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Spencer Krane is a senior vice president and senior research advisor in the economic research department at the Federal Reserve Bank of Chicago. In this capacity, Krane manages the forecasts and briefings that the staff prepares for Chicago Fed President Charles Evans in advance of each meeting of the Federal Open Market Committee, coordinates other policy analyses for President Evans and conducts research in domestic macroeconomics.

Before joining the Chicago Fed in 2001, Krane was on the staff of the Board of Governors of the Federal Reserve System in Washington, DC. Krane's responsibilities included managing part of the team that prepares the Board staff's forecasts of the U.S. economy and conducting research and current analysis in domestic nonfinancial macroeconomics. During his career at the Board of Governors, Krane took one-year leaves of absence to serve as a senior economist on the staff of the President's Council of Economic Advisers (1991–92) and to lecture at the Haas School of Business at the University of California at Berkeley (1988–89).

Krane's research has been published in the American Economic Journal – Macroeconomics, the Brookings Papers on Economic Activity, the Journal of Econometrics, the International Economic Review, the Journal of Political Economy, the Journal of Monetary Economics and the Review of Economics and Statistics.

Krane received a B.A. in mathematics and economics from Kalamazoo College and a Ph.D. in economics from the University of California at Berkeley.