TAILIEUCHUNG - PERMANENT SUBCOMMITTEE ON INVESTIGATIONS OF THE COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS UNITED STATES SENATE ONE HUNDRED TENTH CONGRESS

We show that the main testable implication of the buffer stock model is that the covariance between the wealth gap (the difference between actual and target wealth) and consumption is (strongly) positive. Although we focus on Carroll’s version of the buffer stock model, the test applies equally well to Deaton’s case. In Carroll, buffer stock behavior emerges from the tension between impatience, prudence, and the chance of zero earnings. Impatient individuals would like to anticipate consumption, but the chance of zero future earnings generates a demand for wealth. In Deaton, the tension is between impatience, prudence, and liquidity constraints, but the insights are similar, and buffer stock behavior. | AUTHENTICATED . GOVERNMENT INFORMATION GPỌ S. Hrg. 110-141 EXECUTIVE STOCK OPTIONS SHOULD THE INTERNAL REVENUESERVICE AND STOCKHOLDERS BE GIVEN DIFFERENT INFORMATION HEARING BEFORE THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS OF THE COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS UNITED STATES SENATE ONE HUNDRED TENTH CONGRESS FIRST SESSION JUNE 5 2007 Available via http congress senate Printed for the use of the Committee on Homeland Security and Governmental Affairs . GOVERNMENT PRINTING OFFICE 36-611PDF WASHINGTON 2007 For sale by the Superintendent of Documents . Government Printing Office Internet Phone toll free 866 512-1800 DC area 202 512-1800 Fax 202 512-2250 Mail Stop SSOP Washington DC 20402-0001 COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS JOSEPH I. LIEBERMAN Connecticut Chairman SUSAN M. COLLINS Maine TED STEVENS Alaska GEORGE V. VOINOVICH Ohio NORM COLEMAN Minnesota TOM COBURN Oklahoma PETE V. DOMENICI New Mexico JOHN W. WARNER Virginia JOHN New Hampshire CARL LEVIN Michigan DANIEL K. AkAKA Hawaii THOMAS R. CARPER Delaware mark PRYOR Arkansas MARY L. LANDRIEU Louisiana BARACK OBAMA Illinois CLAIRE MCCAsKiLL Missouri JON TESTER Montana Michael L. Alexander Staff Director Brandon L. Milhorn Minority Staff Director and Chief Counsel Trina Driessnack Tyrer Chief Clerk PERMANENT SUBCOMMITTEE ON INVESTIGATIONS CARL LEVIN Michigan THOMAS R. CARPER Delaware mark L. PRYOR Arkansas BARACK OBAMA Illinois CLAIRE McCASkIlL Missouri JON TESTER Montana NORM COLEMAN Minnesota TOM COBURN Oklahoma PETE V. DOMENICI New Mexico JOHN W. WARNER Virginia JOHN E. SUNUNU New Hampshire ELISE J. BEAN Staff Director and Chief Counsel John C. McDougal IRS Detailee MARK L. GREENBLATT Staff Director and Chief Counsel to the Minority MARK D. NELSON Deputy Chief Counsel to the Minority Guy Ficco IRS Detailee Ruth Perez IRS Detailee Mary D. Robertson Chief Clerk II C O N T E N T S Opening statements .

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