list of Working Papers

Education, Cognitive Performance, and Invest Fees

by John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, William L. Skimmyhorn and Stephen P. Zeldes

 

Should the government be paying investment fees on $3 trillion of tax-deferred retirement assets?

by Mattia Landoni and Stephen P. Zeldes, January 2020

 

The Market Value of Social Security

by John Geanakoplos and Stephen P. Zeldes, July 2011

 

Valuing and Hedging Defined Benefit Pension Obligations- The Role of Stocks Revisited

by Deborah Lucas and Stephen P. Zeldes, September 2006

 

How Do Household Portfolio Shares Vary with Age? 

by John Ameriks and Stephen P. Zeldes, September 2004

List of Publications

Cost Savings and the Freezing of Corporate Pension Plans  (Published version; Final working paper version 

by Joshua Rauh, Irina Stefanescu and Stephen P. Zeldes, Journal of Public Economics, Vol. 188, August 2020, pp. 1-18.

 

What Makes Annuitization More Appealing?

by John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and Stephen P. Zeldes, Journal of Public Economics, Vol. 116, August 2014, pp. 2-16.

 

Market Valuation of Accrued Social Security Benefits

by John Geanakoplos and Stephen P. Zeldes, Measuring and Managing Federal Financial Risk, 2010, ed. Deborah Lucas, 213-233. Chicago: University of Chicago Press.

 

How Should Public Pension Plans Invest?

by Deborah Lucas and Stephen P. Zeldes, American Economic Review: Papers & Proceedings, Vol. 99, Issue 2, 2009, pp. 527–532.

 

Reforming Social Security with Progressive Personal Accounts

by John Geanakoplos and Stephen P. Zeldes, Social Security Policy in a Changing Environment, 2009, ed. Jeffrey R. Brown, Jeffrey B. Liebman, and David A. Wise, 73-128. Chicago: University of Chicago Press.

 

Do the Rich Save More?

by Karen Dynan, Jonathan Skinner, and Stephen P. Zeldes, The Journal of Political Economy, Vol. 112, No. 2. (April 2004), pp. 397-444.

- Unpublished Data Appendix for "Do the Rich Save More"

 

The Importance of Bequest and Life-Cycle Saving in Capital Accumulation: A New Answer 

by Karen E. Dynan, Jonathan Skinner, and Stephen P. Zeldes, The American Economic Review , Vol. 92, No. 2, May, 2002, pp. 274-278.

 

Social Security Money's Worth

by John Geanakoplos, Olivia Mitchell, and Stephen P. Zeldes, Prospects for Social Security Reform,  Olivia S. Mitchell, Robert J. Meyers, and Howard Young, eds., Pension Research Council, University of Pennsylvania Press, 1999, pp. 79-151. 

- See also via Scholarly Commons (Pension Research Council).

- Winner, TIAA-CREF's 1999 Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.

 

Would a Privatized Social Security System Really Pay a Higher Rate of Return?

by John Geanakoplos, Olivia S. Mitchell, and Stephen P. Zeldes, Framing the Social Security Debate: Values, Politics, and Economics, R. Douglas Arnold, Michael J. Graetz, and Alicia H. Munnell, eds., National Academy of Social Insurance, Brookings Institution Press, 1998, pp. 137-157.
- NBER Reprint No. 2266, reprint of published version, with permission from Brookings Institution Press and NBER.

 

Social Security Privatization: A Structure for Analysis

by Olivia Mitchell and Stephen P. Zeldes, The American Economic Review, Vol. 86, No. 2, (May, 1996), pp. 363-367.

 

Precautionary Saving and Social Insurance

by R. Glenn Hubbard, Jonathan Skinner and Stephen P. Zeldes, The Journal of Political Economy, Vol. 103, No. 2. (Apr., 1995), pp. 360-399.

 

The Importance of Precautionary Motives for Explaining Individual and Aggregate Saving

by R. Glenn Hubbard, Jonathan Skinner, and Stephen P. Zeldes, Carnegie-Rochester Conference Series on Public Policy, Vol. 40 (1994): 59–12.

 

Expanding the Life-Cycle Model: Precautionary Saving and Public Policy

by R. Glenn Hubbard, Jonathan Skinner, and Stephen P. Zeldes, The American Economic Review, Vol. 84, No. 2, (May, 1994), pp. 174-179.

 

Dynamic Efficiency in the Gifts Economy

by Stephen O'Connell and Stephen P. Zeldes, Journal of Monetary Economics Vo. 31, No. 3 (1993): 363–80.

 

The Consumption of Stockholders and Nonstockholders

by N. Mankiw and Stephen P. Zeldes, Journal of Financial Economics Vol. 29, No. 1 (1991): 97–112.

 

Consumption and Liquidity Constraints: An Empirical Investigation

by Stephen P. Zeldes, The Journal of Political Economy, Vol. 97, No. 2. (Apr., 1989), pp. 305-346.

 

Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence

by Stephen P. Zeldes, Quarterly Journal of Economics, Vol. 104, No. 2. (May, 1989), pp. 275-298.

 

Production, Sales, and the Change in Inventories: An Identity That Doesn't Add Up

by Jeffrey Miron and Stephen P. Zeldes, Journal of Monetary Economics Vol. 24, No. 1 (July 1989): 31–51.

 

Seasonality, Cost Shocks, and the Production Smoothing Model of Inventories

by Jeffrey A. Miron and Stephen P. Zeldes, Econometrica, Vol. 56, No. 4. (Jul., 1988), pp. 877-908.

 

Rational Ponzi Games

by Stephen O'Connell and Stephen P. Zeldes, International Economic Review, Vol. 29, No. 3 (August 1988): 431–50.

 

Ricardian Consumers with Keynesian Propensities

by Robert B. Barsky, N. Gregory Mankiw, and Stephen P. Zeldes, The American Economic Review, Vol. 76, No. 4. (Sep., 1986), pp. 676-691.

 

Comments

Commentary on "Monetary Policy Transmission through the Consumption-Wealth Channel" by Sydney Ludvigson, Charles Steindel, and Martin Lettau

by Stephen P. Zeldes

- Economic Policy Review, Federal Reserve Bank of New York, May 2002

Other Articles

Ponzi Games

by Stephen O'Connell and Stephen P. Zeldes

- New Palgrave Dictionary of Money and Finance, 1992