.17016/bulletin.2005.91-2-1
  • Technology Adoption and Consumer Payments: Evidence from Survey Data
    Fumiko Hayashi and Elizabeth Klee
    Review of Network Economics (2003)
    https://doi.org/10.2202/1446-9022.1025
Awards
  • 2011

    Board of Governors of the Federal Reserve System

    Special Achievement Award

  • 1995

    New York University

    MacCracken Fellow

  • 1995

    Princeton University

    Cum Laude

Referee
  • International Journal of Central Banking
  • Journal of Banking and Finance
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Review of Economics and Statistics
  • American Economic Review
  • RAND Journal of Economics
Professional Affiliation
  • Board member, Committee on the Status of Women in the Economics Profession (CSWEP), American Economic Association, 2017-2019.
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Last Update: September 3, 2024