Stephen P. Zeldes

Benjamin Rosen Professor of Finance and Economics

Finance and Economics

Academic Director

Columbia CaseWorks

BS, Brown, 1978; PhD, Massachusetts Institute of Technology, 1984

Joined CBS in 1996

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Stephen Zeldes

Office
825 Uris

Phone
212-854-2492

E-mail
spz1@columbia.edu

Fax
212-208-4699

Teaching and research interest

Professor Zeldes has taught the core and flex-core "Global Economic Environment" courses, an interdisciplinary course titled "The Psychology and Economics of Consumer Finance",an elective course called "The Future of Retirement Wealth," and a master class on "Macro Investing." His research has examined a wide range of applied issues in macroeconomics and finance, including Social Security reform, the determinants of household saving, participant behavior in and plan design of defined contribution pension plans, measurement of defined-benefit pension liabilities, the effects of government budget deficits, and the relationship between consumer spending and the stock market. His research has been published in leading academic journals.

Honors and awards

  • Paul A. Samuelson Award
    Winner, TIAA-CREF's 1999 Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, with John Geanakoplos and Olivia Mitchell, for "Social Security Money's Worth"
  • Chazen International Innovation Prize, Columbia Business School
    Awarded May 1997, for innovation in delivering international business knowledge in the classroom.
  • Dean's Award for Teaching Excellence in a Core Course, Columbia Business School
    Dean's Award for Teaching Excellence in a Core Course, Columbia Business School, 2012.

Memberships and Affiliations

  • National Bureau of Economic Research
    Research Associate
  • Congressional Budget Office
    member of the Panel of Economic Advisers
  • Pension Research Council
    member of the Advisory Board

Chapters

Market Valuation of Accrued Social Security Benefits In Measuring and Managing Federal Financial Risk (2010)
Author(s): John Geanakoplos, Stephen Zeldes

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Reforming Social Security with Progressive Personal Accounts In Social Security Policy in a Changing Environment (2009)
Author(s): John Geanakoplos, Stephen Zeldes

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Social Security Money's Worth In Prospects for Social Security Reform (1999)
Author(s): John Geanakoplos, Olivia Mitchell, Stephen Zeldes

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Would a Privatized Social Security System Really Pay a Higher Rate of Return? In Framing the Social Security Debate: Values, Politics, and Economics (1998)
Author(s): John Geanakoplos, Olivia Mitchell, Stephen Zeldes

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Ponzi Games In New Palgrave Dictionary of Money and Finance (1992)
Author(s): Stephen O'Connell, Stephen Zeldes

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Journal articles

How Should Public Pension Plans Invest? In American Economic Review: Papers & Proceedings (2009)
Author(s): Deborah Lucas, Stephen Zeldes

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Do the Rich Save More? In Journal of Political Economy (2004)
Author(s): Stephen Zeldes, Karen Dynan, Jonathan Skinner

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Commentary In Economic Policy Review (2002)
Author(s): Stephen Zeldes

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The Importance of Bequest and Life-Cycle Saving in Capital Accumulation: A New Answer In American Economic Review (2002)
Author(s): Karen Dynan, Jonathan Skinner, Stephen Zeldes

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Social Security Privatization: A Structure for Analysis In American Economic Review (1996)
Author(s): Olivia Mitchell, Stephen Zeldes

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Precautionary Saving and Social Insurance In Journal of Political Economy (1995)
Author(s): R. Glenn Hubbard, Jonathan Skinner, Stephen Zeldes

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The Importance of Precautionary Motives for Explaining Individual and Aggregate Saving In Carnegie-Rochester Conference Series on Public Policy (1994)
Author(s): R. Glenn Hubbard, Jonathan Skinner, Stephen Zeldes

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Expanding the Life-Cycle Model: Precautionary Saving and Public Policy In American Economic Review (1994)
Author(s): R. Glenn Hubbard, Jonathan Skinner, Stephen Zeldes

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Dynamic Efficiency in the Gifts Economy In Journal of Monetary Economics (1993)
Author(s): Stephen O'Connell, Stephen Zeldes

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The Consumption of Stockholders and Nonstockholders In Journal of Financial Economics (1991)
Author(s): N. Mankiw, Stephen Zeldes

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Production, Sales, and the Change in Inventories: An Identity That Doesn't Add Up In Journal of Monetary Economics (1989)
Author(s): Jeffrey Miron, Stephen Zeldes

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Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence In Quarterly Journal of Economics (1989)
Author(s): Stephen Zeldes

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Consumption and Liquidity Constraints: An Empirical Investigation In Journal of Political Economy (1989)
Author(s): Stephen Zeldes

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Rational Ponzi Games In International Economic Review (1988)
Author(s): Stephen O'Connell, Stephen Zeldes

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Seasonality, Cost Shocks, and the Production Smoothing Model of Inventories In Econometrica (1988)
Author(s): Jeffrey Miron, Stephen Zeldes

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Ricardian Consumers with Keynesian Propensities In American Economic Review (1986)
Author(s): Robert Barsky, N. Mankiw, Stephen Zeldes

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CaseWorks

Note on the Prepaid Card Industry: Spring 2013
Author(s): R.A. Farrokhnia, Stephen P. Zeldes

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Western Union: Reinventing Financial Services: Spring 2013
Author(s): R. A. Farrokhnia, Stephen P. Zeldes

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Keep the Change: Bank of America’s Savings Program : Winter 2012
Author(s): Eric J. Johnson, Stephen P. Zeldes

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Betterment: Spring 2012
Author(s): Eric J. Johnson, Stephen P. Zeldes

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Spend! Save! Consumer Life-Cycle Planning: Fall 2009
Author(s): Nicholas S. Souleles, Stephen P. Zeldes

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Should the U.S. Privatize Social Security?: Fall 2009
Author(s): Stephen P. Zeldes

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Reducing Inflation in Argentina: Mission Impossible?: Spring 2009
Author(s): Fernando Alvarez, Stephen P. Zeldes

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The Big News: Spring 2008
Author(s): Anil Kashyap, Stephen P. Zeldes

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Books

Innovations in Retirement Financing (2002)
Author(s): Olivia Mitchell, Zvi Bodie, P. Hammond, Stephen Zeldes

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Working Papers

Cost Savings and the Freezing of Corporate Pension Plans Working Paper 2013-82 in Finance and Economics Discussion Series. Board of Governors of the Federal Reserve System (2014)
Author(s): Stephen Zeldes, Joshua Rauh, Irina Stefanescu

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The Market Value of Social Security Working paper (2011)
Author(s): John Geanakoplos, Stephen Zeldes

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Valuing and Hedging Defined Benefit Pension Obligations: The Role of Stocks Revisited Working paper (2006)
Author(s): Deborah Lucas, Stephen Zeldes

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How Do Household Portfolio Shares Vary with Age? Working paper (2004)
Author(s): John Ameriks, Stephen Zeldes

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Forthcoming Articles

What Makes Annuitization More Appealing? In Journal of Public Economics (2013)
Author(s): James Choi, David Laibson, Brigitte Madrian, John Beshears, Stephen Zeldes

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