American - Economist | November 25, 1939 -
First, I think the science of monetary economics has clearly gotten better.
Martin Feldstein
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And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets.
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So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.
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The price of imported oil in the US doubled between summer 2003 and summer 2005, reducing consumers' purchasing power by more than 1 per cent of gross domestic product.
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Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.
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