Today's macroeconomic problems require attention to more fundamental forces of individual incentives and institutional rigidities.
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
We do not understand the links between asset prices, monetary policy, and aggregate demand. We do not understand speculative markets adequately.
Martin Feldstein
First, I think the science of monetary economics has clearly gotten better.
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Domestic inflation reflects domestic monetary policy.
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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.
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A second reason why science cannot replace judgement is the behavior of financial markets.
Martin Feldstein
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