Paul Calem is a senior vice president for research at the Bank Policy Institute. At BPI, Dr. Calem focuses on current policy and regulatory issues related to consumer credit, while also engaging in longer-term research on consumer and mortgage credit. He joined BPI from the Federal Reserve Bank of Philadelphia, where he was a Vice President in the Supervision, Regulation and Credit Department. While at the Philadelphia Fed, he managed a unit that provided policy analysis and research on retail credit risk issues, along with the provision of quantitative support for bank examinations. The unit he managed also developed the original, CCAR/DFAST stress test models for core retail portfolios.

He has also served as a senior economist at the Federal Reserve Board, a Director at Freddie Mac, and Vice President for Product Research at the mortgage data and analytics company Loan Performance. Dr. Calem has published extensively in peer-reviewed economics journals on household finance and on banking regulation. He holds a Ph.D. and a master’s degree in economics from Brown University and a bachelor’s in mathematics from Duke University.