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Photo of Tess C. Scharlemann

Tess C. Scharlemann

Principal Economist Real Estate Finance Section Research and Statistics
[email protected]

Education

  • Ph.D., Economics, U.C. San Diego, 2015
  • A.B., Economics, Princeton University, 2003
Current Research Topics
  • Mortgage performance, access to credit, household
  • financial decision-making
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2022 - present
  • Economist

    Board of Governors of the Federal Reserve System

    2018 - 2022
  • Acting Associate Director, Financial Institutions and Risk Management

    Office of Financial Research, U.S. Treasury Department

    2017 - 2018
  • Senior Researcher

    Office of Financial Research, U.S. Treasury Department

    2014 - 2017
  • Economist

    Office of Economic Policy, U.S. Treasury Department

    2009 - 2014
  • Senior Advisor to the Assistant Secretary of Economic Policy

    Office of Economic Policy, U.S. Treasury Department

    2008 - 2009
  • Locked In: Rate Hikes, Housing Markets, and Mobility
    Aditya Aladangady, Jacob Krimmel, and Tess Scharlemann
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.088
  • More Tax, Less Refi? The Mortgage Interest Deduction and Monetary Policy Pass-Through
    Tess Scharlemann and Eileen van Straelen
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.082
  • Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey
    Alejandro del Valle, Therese Scharlemann, and Stephen Shore
    Journal of Financial and Quantitative Analysis (2024)
    https://doi.org/10.1017/S0022109023000728
    See also » FRB Working Paper (2022)
  • Intermediation frictions in debt relief: Evidence from CARES Act forbearance
    You Suk Kim, Donghoon Lee, Tess Scharlemann, and James Vickery
    Journal of Financial Economics (2024)
    https://doi.org/10.1016/j.jfineco.2024.103873
    See also » FRB Working Paper (2022)
  • Borrowing and Spending in the Money: Debt Substitution and the Cash-out Refinance Channel of Monetary Policy
    Elliot Anenberg, Tess Scharlemann, and Eileen van Straelen
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.073
  • The effect of changing mortgage payments on default and prepayment: Evidence from HAMP resets
    Therese C. Scharlemann and Stephen H. Shore
    Real Estate Economics (2022)
    https://doi.org/10.1111/1540-6229.12377
  • The Effect of Mortgage Forbearance on House Prices During COVID-19
    Elliot Anenberg and Tess Scharlemann
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2872
  • The Effect of Negative Equity on Mortgage Default: Evidence from HAMP's Principal Reduction Alternative
    Therese C. Scharlemann and Stephen H. Shore
    Review of Financial Studies (2016)
    https://doi.org/10.1093/rfs/hhw034
  • The HAMP NPV Model: Development and Early Performance
    Steve Holden, Austin Kelly, Douglas McManus, Therese Scharlemann, Ryan Singer, and John D. Worth
    Real Estate Economics (2012)
    https://doi.org/10.1111/j.1540-6229.2012.00351.x
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Last Update: December 9, 2024