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
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March 30, 2010
"The Euro Has Reason to Strengthen"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"An American traveler in Paris or Berlin is continually struck by how high prices are relative to those in the United States. A hotel room, a simple lunch, or a man's shirt all cost more at today's exchange rate than they would in New York or Chicago. To bring the cost of those goods and services down to the level in the U.S. would require the euro to fall relative to the dollar by about 15 percent, to around $1.10," says Martin Feldstein.
February 19, 2010
"How Obama Should Shrink His Deficit"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Mr. Obama complains about the problems he "inherited." But the key to shrinking the nearer term deficits is to avoid his costly new initiatives. The most expensive of these is the tax cuts and income transfers to low- and middle-income households that would cost some $3.1 trillion over the next decade."
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February 17, 2010
"Let Greece Take a Eurozone ‘Holiday’"
Op-Ed, Financial Times
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The rest of the eurozone could allow Greece to take a temporary leave of absence with the right and the obligation to return at a more competitive exchange rate. More specifically, Greece would shift its currency from the euro to the drachma, with an initial exchange rate of one euro to one drachma. Bank balances and obligations would remain in euros. Wages and prices would be set in drachma."
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January 25, 2010
"America's Growth in the Decade Ahead"
Op-Ed, Project Syndicate
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Although the strength of the US economy in 2010 is still uncertain, it is important to look ahead to its likely performance in the coming decade. Adding up all the key components of GDP, annual economic growth is likely to be about 1.9%, or roughly the same as the average rate over the past ten years."
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January 20, 2010
"Missing the Target"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Unlike previous recessions, the current downturn was not caused by Federal Reserve tightening and therefore couldn't be reversed by lowering interest rates. President Obama was correct to conclude that boosting economic activity required a fiscal stimulus."
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December 28, 2009
"Gold Remains a High-Risk Investment"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Many gold buyers want a hedge against the risk of inflation or possible declines in the value of the dollar or other currencies. Both are serious potential risks that are worthy of precautionary hedges. Although inflation is now low in the United States, Europe and Japan, households and institutional investors have reason to worry that the low interest rates and the extensive creation of bank reserves could lead to inflation when economic recovery takes hold."
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December 1, 2009
"Can the Euro Zone Survive the Economic Recovery?"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Although the euro simplifies trade, it creates significant problems for monetary policy.... A single currency means a single monetary policy and a single interest rate, even if economic conditions - particularly cyclical conditions - differ substantially among the member countries of the European Economic and Monetary Union."
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November 7, 2009
"Global Impact of America's Health-Care Debate"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"[Barack Obama's] proposals are meeting strong opposition from fiscally conservative Democrats as well as from Republicans, owing to their potential impact on future fiscal deficits," says Martin Feldstein, member of the Belfer Center's board of directors. "Because those deficits are the primary cause of America's current-account deficit - and thus of global imbalances - the health-care debate's outcome will affect governments and investors around the world."
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November 6, 2009
"Obamacare's Nasty Surprise"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"...[F]or those who are now privately insured through employers or by direct purchase, there would be substantial incentives to become uninsured until they become sick. The resulting rise in the cost to insurance companies as the insured population becomes sicker would raise the average premium, strengthening that incentive."
October 30, 2009
"Why the Renminbi has to Rise to Address Imbalances"
Op-Ed, Financial Times
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"China's policy of keeping the renminbi weak means that the US dollar must decline more rapidly against the euro, yen and other currencies to achieve the same overall trade-weighted fall of the dollar," says Martin Feldstein, member of the Belfer Center's board of directors. "China's weak renminbi policy therefore not only prevents remedying China's large current account surplus but also reduces Europe's exports," he says.
