Martin Feldstein

Senior Fellow
Biography: 

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

Featured

America’s Exploding Budget Deficit

by Martin Feldsteinvia Project Syndicate
Tuesday, May 29, 2018

The federal government’s debt has risen from less than 40% of GDP a decade ago to 78% now, and the Congressional Budget Office predicts that the ratio will rise to 96% in 2028. While many blame the tax cuts enacted last year, the real reason lies elsewhere.

Analysis and Commentary

Normalizing Monetary Policy

by Martin Feldsteinvia CATO Journal
Tuesday, May 8, 2018

The current focus of Federal Reserve policy is on “normalization” of monetary policy—that is, on increasing short-term interest rates and shrinking the size of the Fed’s balance sheet. Short-term interest rates are exceptionally low, and the Fed’s balance sheet has exploded from $800 billion in 2008 to $4.4 trillion now.

Featured

The Next Step For Chinese Economic Policy

by Martin Feldsteinvia Project Syndicate
Monday, April 23, 2018

Now that it has risen to the top of the global economy, China must adopt the necessary reforms to become fully compliant with the international rules that it accepted upon joining the World Trade Organization in 2001. Its current policy will only lead to a serious trade conflict with the US.

Featured

How To Make Trade Peace With China

by Martin Feldsteinvia Wall Street Journal
Wednesday, April 4, 2018

A mutual promise to abide by the WTO’s intellectual property rules would solve much of the problem.

Featured

The Real Reason For Trump’s Steel And Aluminum Tariffs

by Martin Feldsteinvia Project Syndicate
Thursday, March 15, 2018

The Trump administration's proposed tariffs on steel and aluminum imports will target China, but not the way most observers believe. For the US, the most important bilateral trade issue has nothing to do with the Chinese authorities' failure to reduce excess steel capacity, as promised, and stop subsidizing exports.

Analysis and Commentary

Reagan’s Cure For America's Debt Disease

by Martin Feldsteinvia Wall Street Journal
Monday, March 5, 2018

Two programs, Medicare and Social Security, are the bulk of the problem. Here’s how to fix them. 

Analysis and Commentary

Why Are US Interest Rates High And Rising?

by Martin Feldsteinvia Project Syndicate
Tuesday, February 27, 2018

New savers in the United States stand to gain as returns on savings – which have been subject to severe financial repression for most of the last decade – begin to rise. But higher interest rates could leave homeowners and shareholders vulnerable to losses.

Analysis and Commentary

Economics And American National Security

by Martin Feldsteinvia Project Syndicate
Tuesday, December 26, 2017

The US government should focus on combating foreign governments’ trade policies – such as technology theft, non-tariff barriers to US exports, and forced technology transfers – that hurt American firms without any offsetting benefits to American consumers.

Analysis and Commentary

Cutting US Corporate Tax Is Worth The Cost

by Martin Feldsteinvia Project Syndicate
Monday, November 27, 2017

One of the main criticisms leveled at congressional Republicans' proposal to cut corporate taxes is that a higher budget deficit would amount to an undesirable fiscal stimulus. But with monetary policy turning contractionary, and most experts predicting a US recession in the next five years, stimulus should be welcomed.

Europe’s Economic Dilemma

by Martin Feldstein
Monday, October 30, 2017

The European Central Bank deserves credit for the economic improvements that have occurred in the past few years. But the ECB’s policies also mean that the eurozone has no ammunition left to fight the next recession, because interest rates cannot be reduced further and fiscal policy remains in the hands of national governments.

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