Word: feldsteins
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Dates: during 1980-1989
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...recent article in the Economist, Baker Professor of Economics Martin S. Feldstein offers President-elect George Bush some advice...
...Feldstein argues that the United States should not try to slow the dollar's fall by pegging it to other nation's currencies or by setting target ranges. In order to act with maximum efficiency, Feldstein believes the Federal Reserve Board should let markets determine the value of the dollar (however low that may be) and focus its monetary weapons on controlling inflation at home...
...Feldstein goes a step beyond a dispassionate economic argument by making his plan into a panacea for the trade deficit--when it's not. The United States could let the dollar fall to eliminate its huge trade deficit. As American goods get relatively cheaper and foreign goods more expensive, America will be selling more and buying less, until eventually our trading accounts balance. In fact, Bush may choose to follow this plan to eliminate the deficit...
...Feldstein, despite a mention by Bush in last Sunday's presidential debate, said this week that he is "not expecting to leave, no matter what the outcome" of the presidential election...
...another Economics scholar, Ropes Professor of Political Economy Lawrence H. Summers, one of Dukakis' chief economics advisers, echoed Feldstein's comments, saying he too was planning to stay in Cambridge. Summers said he has accepted four or five senior theses as part of his spring semester commitments on campus...