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Martin Feldstein Quotes

American - Economist | November 25, 1939 -

A second reason why science cannot replace judgement is the behavior of financial markets.

Martin Feldstein

Science Financial Behavior Why

Domestic inflation reflects domestic monetary policy.

Martin Feldstein

Policy Inflation Monetary Domestic

Increased government spending can provide a temporary stimulus to demand and output but in the longer run higher levels of government spending crowd out private investment or require higher taxes that weaken growth by reducing incentives to save, invest, innovate, and work.

Martin Feldstein

Work Growth Government Run Taxes

Inflation is lower and more stable and the real business cycle fluctuations are more modest.

Martin Feldstein

Business More Real Inflation Cycle

The more competitive value of the dollar turned around the trade deficit.

Martin Feldstein

Value More Dollar Competitive Trade

My theme this evening is that America needs a competitive dollar.

Martin Feldstein

Evening America Theme Dollar Needs

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 real estate to the rest of the world.

Martin Feldstein

Finance Real Estate World Rest Real

Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.

Martin Feldstein

Grow Will More Trade Interest Ever

The only way that we can reduce our financial dependence on the inflow of funds from the rest of the world is to reduce our trade deficit.

Martin Feldstein

Finance World Rest Financial Way

The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.

Martin Feldstein

Good Home Strong Long Good News Run

But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.

Martin Feldstein

Beginning Value April Dollar Trade

In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth.

Martin Feldstein

Growth Experience Short Now More

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