Articles by Martin Feldstein



Why U.S. Inflation Stays So Low Amid High QE

Why has quantitative easing coexisted with price stability in the U.S.? Or, as I often hear, "Why has the Federal Reserve's printing of so much money not caused higher inflation?"

The United States' Misplaced Deficit Complacency

The U.S. complaceny about future deficits prevents it from trimming the long-term debt.

Europe's Lessons on How to Create a Depression

European political leaders may be about to agree on a fiscal plan which, if implemented, could push Europe into a major depression. To understand why, it is useful to compare how European countries responded to downturns in demand before and after they adopted the euro.

EU Is Not the United States

Europe is now struggling with the inevitable adverse consequences of imposing a single currency on a very heterogeneous collection of countries. But the budget crisis in Greece and the risk of insolvency in Italy and Spain are just part of the problem caused by the single currency. The fragility of the major European banks, high unemployment rates and the large intra-European trade imbalance also reflect the use of the euro.

Perilous Economic Stalemate

The United States appears trapped in a dangerous economic stalemate. The refusal by both Republicans and Democrats to give ground on the budget is preventing the government from dealing with its massive fiscal deficit and rapidly rising national debt.