Martin Feldstein Quotes

United States, Economist
November 25, 1939 – June, 11, 2019.

Martin Stuart "Marty" Feldstein 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 (with the exception of 1982-1984). 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 large military expenditure policies). He has also been a member of the Washington-based financial advisory body the Group of Thirty since 2003.

To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world.

Martin Feldstein
- World
- Real
- American
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
- May

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

Martin Feldstein
- Real
- Business
The price of imported oil in the US doubled between summer 2003 and summer 2005, reducing consumers' purchasing power by more than 1 per cent of gross domestic product.

Martin Feldstein
- Power
- Summer
But the primary reason for wanting the dollar to become more competitive in the near future is that we may need an increase in exports this year and in 2007 to sustain the economy's current pace of expansion.

Martin Feldstein
- May
- Future
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
- American
- America
- Latin
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
- Experience
- Growth

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