TAILIEUCHUNG - The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence

The advantage of the Hall-Liebman data set for our purposes is that, since we are concerned with the connection between executive risk taking and risk-taking incentives, it is necessary for us to have a very good estimate of the precise portfolio of executive stock option holdings, including details about the number, exercise price and maturities of all options held. This precludes the use of the widely used Standard & Poor’s ExecuComp data set, which has none of these details and does not include option holdings when the options are underwater, making it impossible to get a true sense of the options holdings of many. | The Buffer-Stock Theory of Saving Some Macroeconomic Evidence Christopher D. Carroll Robert E. Hall Stephen p. Zeldes STOR Brookings Papers on Economic Activity Volume 1992 Issue 2 1992 61-156. Stable URL http sici sici 0007-2303 281992 291992 3A2 3C61 3ATBTOSS 3B2-N Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http about . JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content in the JSTOR archive only for your personal non-commercial use. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. Brookings Papers on Economic Activity is published by The Brookings Institution. Please contact the publisher for further permissions regarding the use of this work. Publisher contact information may be obtained at http joumals . Brookings Papers on Economic Activity 1992 The Brookings Institution JSTOR and the JSTOR logo are trademarks of JSTOR and are Registered in the . Patent and Trademark Office. For more information on JSTOR contactjstor-info@. 2003 JSTOR http Wed Jul 23 17 28 35 2003 CHRISTOPHER D. CARROLL Board of Governors of the Federal Reserve System The Buffer-Stock Theory of Saving Some Macroeconomic Evidence As I WRITE the . economy remains mired in the slowest recovery from any recession in the postwar period. Consumer confidence and consumption spending in particular have been exceptionally weak and the unemployment rate has continued to rise long after many other indicators began to improve. This paper presents evidence that these facts are related in the sense that consumer pessimism about unemployment explains a substantial part of the recent .

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