Martin Feldstein
Martin Feldstein
Martin Stuart "Marty" Feldsteinis an American economist. He is currently the George F. Baker Professor of Economics at Harvard University, and the president emeritus of the National Bureau of Economic Research. He served as President and Chief Executive Officer of the NBER from 1978 through 2008. From 1982 to 1984, Feldstein served as chairman of the Council of Economic Advisers and as chief economic advisor to President Ronald Reagan. He has also been a member of the Washington-based financial advisory...
NationalityAmerican
ProfessionEconomist
Date of Birth25 November 1939
CountryUnited States of America
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.
A second reason why science cannot replace judgement is the behavior of financial markets.
Domestic inflation reflects domestic monetary policy.
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.