A second reason why science cannot replace judgement is the behavior of financial markets. — Martin Feldstein Copy Share Image
In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation… — Martin Feldstein Copy Share Image
The more competitive value of the dollar turned around the trade deficit. — Martin Feldstein Copy Share Image
Inflation is lower and more stable and the real business cycle fluctuations are more modest. — Martin Feldstein Copy Share Image
Increased government spending can provide a temporary stimulus to demand and output but in the longer run higher levels of government spending crowd out… — Martin Feldstein Copy Share Image
I think that over the last few decades, we have seen better economic outcomes than in the past. — Martin Feldstein Copy Share Image
And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial… — Martin Feldstein Copy Share Image
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high… — Martin Feldstein Copy Share Image
Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar… — Martin Feldstein Copy Share Image
First, I think the science of monetary economics has clearly gotten better. — Martin Feldstein Copy Share Image
But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more… — Martin Feldstein Copy Share Image
To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and… — Martin Feldstein Copy Share Image
