http://www.project-syndicate.org/series/the_magic_of_the_market <p><em>Will the most dramatic interventions in financial markets since the Great Depression result in a long-term expansion of the role of government? Can America survive trillion-dollar deficits and restore growth? Will the need for closer policy coordination forge a more integrated Europe? What long-term effects will the financial crisis have on emerging markets?</em></p><p><em></em></p><p></p> en 2012-02-10T06:00:37+01:00 webmaster@project-syndicate.org Martin Feldstein 1994-01-01T00:00:00+01:00 4 hourly http://www.project-syndicate.org/commentary/feldstein44/English <a href=http://www.project-syndicate.org/commentary/feldstein44/English>FELDSTEIN: How to Create a Depression</a> European political leaders may be about to agree to a fiscal plan which, if implemented, could push Europe into a major depression. It would be much smarter to focus on the difference between cyclical and structural deficits, and to allow deficits that result from so-called "automatic stabilizers." Martin Feldstein 2012-01-16T00:00:00+01:00 http://www.project-syndicate.org/commentary/feldstein43/English <a href=http://www.project-syndicate.org/commentary/feldstein43/English>FELDSTEIN: The French Don’t Get It</a> The French government doesn’t seem to understand the real implications of the euro, which it shares with 16 other EU countries. French officials have now reacted to the prospect of a credit rating downgrade by lashing out at Britain, which is not in France's position precisely because it retains its own currency. Martin Feldstein 2011-12-28T00:00:00+01:00 http://www.project-syndicate.org/commentary/feldstein42/English <a href=http://www.project-syndicate.org/commentary/feldstein42/English>FELDSTEIN: Europe is Not the United States</a> A key argument made by European officials and other defenders of the euro has been that, because a single currency works well in the US, it should work well in Europe as well. But, while both are large, continental, and diverse economies, the similarities end there. Martin Feldstein 2011-11-29T00:00:00+01:00 http://www.project-syndicate.org/commentary/feldstein41/English <a href=http://www.project-syndicate.org/commentary/feldstein41/English>FELDSTEIN: America’s Economic Stalemate</a> The US appears trapped in a dangerous economic stalemate, as Republicans and Democrats harden their positions ahead of the 2012 congressional and presidential elections. But that also means that there is reason to hope for renewed progress once the elections are past. Martin Feldstein 2011-10-26T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein40/English <a href=http://www.project-syndicate.org/commentary/feldstein40/English>FELDSTEIN: Europe’s High-Risk Gamble</a> The markets are fully aware that Greece, being insolvent, will eventually default. Why, then, are political leaders in France and Germany trying so hard to prevent – or, more accurately, to postpone – the inevitable? Martin Feldstein 2011-09-27T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein39/English <a href=http://www.project-syndicate.org/commentary/feldstein39/English>FELDSTEIN: China’s New Currency Policy</a> The Chinese government may be about to let the renminbi-dollar exchange rate rise more rapidly in the coming months than it did during the past year. There are two fundamental reasons why the authorities might choose such a policy: reducing its portfolio risk and containing domestic inflation. Martin Feldstein 2011-08-23T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein38/English <a href=http://www.project-syndicate.org/commentary/feldstein38/English>FELDSTEIN: Why is America’s Budget Deficit So Large?</a> America’s enormous budget deficit is now exceeded as a share of national income only by Greece and Egypt among all of the world’s major countries. And the economic downturn since 2008 is only part of the reason. Martin Feldstein 2011-07-29T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein37/English <a href=http://www.project-syndicate.org/commentary/feldstein37/English>FELDSTEIN: What’s Happening to the US Economy?</a> The US economy has recently slowed dramatically, and the probability of another economic downturn increases with each new round of data. This is a sharp change from the economic situation at the end of last year – and it represents a return to the very weak pace of expansion since the recovery began in the summer of 2009. Martin Feldstein 2011-06-29T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein36/English <a href=http://www.project-syndicate.org/commentary/feldstein36/English>FELDSTEIN: After the Greek Default</a> The Greek government, the European Commission, and the IMF are all denying what markets perceive clearly: Greece will eventually default on its debts to its private and public creditors. But even a default will provide no guarantee of a return to fiscal sustainability – and it will not fix Greece's equally unsustainable trade deficit. Martin Feldstein 2011-05-26T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein35/English <a href=http://www.project-syndicate.org/commentary/feldstein35/English>FELDSTEIN: The G-20’s Empty Gestures</a> The world’s 20 most important finance ministers and 20 most important central bankers traveled to Washington this month from every part of the globe to accomplish, predictably, exactly nothing. But that doesn't mean that they won't claim credit for what would have happened anyway. Martin Feldstein 2011-04-26T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein34/English <a href=http://www.project-syndicate.org/commentary/feldstein34/English>FELDSTEIN: China’s Five-Year Plan and Global Interest Rates</a> The key feature of China's new five-year plan is to shift official policy from maximizing GDP growth toward raising consumption and average workers’ standard of living. Although this change is driven by Chinese domestic considerations, it could have a significant impact on global capital flows and interest rates. Martin Feldstein 2011-03-29T00:00:00+02:00 http://www.project-syndicate.org/commentary/feldstein33/English <a href=http://www.project-syndicate.org/commentary/feldstein33/English>FELDSTEIN: Quantitative Easing and America’s Economic Rebound</a> There is no doubt that the US economy rallied strongly at the end of 2010. But much of the growth was due to the Federal Reserve’s policy of “quantitative easing,” which pumped up equity prices and thus consumption – and which will be phased out in 2011. Martin Feldstein 2011-02-24T00:00:00+01:00 http://www.project-syndicate.org/commentary/feldstein32/English <a href=http://www.project-syndicate.org/commentary/feldstein32/English>FELDSTEIN: The End of China’s Surplus</a> The policies that China will adopt as part of its new five-year plan will shrink its trade and current-account surpluses, possibly moving them into deficit. This is exactly the outcome that US officials want, but they should be careful what they wish for. Martin Feldstein 2011-01-28T00:00:00+01:00