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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

 

Experience

Martin Feldstein is the George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research. He served as President and CEO of the NBER from 1977-82 and 1984-2008. He continues as a Research Associate of the NBER. The NBER is a private, nonprofit research organization that has specialized for more than 80 years in producing nonpartisan studies of the American economy. From 1982 through 1984, Martin Feldstein was Chairman of the Council of Economic Advisers and President Reagan's chief economic adviser. He served as President of the American Economic Association in 2004. In 2006, President Bush appointed him to be a member of the President's Foreign Intelligence Advisory Board. In 2009, President Obama appointed him to be a member of the President's Economic Recovery Advisory Board. Dr. Feldstein is a member of the American Philosophical Society, a Corresponding Fellow of the British Academy, a Fellow of the Econometric Society and a Fellow of the National Association of Business Economics. He is a Trustee of the Council on Foreign Relations and a member of the Trilateral Commission, the Group of 30, the American Academy of Arts and Sciences, and the Council of Academic Advisors of the American Enterprise Institute. Dr. Feldstein has received honorary doctorates from several universities and is an Honorary Fellow of Nuffield College, Oxford. In 1977, he received the John Bates Clark Medal of the American Economic Association, a prize awarded every two years to the economist under the age of 40 who is judged to have made the greatest contribution to economic science. He is the author of more than 300 research articles in economics. Dr. Feldstein has been a director of several public corporations. He is also an economic adviser to several businesses and government organizations in the United States and abroad. He is a regular contributor to the Wall Street Journal and other publications.

Martin Feldstein is a graduate of Harvard College and Oxford University. He was born in New York City in 1939. His wife, Kathleen, is also an economist. The Feldsteins have two married daughters.

 

 

By Date

 

2015

March 27, 2015

"A Window on China's New Normal"

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

CAMBRIDGE – Every year at this time, China’s government organizes a major conference – sponsored by the Development Research Center, the official think tank of the State Council – that brings together senior Chinese officials, CEOs from major Chinese and Western firms, and a small group of international officials and academics. The China Development Forum (CDF) occurs just after the annual National People’s Congress.

 

 

April 28, 2015

"America's Risky Recovery"

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

CAMBRIDGE – The United States’ economy is approaching full employment and may already be there. But America’s favorable employment trend is accompanied by a substantial increase in financial-sector risks, owing to the excessively easy monetary policy that was used to achieve the current economic recovery.

 

 

March 31, 2015

"The Fed Needs to Step Up Its Pace of Rate Increases"

Op-Ed, Wall Street Journal

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

The Federal Reserve now faces the tough task of unwinding the easy-money policy that has helped bring about the current solid economic upturn. But its projected path for increasing the short-term federal-funds rate over the next few years is dangerously slow. Most members of the Federal Open Market Committee want the real interest rate to be negative at the end of 2015 and approximately zero at the end of 2016. Only in 2017 would the real fed-funds rate even exceed 1%.

 

 

February 28, 2015

The Deflation Bogeyman

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

CAMBRIDGE – The world's major central banks are currently obsessed with the goal of raising their national inflation rates to their common target of about 2% per year. This is true for the United States, where the annual inflation rate was -0.1% over the past 12 months; for the United Kingdom, where the most recent data show 0.3% price growth; and for the eurozone, where consumer prices fell 0.6%. But is this a real problem?

 

2014

(AP Photo/Evan Vucci)

December 29, 2014

"Obama's Passage to India"

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

CAMBRIDGE – Indian Prime Minister Narendra Modi’s vigorous foreign policy in the seven months since he took office has surprised observers. After inviting the leaders of Pakistan and other neighboring countries to his inauguration, he embarked on trips to China, Australia, and the United States. More recently, he welcomed Russian President Vladimir Putin to New Delhi and signed a large number of trade deals and orders to import Russian nuclear reactors. India, Modi is telling his fellow citizens, is strong and well regarded around the world.

 

 

(AP Photo/Hasan Jamali)

November 26, 2014

"The Geopolitical Impact of Cheap Oil"

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

The price of oil has fallen more than 25% in the past five months, to less than $80 a barrel. If the price remains at this level, it will have important implications – some good, some bad – for many countries around the world. If it falls further, as seems likely, the geopolitical consequences on some oil-producing countries could be dramatic.

 

 

AP Photo/Dario Lopez-Mills

October 28, 2014

"Mexico's Powerful Energy Reforms"

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

MEXICO CITY – Mexico is poised to become Latin America’s economic star in the coming decade. The government’s recent reform of the energy sector will contribute directly to economic performance by reducing the cost of manufacturing. In the context of the North American Free Trade Agreement (NAFTA), the resulting increase in manufacturing competitiveness promises to boost Mexico’s growth substantially.

 

 

September 30, 2014

"America can only beat Isis by spending more on defence"

Op-Ed, Financial Times

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

President Barack Obama has responded to the horrible actions by the forces of the Islamic State in Iraq and the Levant (Isis) and to the sharp turn in American public opinion by promising to degrade and eventually destroy this powerful terrorist group. But, not surprisingly, Mr Obama promises to achieve this without putting any American combat troops on the ground in Iraq or Syria and without any significant increase in military spending. What is happening in this battle reflects a more broadly misguided and underfunded US defence policy.

 

 

August 11, 2014

"The Fed's Systemic-Risk Balancing Act"

Op-Ed, Wall Street Journal

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University and Robert Rubin

The Federal Reserve Board of Governors recently warned of the possibility of excesses in asset markets but concluded that, at least for now, if there is a need to act it will not be done by raising interest rates but by relying on "macroprudential" policy tools to reduce systemic risk.

 

 

June 28, 2014

New Hope for India

Op-Ed, Project Syndicate

By Martin Feldstein, George F. Baker Professor of Economics at Harvard University

India’s recent general election could be the most important positive economic event of 2014. Indian voters decisively rejected the Congress party, which had governed India virtually without interruption since it gained independence from Britain in 1947. They are likely to be happy they did.

 

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