Martin Feldstein

Senior Fellow

Martin Feldstein is a senior fellow at the Hoover Institution, the George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research. He served as President and CEO of the NBER from 1977-82 and 1984-2008. He continues as a Research Associate of the NBER. The NBER is a private, nonprofit research organization that has specialized for nearly 100 years in producing nonpartisan studies of the American economy.

From 1982 through 1984, Martin Feldstein was Chairman of the Council of Economic Advisers and President Reagan's chief economic adviser. He served as President of the American Economic Association in 2004. In 2006, President Bush appointed him to be a member of the President's Foreign Intelligence Advisory Board. In 2009, President Obama appointed him to be a member of the President's Economic Recovery Advisory Board.

Feldstein is a member of the American Philosophical Society, a Corresponding Fellow of the British Academy, a Fellow of the Econometric Society and a Fellow of the National Association of Business Economists. He is a Trustee of the Council on Foreign Relations and a member of the Trilateral Commission, the Group of 30, the American Academy of Arts and Sciences, and the Council of Academic Advisors of the American Enterprise Institute.

Feldstein has received honorary doctorates from several universities and is an Honorary Fellow of Nuffield College (Oxford), and Brasenose College (Oxford). In 1977, he received the John Bates Clark Medal of the American Economic Association, a prize awarded every two years to the economist under the age of 40 who is judged to have made the greatest contribution to economic science. He is the author of more than 300 research articles in economics. Feldstein has been a director of several public corporations. He is also an economic adviser to several businesses and government organizations in the United States and abroad. He is a regular contributor to the Wall Street Journal and other publications. Martin Feldstein is a graduate of Harvard College and Oxford University. He was born in New York City in 1939. His wife, Kathleen, is also an economist. The Feldsteins have two married daughters.

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Recent Commentary

In the News

Will Trump's China Trade Deal Amount To More Than A Hill Of Beans?

quoting Martin Feldsteinvia Fortune
Saturday, February 2, 2019

In Data Sheet last month, I predicted Donald Trump and Xi Jinping would agree on a trade deal this year—and that it would do little to ease long-term tensions in the US-China relationship. In the wake of Trump’s White House meeting Thursday with Chinese vice-premier Liu He, that seems like a pretty safe bet.


There Is No Sino-American Trade War

by Martin Feldsteinvia Project Syndicate
Tuesday, January 29, 2019

Chinese negotiators recently offered to buy enough American products to reduce the bilateral trade deficit to zero by 2024. Why, then, have US negotiators rejected that as a way to end the dispute?

Federal Reserve
Analysis and Commentary

Why Is The Fed Still Raising Interest Rates?

by Martin Feldsteinvia Project Syndicate
Thursday, December 27, 2018

Given that the US Federal Reserve has long said that its interest-rate policy is “data dependent,” why has it pressed ahead with monetary tightening in the face of worsening economic indicators? Three reasons stand out.

Analysis and Commentary

How To Save Social Security Systems

by Martin Feldsteinvia Project Syndicate
Wednesday, November 28, 2018

Providing benefits to support a comfortable standard of living for retirees with just a modest rate of tax on the working population depends on there being a small number of pensioners relative to the number of taxpayers. That is no longer the case.

Analysis and Commentary

Falling Share Prices And The Outlook For The US Economy

by Martin Feldsteinvia Project Syndicate
Monday, October 29, 2018

Three forces will cause US long-term interest rates to continue to rise. But, in all likelihood, short-term rates will not increase fast enough to give the Federal Reserve sufficient room for monetary stimulus before the next economic downturn begins.

Analysis and Commentary

The China Tariff Mess

by Martin Feldsteinvia Project Syndicate
Friday, September 28, 2018

The cost to US consumers and firms imposed by tariffs on Chinese imports is not large relative to the gain that would be achieved if the US succeeds in persuading China to stop illegally taking US firms’ technology. But the Trump administration should state that this is the goal, and that the tariffs will be removed when it is met.


Another Recession Is Looming

by Martin Feldsteinvia The Wall Street Journal
Thursday, September 27, 2018

[Subscription Required] Ten years after the Great Recession’s onset, another long, deep downturn may soon roil the U.S. economy.

Analysis and Commentary

What Next For The US Stock Market?

by Martin Feldsteinvia Project Syndicate
Tuesday, August 28, 2018

August 22 marked the longest period of rising share prices in US history. But the stock market's nine-year bull run won't last much longer, as three factors drive up long-term interest rates, reducing the present value of future corporate profits and providing investors with an alternative to equities.

Analysis and Commentary

Save Low Interest For A Rainy Day

by Martin Feldsteinvia The Wall Street Journal
Thursday, July 26, 2018

[Subscription Required] President Trump told a national television audience last week that he disapproves of the Federal Reserve’s decision to continue raising short-term interest rates. He later repeated his concern in a series of tweets.