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.
More Quotes from Martin Feldstein:
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
U.S. imports have contributed to the growth of output and employment in many countries around the world.
Martin Feldstein
Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean that the increase in aggregate demand from this source may not happen for a year or more.
Martin Feldstein
We do not understand the links between asset prices, monetary policy, and aggregate demand. We do not understand speculative markets adequately.
Martin Feldstein
And when the dollar decline makes foreign travel much more expensive, I will do more of my vacation traveling in the United States.
Martin Feldstein
Today's macroeconomic problems require attention to more fundamental forces of individual incentives and institutional rigidities.
Martin Feldstein
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