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Martin Feldstein

Martin Feldstein Books

Former Chairman of Council of Economic Advisers

Martin Feldstein, born on November 25, 1939, is a renowned American economist who served as the Chairman of the Council of Economic Advisers under the U.S. President. He has made significant contributions to the fields of tax policy, social security, and international economics.

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Related Quotes

“The only way that we can reduce our financial dependence on the inflow of funds from the rest of the world is to reduce our trade deficit.”

World Way Trade Financial Finance Fund Dependence Deficit

Author:Martin Feldstein

“And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial markets.”

Feels Art Matter Problem Depends Judgment Investing Financial Financial Markets

Author:Martin Feldstein

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

Real Cycles Stable Modesty Modest Inflation Fluctuation

Author:Martin Feldstein

“Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.”

Home Improvement Consumers Cash Payment Mortgage Homeowners Home Improvement

Author: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.”

Growth Economic Theory Dollars Inflation Economic Growth Economic Theory

Author:Martin Feldstein

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

Values Trade Dollars Deficit

Author:Martin Feldstein

“The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.”

Long Home Running Strong News Dollars Transition Long Runs Good News Compatible

Author:Martin Feldstein

“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.”

Products Summer Oil Consumers Cents Gross Reducing Purchasing Purchasing Power Gross Domestic Product

Author: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.”

Grows Interest Trade Combination Deficit Shrinks Payment Foreigners Dividends

Author: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.”

Values Months Percent Trade Dollars Decline April Aggravation

Author:Martin Feldstein

“A second reason why science cannot replace judgement is the behavior of financial markets.”

Reason Behavior Financial Reason Why Judgement Financial Markets

Author: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.”

America Products Lows Increase Consumers Attractive Usa Latin Relative Asia Latin America

Author: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, invest, innovate, and work.”

Government Running Growth Levels Higher Demand Taxes Investment Crowds Spending Temporary Incentives Reducing Stimulus Higher Level Output Government Spending

Author:Martin Feldstein

“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.”

World Real Trade Sells Finance Assets Estates Deficit

Author: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.”

Thinking Want Sound Policy Planes Judgement Pilots Corny Monetary Monetary Policy Sound Judgement

Author:Martin Feldstein

“Domestic inflation reflects domestic monetary policy.”

Policy Inflation Monetary Monetary Policy Domestic Policy

Author:Martin Feldstein

“First, I think the science of monetary economics has clearly gotten better.”

Thinking Firsts Economic Economics Monetary

Author:Martin Feldstein

“But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries.”

Country States Moving United United States Effects Accounts Dollars Currents Finance Decline Currency Other Countries Deficit Borrowing Adverse Adverse Effects

Author: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.”

Ifs Giving Ability Dollars Goods Volume Euro

Author:Martin Feldstein

“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.”

Needs Years May Reason Economy Increase Dollars Currents Primaries Pace Expansion

Author: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.”

Ifs Years May Mean Doe Happens Source Months Demand Increase Dollars Response Decline Delay Imports

Author: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.”

Stills Given Trade Dollars Rate Uncertainty Volume Sensitivity Economist Deficit Reduction Imports

Author: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.”

Years Kind Today Pay Cost Years Ago Argument Thirty Minors Economist Inflation Reducing Thirty Years Inconvenience

Author: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.”

Pay Gains Permanent Temporary Relative Inflation

Author:Martin Feldstein

About the Author

Born: November 25, 1939
Known for: Former Chairman of Council of Economic Advisers
Quotes: 24

Related Topics

Dollars Deficit Trade Inflation Consumers Decline Finance Financial Increase Monetary

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