We are particularly poor at the open economy issues.
More Quotes from Martin Feldstein:
Domestic inflation reflects domestic monetary policy.Martin Feldstein
But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries.
Martin Feldstein
It is certainly something to worry about. Continuing to attract funds when the current account deficit is that large and continuing to rise is bound to become a serious problem.
Martin Feldstein
Why has this improvement in inflation and in the business cycle occurred I think the answer is better monetary policy, better central banking.
Martin Feldstein
Inflation is lower and more stable and the real business cycle fluctuations are more modest.
Martin Feldstein
A second reason why science cannot replace judgement is the behavior of financial markets.
Martin Feldstein
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