How Much Does Risk Tolerance Change?

Claudia R. Sahm

Data Table for Figure 1
Year	Month	Total annual return from S&P 500 Total Return Index	Index of Consumer Sentiment
1992	1	0.237	67.5
1992	2	0.178	68.8
1992	3	0.120	76.0
1992	4	0.073	77.2
1992	5	0.100	79.2
1992	6	0.064	80.4
1992	7	0.096	76.6
1992	8	0.089	76.1
1992	9	0.046	75.6
1992	10	0.075	73.3
1992	11	0.063	85.3
1992	12	0.139	91.0
1993	1	0.044	89.3
1993	2	0.069	86.6
1993	3	0.069	85.9
1993	4	0.112	85.6
1993	5	0.057	80.3
1993	6	0.078	81.5
1993	7	0.098	77.0
1993	8	0.056	77.3
1993	9	0.114	77.9
1993	10	0.095	82.7
1993	11	0.112	81.2
1993	12	0.069	88.2
1994	1	0.068	94.3
1994	2	0.097	93.2
1994	3	0.055	91.5
1994	4	-0.012	92.6
1994	5	0.028	92.8
1994	6	0.019	91.2
1994	7	-0.011	89.0
1994	8	0.024	91.7
1994	9	0.025	91.5
1994	10	0.007	92.7
1994	11	0.012	91.6
1994	12	-0.015	95.1
1995	1	-0.013	97.6
1995	2	-0.023	95.1
1995	3	0.043	90.3
1995	4	0.117	92.5
1995	5	0.130	89.8
1995	6	0.153	92.7
1995	7	0.202	94.4
1995	8	0.204	96.2
1995	9	0.168	88.9
1995	10	0.235	90.2
1995	11	0.208	88.2
1995	12	0.289	91.0
1996	1	0.294	89.3
1996	2	0.299	88.5
1996	3	0.271	93.7
1996	4	0.250	92.7
1996	5	0.236	89.4
1996	6	0.222	92.4
1996	7	0.203	94.7
1996	8	0.125	95.3
1996	9	0.144	94.7
1996	10	0.155	96.5
1996	11	0.186	99.2
1996	12	0.214	96.9
1997	1	0.173	97.4
1997	2	0.204	99.7
1997	3	0.203	100.0
1997	4	0.154	101.4
1997	5	0.200	103.2
1997	6	0.236	104.5
1997	7	0.276	107.1
1997	8	0.398	104.4
1997	9	0.318	106.0
1997	10	0.318	105.6
1997	11	0.258	107.2
1997	12	0.232	102.1
1998	1	0.271	106.6
1998	2	0.222	110.4
1998	3	0.286	106.5
1998	4	0.378	108.7
1998	5	0.330	106.5
1998	6	0.251	105.6
1998	7	0.248	105.2
1998	8	0.159	104.4
1998	9	0.062	100.9
1998	10	0.072	97.4
1998	11	0.184	102.7
1998	12	0.198	100.5
1999	1	0.235	103.9
1999	2	0.265	108.1
1999	3	0.164	105.7
1999	4	0.152	104.6
1999	5	0.175	106.8
1999	6	0.170	107.3
1999	7	0.186	106.0
1999	8	0.163	104.5
1999	9	0.313	107.2
1999	10	0.219	103.2
1999	11	0.203	107.2
1999	12	0.164	105.4
2000	1	0.165	112.0
2000	2	0.071	111.3
2000	3	0.079	107.1
2000	4	0.128	109.2
2000	5	0.067	110.7
2000	6	0.069	106.4
2000	7	0.033	108.3
2000	8	0.051	107.3
2000	9	0.118	106.8
2000	10	0.091	105.8
2000	11	0.025	107.6
2000	12	-0.077	98.4
2001	1	-0.129	94.7
2001	2	-0.046	90.6
2001	3	-0.120	91.5
2001	4	-0.274	88.4
2001	5	-0.172	92.0
2001	6	-0.147	92.6
2001	7	-0.193	92.4
2001	8	-0.182	91.5
2001	9	-0.307	81.8
2001	10	-0.335	82.7
2001	11	-0.307	83.9
2001	12	-0.149	88.8
2002	1	-0.142	93.0
2002	2	-0.188	90.7
2002	3	-0.111	95.7
2002	4	-0.012	93.0
2002	5	-0.151	96.9
2002	6	-0.161	92.4
2002	7	-0.208	88.1
2002	8	-0.284	87.6
2002	9	-0.215	86.1
2002	10	-0.244	80.6
2002	11	-0.184	84.2
2002	12	-0.202	86.7
2003	1	-0.274	82.4
2003	2	-0.287	79.9
2003	3	-0.287	77.6
2003	4	-0.315	86.0
2003	5	-0.165	92.1
2003	6	-0.105	89.7
2003	7	-0.018	90.9
2003	8	0.080	89.3
2003	9	0.093	87.7
2003	10	0.195	89.6
2003	11	0.169	93.7
2003	12	0.123	92.6

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