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Martin Feldstein

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) 868-3905
Email: mfeldstein@harvard.edu
Website: http://www.nber.org/feldstein

 

 

By Date

 

2014 (continued)

January 31, 2014

"The Future of American Growth"

Op-Ed, Project Syndicate

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

The near-term outlook for the US economy has improved, owing to the sharp increase in household wealth in 2013, together with the end of the fiscal drag caused by the increase in tax rates in 2012. The United States now has a chance to raise real (inflation-adjusted) per capita GDP faster than the feeble 1.7% average rate recorded during the four years since growth resumed in the summer of 2009.

 

 

January 7, 2014

Martin Feldstein: Looking up in 2014?

Op-Ed, Business Standard

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

For the past six years, I have been sceptical about the standard optimistic forecasts of the pace of the United States' economic in the year ahead. Where most forecasters and policy officials saw green shoots and reasons for confidence, I saw strong headwinds that would cause an economic downturn and then a subpar .

But I think the evidence for is more balanced. Although there are serious risks facing the economy in the coming year, there is also a good chance that growth will be substantially stronger than it has been since before the began.

 

2013

December 13, 2013

"A Hype-Free Way to Help Low-Wage Workers"

Op-Ed, Wall Street Journal

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

President Obama declared last week that "it's well past the time to raise [the] minimum wage." Demonstrators at fast-food restaurants in several cities also demanded a higher wage. But hiking the minimum wage is not the right policy to alleviate poverty. A better approach would be to integrate the existing minimum wage with current welfare transfer payments. This would lead to higher incomes for low-wage workers and increased employment.

 

 

(AP Photo/Pablo Martinez Monsivais)

December 8, 2013

"Saving the Fed from Itself"

Op-Ed, The New York Times

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

THE Federal Reserve is pursuing a very risky monetary policy, writes Martin Feldstein. "Its leaders — the departing chairman, Ben S. Bernanke, and the vice chairwoman, Janet L. Yellen, whom President Obama has nominated to succeed him — are correct that the American economy needs more stimulus, and they believe that the central bank, because of political paralysis, is the only game in town. But if Congress and the Obama administration could agree on a fiscal stimulus that goes beyond a short-term budget deal, the Fed would not have to take such risks."

 

 

November 27, 2013

"The Greek Budget Myth"

Op-Ed, Project Syndicate

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

Recently, newspaper headlines declared that Greece would have a balanced budget for 2013 as a whole. The news came as quite a shock: Recall that when Greek officials came clean about the true state of their country’s public finances in 2010, the budget deficit was more than 10% of GDP – a moment of statistical honesty that triggered the eurozone debt crisis. It seemed too good to be true that the Greek deficit would be completely eliminated in just three years.

 

 

October 29, 2013

"Obamacare’s Fatal Flaw"

Op-Ed, Project Syndicate

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

Obamacare, officially known as the Patient Protection and Affordable Care Act, is the health-insurance program enacted by US President Barack Obama and Congressional Democrats over the unanimous opposition of congressional Republicans. It was designed to cover those Americans without private or public health insurance – about 15% of the US population.

 

 

September 30, 2013

"The Taper Chase"

Op-Ed, Project Syndicate

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

Global financial markets were stunned when the US Federal Reserve announced on September 18 that it was not ready to begin the widely anticipated reduction in the pace of its “quantitative easing” (QE) program. Fed Chairman Ben Bernanke said that the Fed would continue its monthly purchases of $85 billion of long-term securities. Understanding the reasons for the Fed’s unexpected change of plans may help to anticipate what is coming next.

 

 

September 22, 2013

"The Fed Is Wrong To Put Off The Return To Normality"

Op-Ed, Financial Times

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

The US Federal Reserve’s decision last week to delay the start of its so-called “tapering” has confused investors about the reliability of its forward guidance. It has also created a trap that will make it difficult to start the tapering programme in the future unless the Fed changes its basic approach.

 

 

July 1, 2013

"The Fed Should Start to 'Taper' Now"

Op-Ed, Wall Street Journal

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

The Federal Reserve should begin now to end its program of long-term asset purchases, writes Martin Feldstein." It should not wait for the improved labor market that it predicts will come later this year, an improvement that is unlikely to occur. Instead, the Fed should emphasize that the pace of quantitative easing must adjust to the likely effectiveness of the program itself, and to the costs and risks of continuing to buy large quantities of bonds."

 

 

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."

 
Events Calendar

We host a busy schedule of events throughout the fall, winter and spring. Past guests include: UN Secretary-General Ban Ki-moon, former Vice President Al Gore, and former Soviet Union President Mikhail Gorbachev.