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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April 4, 2009
"Geithner's Bank Plan Is a Good Start"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
The Treasury's primary plan is to induce private investors to buy pools of such high-risk mortgages from the banks. Individual banks will offer pools of mortgages for sale. Private investors -- including pension funds, insurance companies, hedge funds and sovereign wealth funds -- will bid for each mortgage pool in an auction. The total purchase price for each pool will be financed by a combination of the private investor's equity, an equal amount of Treasury equity, and private loans guaranteed by the Federal Deposit Insurance Corporation (FDIC).
March 25, 2009
"A Deduction From Charity"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
President Obama's proposal to limit the tax deductibility of charitable contributions would effectively transfer more than $7 billion a year from the nation's charitable institutions to the federal government. But the high-income taxpayers affected by the rule change are likely to cut their charitable giving by as much as the increase in their tax bills, which would, ironically, leave their remaining income and personal consumption unchanged.
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February 26, 2009
"The Black Hole in America’s GDP"
Op-Ed, Daily News Egypt
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Although the recently enacted two-year stimulus package includes a total of $800 billion of tax reductions and increased government spending, it would be wrong to think that this will add anything close to $400 billion a year to GDP in each of the next two years."
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February 3, 2009
"The case for fiscal stimulus in U.S."
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Now, however, increased government spending and the resulting rise in the fiscal deficit are being justified as necessary to deal with the economic downturn - a sharp change from the reliance on monetary policy that was used to deal with previous recessions."
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January 29, 2009
"An $800 Billion Mistake"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The problem with the current stimulus plan is not that it is too big but that it delivers too little extra employment and income for such a large fiscal deficit. It is worth taking the time to get it right."
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December 24, 2008
"Defense Spending Would Be Great Stimulus"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"A temporary rise in DOD spending on supplies, equipment and manpower should be a significant part of that increase in overall government outlays. The same applies to the Department of Homeland Security, to the FBI, and to other parts of the national intelligence community."
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November 26, 2008
"Will euro survive the current turmoil?"
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Even if officials do not want to abandon the euro, they may come to do so as a result of a strategy of trying to get other countries to agree to a policy change. A country that believes that monetary or fiscal policy is too tight may threaten to leave if policy is not changed."
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November 18, 2008
"How to Help People Whose Home Values Are Underwater"
Op-Ed, Wall Street Journal
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The increased supply of homes for sale will create a vicious cycle, further depressing house prices, further raising the number of homes with negative equity, and weakening the balance sheets of financial institutions. This is the primary cause of the dysfunctional credit markets. None of the existing proposals to help homeowners with negative equity would eliminate the incentive to default."
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November 18, 2008
"A Chapter For Detroit To Open"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The simplest solution is to allow GM and the others to file for bankruptcy. If the companies file under Chapter 11, they would be able to continue producing cars, and the workforce would remain employed while the firms reorganized. The firms would also be able to get short-term credit under bankruptcy protection."
AP
October 30, 2008
"The Stimulus Plan We Need Now"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Further legislation to deal with the economic crisis should not wait until the new president takes office. Fortunately, the president-elect will be a senator and can propose legislation without waiting to be sworn in as president. Immediately after Nov. 4, the winner could, and should, take the lead in the legislative process."
