Quotes by Martin Feldstein

About Martin Feldstein:

Martin Stuart is an American economist. He is currently the George F. Baker Professor of Economics at Harvard University, and the president emeritus of the National Bureau of Economic Research (NBER). He served as President and Chief Executive Officer of the NBER from 1978 through 2008. From 1982 to 1984, Feldstein served as chairman of the Council of Economic Advisers and as chief economic advisor to President Ronald Reagan (where his deficit hawk views clashed with Reagan administration economic policies). He has also been a member of the Washington-based financial advisory body the Group of Thirty since 2003.
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And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets.

Martin Feldstein

My theme this evening is that America needs a competitive dollar.

Martin Feldstein

Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.

Martin Feldstein

But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.

Martin Feldstein

The more competitive value of the dollar turned around the trade deficit.

Martin Feldstein

Domestic inflation reflects domestic monetary policy.

Martin Feldstein

After all, an overvalued dollar gives us the ability to buy foreign goods at lower prices. And the existing volume of exports brings more yen and euros than they would if the dollar were more competitive.

Martin Feldstein

An increase in the relative price of products from the low wage manufacturers in Asia and Latin America will also make those products less attractive to American consumers.

Martin Feldstein

Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean that the increase in aggregate demand from this source may not happen for a year or more.

Martin Feldstein

I think that over the last few decades, we have seen better economic outcomes than in the past.

Martin Feldstein

Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.

Martin Feldstein

We are particularly poor at the open economy issues.

Martin Feldstein

We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inflation.

Martin Feldstein

So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.

Martin Feldstein

Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.

Martin Feldstein

In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.

Martin Feldstein

A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.

Martin Feldstein

Inflation is lower and more stable and the real business cycle fluctuations are more modest.

Martin Feldstein

Increased government spending can provide a temporary stimulus to demand and output but in the longer run higher levels of government spending crowd out private investment or require higher taxes that weaken growth by reducing incentives to save, inv...

Martin Feldstein

If the Federal Reserve pursues a strong dollar at home while the dollar becomes more competitive in global markets, we can achieve both price stability and a more balanced path of economic growth.

Martin Feldstein

Author Bio

  • NameMartin Feldstein
  • DescriptionAmerican economist
  • BornNovember 25, 1939
  • CountryUnited States Of America
  • ProfessionEconomist
  • AwardsAdam Smith Award