Quotes by Former Chairman Of Council Of Economic Advisers of the Authors - Page 1

We are particularly poor at the open economy issues.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Particularly
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Domestic inflation reflects domestic monetary policy.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Domestic Policy
Inflation
Monetary
Monetary Policy
Policy
Policy Monetary Policy Monetary
Domestic
Reflects
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My theme this evening is that America needs a competitive dollar.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Evening
Competitive
Dollar
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The more competitive value of the dollar turned around the trade deficit.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Deficit
Dollars
Trade
Competitive
Dollar
Trade Deficit
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First, I think the science of monetary economics has clearly gotten better.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Economics
Firsts
Monetary
Thinking
Gotten
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A second reason why science cannot replace judgement is the behavior of financial markets.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Financial
Financial Markets
Judgement
Reason Why
Replace
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Inflation is lower and more stable and the real business cycle fluctuations are more modest.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Fluctuation
Inflation
Modest
Modesty
Real
Stable
Cycle
Lower
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I think that over the last few decades, we have seen better economic outcomes than in the past.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Decades
Outcomes
In The Past
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The only way that we can reduce our financial dependence on the inflow of funds from the rest of the world is to reduce our trade deficit.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Finance
Deficit
Dependence
Financial
Way
World
Funds
Reduce
Trade Deficit
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And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial markets.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Art
Investing
Matter
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And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Financial Markets
Judgement
Art Science Good
Depend
Science Art Good
Finally
Inevitably
Markets
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Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Combination
Deficit
Foreigners
Interest
Payment
Shrinks
Dividend
Payments
Rapidly
Trade Deficit
Unless
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We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inflation.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Gains
Inflation
Pay
Permanent
Relative
Temporary
Gain
Price
Reduced
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So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Judgement
Monetary
Monetary Policy
Pilots
Planes
Policy
Sound
Thinking
Controls
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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.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Gross
Oil
Purchasing
Purchasing Power
Reducing
Summer
Cent
Domestic
Per
Imported
Price
Product
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To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Finance
Assets
Deficit
Real
World
Borrow
Businesses
Sell
Estate
Real Estate
Stocks
Trade Deficit
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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.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
America
Asia
Attractive
Latin
Latin America
Products
Relative
Usa
American Consumers
Low
Manufacturers
Price
Wage
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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 / Former Chairman Of Council Of Economic Advisers
Aggravation
April
Decline
Dollars
Months
Percent
Began
Dollar
Sharp
Weighted
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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.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Dollars
Economic
Economic Growth
Economic Theory
Growth
Inflation
Theory
Competitive
Dollar
Experiencing
Imply
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The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Running
Home
Compatible
Good News
News
Strong
Good Home Long
Competitive
Dollar
Global
Global Market
Long Run
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If the Federal Reserve pursues a strong dollar at home while the dollar becomes more competitive in global markets, we can achieve both price stability and a more balanced path of economic growth.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Achieve
Balanced
Economic
Economic Growth
Federal Reserve
Growth
Path
Stability
Becomes
Competitive
Dollar
Federal
Global
Price
Reserve
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Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Cost
Inconvenience
Inflation
Pay
Reducing
Thirty
Years
Years Ago
Argued
Economists
Minor
Price
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After all, an overvalued dollar gives us the ability to buy foreign goods at lower prices. And the existing volume of exports brings more yen and euros than they would if the dollar were more competitive.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Dollars
Giving
Goods
Volume
Brings
Competitive
Dollar
Existing
Exports
Prices
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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 / Former Chairman Of Council Of Economic Advisers
Dollars
Expansion
Increase
Pace
Years
Competitive
Current
Dollar
Exports
Near
Primary
Sustain
Wanting
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Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Home
Cash
Improvement
Consumer
Monthly
Obtained
Payments
Reduced
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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 / Former Chairman Of Council Of Economic Advisers
Finance
Adverse
Adverse Effects
Borrowing
Country
Currency
Deficit
Effects
Moving
Other Countries
Account
Competitive
Dollar
Followed
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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 / Former Chairman Of Council Of Economic Advisers
Decline
Imports
Mean
Months
Response
Years
Delays
Aggregate
Competitive
Dollar
Exports
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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 / Former Chairman Of Council Of Economic Advisers
Activity
Growth
High Level
Investment
Output
Saving
Rise
Aggregate
Reduce
Sustained
Temporarily
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Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.
Martin Feldstein / Former Chairman Of Council Of Economic Advisers
Deficit
Dollars
Given
Rate
Reduction
Sensitivity
Uncertainty
Studied
Although
Changes
Exchange
Dollar
Economists
Exchange Rate
Export
How Much
Import
Trade Deficit
Volumes
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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 / Former Chairman Of Council Of Economic Advisers
Running
Government
Demand
Government Spending
Growth
Higher
Incentives
Investment
Levels
Output
Reducing
Spending
Stimulus
Taxes
Temporary
Run
Invest
Crowd
Higher Levels
Higher Taxes
Increased
Innovate
Longer
Private
Private Investm
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