Inflation is lower and more stable and the real business cycle fluctuations are more modest.
More Quotes from Martin Feldstein:
Household saving fell from 2.5 per cent of after-tax income in the third quarter of 2003 to a remarkable minus 1.8 per cent two years later.Martin Feldstein
An increase in the relative price of products from the low wage manufacturers in Asia and Latin America will also make those products less attractive to American consumers.
Martin Feldstein
U.S. imports have contributed to the growth of output and employment in many countries around the world.
Martin Feldstein
But the primary reason for wanting the dollar to become more competitive in the near future is that we may need an increase in exports this year and in 2007 to sustain the economy's current pace of expansion.
Martin Feldstein
A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.
Martin Feldstein
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