Martin Feldstein
George F. Baker Professor of Economics at Harvard University
Member of the Board, Belfer Center for Science and International Affairs
Contact:
Telephone: 617-868-3900
Email: mfeldstein@harvard.edu
Website: http://www.nber.org/feldstein
May 9, 2013
"The Federal Reserve's Policy Dead End"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The Federal Reserve recently announced that it will increase or decrease the size of its monthly bond-buying program in response to changing economic conditions. This amounts to a policy of fine-tuning its quantitative-easing program, a puzzling strategy since the evidence suggests that the program has done little to raise economic growth while saddling the Fed with an enormous balance sheet."
AP Images
March 13, 2013
It’s Time to Cap Tax Deductions
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
Raising revenue without increasing tax rates requires eliminating or reducing the subsidies in the U.S. tax code. Such subsidies, for things as varied as hybrid cars and increased health insurance, are really the government spending through the tax code. That is why they are officially referred to as “tax expenditures.”
February 20, 2013
"A Simple Route to Major Deficit Reduction"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
AP Images
January 17, 2013
"The Wrong Growth Strategy for Japan"
Op-Ed, Project Syndicate
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
Japan’s new government, led by Prime Minister Shinzo Abe, could be about to shoot itself in the foot. Seeking to boost economic growth, the authorities may soon destroy their one great advantage: the low rate of interest on government debt and private borrowing. If that happens, Japanese conditions will most likely be worse at the end of Abe’s term than they are today.
January 2, 2013
"The Fed's Dangerous Direction"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
The Federal Reserve is heading in the wrong direction. What the central bank describes as "unconventional monetary policy" is creating dangerous bubbles in asset markets that will lead to higher future inflation and is supporting the explosive growth of the national debt. Its new "communications strategy" will, moreover, only further confuse markets.
December 11, 2012
"The Tax Hike Canard"
Op-Ed, Foreign Affairs
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The wrong way to get that extra revenue is to go over the fiscal cliff, which would cause tax rates on personal earnings, dividends, capital gains, and corporations to rise," writes Martin Feldstein. "When combined with the mandatory spending sequester scheduled to be implemented in 2013, demand next year could fall by a total of $600 billion -- about four percent of GDP -- and by larger sums after that. The Congressional Budget Office rightly predicts that would push the economy into a new recession."
September 28, 2012
"Fed joins ECB in a high-risk move"
Op-Ed, Financial Times
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
The Federal Reserve has now embarked on a very dangerous strategy, buying $40bn of mortgage-backed securities each month for an indefinite number of years. That could lead to high inflation, to destabilising asset bubbles and to legislative changes that limit the Fed’s future powers.
August 29, 2012
"Romney's Tax Plan Can Raise Revenue"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
Martin Feldstein, a former economics adviser to President Reagan and member of the Belfer Center's Board of Directors argues in a new Wall Street Journal op-ed that while "Mitt Romney’s plan to cut taxes and offset the resulting revenue loss by limiting tax breaks has been attacked as 'mathematically impossible'....careful analysis shows this is not the case"
August 3, 2012
"China's Biggest Problems Are Political, Not Economic"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
Although China has successfully confronted its recent short-term economic problems, large challenges remain. Some are economic. But the bigger challenges are political, both internally and with the rest of the world.
AP Photo
July 29, 2012
"Dos and Don’ts for the European Central Bank"
Op-Ed, Project Syndicate
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
Recent statements by European Central Bank President Mario Draghi and Bank Governor Ewald Nowotny have reopened the debate about the desirable limits to ECB policy. The issue is not just the ECB’s legal authority under the Maastricht Treaty, but, more importantly, the appropriateness of alternative measures.
