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 pric…

- Martin Feldstein

Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing…

- Martin Feldstein

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

Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about …

- Martin Feldstein

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 …

- Martin Feldstein

Inflation is lower and more stable and the real business cycle fluctuations are more modest.

- Martin Feldstein

A second reason why science cannot replace judgement is the behavior of financial markets.

- Martin Feldstein

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 inf…

- Martin Feldstein

The more competitive value of the dollar turned around the trade deficit.

- Martin Feldstein