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
July 29, 2009
"U.S. saving rate and dollar's future"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
The increase in the household saving rate reduces America's need for foreign funds to finance its business investment and residential construction. Taken by itself, today's $750 billion annual rate of household saving could replace that amount in capital inflows from the rest of the world.
AP Photo
July 28, 2009
"Obama's Plan Isn't the Answer"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
For the 85 percent of Americans with health insurance, President Obama's plan is bad news.
AP Photo
June 30, 2009
"Will carbon cap-and-trade incite protectionism?"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"There is no easy answer to this problem. But before rushing to impose tariffs, it is important to remember that cap-and-trade policies would not be the only government source of differences in competitiveness. Better roads, ports, and even schools all contribute to a country`s competitiveness."
AP Photo
June 28, 2009
"The Fed must reassure markets on inflation"
Op-Ed, Financial Times
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The simplest explanation for the higher 10-year rate is that many investors now expect inflation to rise. Although economic weakness and excess capacity are keeping current inflation low, the explosive rise of bank reserves created by Fed policy provides fuel for future inflation. The prospective decline of the dollar is also a potential source of inflation."
June 2, 2009
"Has a recovery really begun in U.S.?"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
Although the American economy is continuing to decline, it is no longer falling as fast as it was at the beginning of the year or in the weeks after the collapse of Lehman Brothers in September 2008. In that sense, it is reasonable to say that the worst of the downturn is now probably behind us.
AP Photo
June 1, 2009
"Cap-and-Trade: All Cost, No Benefit"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The Obama administration and congressional Democrats have proposed a major cap-and-trade system aimed at reducing carbon dioxide emissions. Scientists agree that CO2 emissions around the world could lead to rising temperatures with serious long-term environmental consequences. But that is not a reason to enact a U.S. cap-and-trade system until there is a global agreement on CO2 reduction. The proposed legislation would have a trivially small effect on global warming while imposing substantial costs on all American households. And to get political support in key states, the legislation would abandon the auctioning of permits in favor of giving permits to selected corporations."
AP Photo
May 13, 2009
"Tax Increases Could Kill the Recovery"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"It's not too late for Mr. Obama to put these tax increases on hold. If he doesn't, Congress should protect the recovery and the longer-term health of the U.S. economy by voting down this enormous round of higher taxes."
AP Photo
April 28, 2009
"Deflation to erode business confidence"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
The most direct adverse impact of deflation is to increase the real value of debt. Just as inflation helps debtors by eroding the real value of their debts, deflation hurts them by increasing the real value of what they owe. While the very modest extent of current deflation does not create a significant problem, if it continues, the price level could conceivably fall by a cumulative 10 percent over the next few years.
AP Photo
April 19, 2009
"Inflation is looming on America’s horizon"
Op-Ed, Financial Times
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The potential inflationary danger is that the large US fiscal deficit will lead to an increase in the supply of money. This inevitably happens in developing countries that do not have the ability to issue interest-bearing debt and must therefore finance their deficits by printing money. In contrast, when deficits do not lead to an increased supply of money, the evidence shows that they do not cause sustained price increases."
AP Photo
April 4, 2009
"China’s Recovery and Global Growth"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
China is likely to be the first of the major economies to recover from the current global downturn. Its pace of expansion may not reach the double-digit rates of recent years, but China in 2010 will probably grow more rapidly than any country in Europe or in the western hemisphere.
