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.
More Quotes from Martin Feldstein:
First, I think the science of monetary economics has clearly gotten better.Martin Feldstein
With sound monetary policy, the increases in import prices are offset by lower inflation for domestically produced goods and services.
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
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
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
We do not understand the links between asset prices, monetary policy, and aggregate demand. We do not understand speculative markets adequately.
Martin Feldstein
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Based on Topics: Product Quotes, Summer QuotesBased on Keywords: imported, purchasing
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