The Martin Feldstein Lecture

National Bureau of Economic Research 

I have endeavored to keep these answers reasonably short and focused. The answers are backed up by empirical research which is summarized at greater length in my book Getting Off Track, which in turn refers to a number of technical empirical studies. 

Prepared for the session “The Individual, the Market and the State: Rules vs. Discretion in Economic Policy” 

Conference on the Occasion of the 40th Anniversary of Microeconomic Foundations of Employment and Inflation Theory 

Columbia University