We roughly estimate that accounting for the value of options granted would have reduced reported income for S&P 1,500 firms nearly 10% in 1998. The same adjustment would have reduced the growth rate of reported income for S&P 1,500 firms almost 3  BIS Review 15/2000  2½ percentage points per year, on average, during the 1996-98 period.
A. Garcia and D. Rodriguez-Palenzuela (2003): "Relevant economic issues concerning the optimal rate of inflation". In O. Issing (ed.) Background Studies for the ECB's Evaluation of its Monetary Policy Strategy, European Central Bank, Frankfurt am Main, 2003. BIS Review 6/2008  5