Martin Feldstein

Martin Feldstein
Born	(1939-11-25) November 25, 1939 New York City, NY, USA
Nationality	American
Alma mater	Oxford University (Ph.D. 1967) Harvard University (B.A. 1961)
Known for	Feldstein-Horioka puzzle
Awards	John Bates Clark Medal (1977)
Scientific career
Fields	Economist
Institutions	Harvard University 1967- NBER 1977-82, 1984- President's Foreign Intelligence Advisory Board 2006- American International Group 1988- Council of Economic Advisers 1982-84
Doctoral students	David Ellwood R. Glenn Hubbard Laurence J. Kotlikoff Lawrence Lindsey Eli Noam James Poterba Harvey S. Rosen Lawrence H. Summers

Martin Stuart "Marty" Feldstein (born November 25, 1939 in New York City) is an American economist. He is currently the George F. Baker Professor of Economics at Harvard University, and the president and CEO of the National Bureau of Economic Research (NBER). From 1982 to 1984, Feldstein served as chairman of the Council of Economic Advisers and as chief economic advisor to President Ronald Reagan (where his deficit hawk views clashed with Reagan administration economic policies). He has also been a member of the Washington-based financial advisory body, the Group of Thirty since 2003.

Early life

Feldstein was born in New York City and graduated from South Side High School in Rockville Centre, New York. He completed his undergraduate education at Harvard University (B.A., Summa Cum Laude, 1961) and then attended University of Oxford (B.Litt., 1963; D.Phil., 1967).

Career

In 1977, he received the John Bates Clark Medal of the American Economic Association, a prize awarded every two years to the economist under the age of 40 who is judged to have made the greatest contribution to economic science. He is among the 10 best economists in the world according to IDEAS/RePEc. He is the author of more than 300 research articles in economics and is known primarily for his work on macroeconomics and public finance. He has pioneered much of the research on the working mechanism and sustainability of public pension systems. Feldstein is an avid advocate of Social Security reform and has been a main driving force behind President George W. Bush's initiative of partial privatization of the Social Security system. Aside from his contributions to the field of public sector economics, he has also authored other important macroeconomics papers. One of his more well-known papers in this field was his influential investigation with Charles Horioka of investment behavior in various countries. He and Horioka found that in the long run, capital tends to stay in its home country – that is to say, a nation's savings is used to fund its investment opportunities. This has since been known as the “Feldstein-Horioka puzzle”.

In 1997, writing about the upcoming European monetary union and the euro, Feldstein warned that the "adverse economic effects of a single currency on unemployment and inflation would outweigh any gains from facilitating trade and capital flows" and that, while "conceived of as a way of reducing the risk of another intra-European war", it was "more likely to have the opposite effect" and "lead to increased conflicts within Europe and between Europe and the United States".

In 2005, Feldstein was widely considered a leading candidate to succeed chairman Alan Greenspan as Chairman of the Federal Reserve Board. This was in part due to his prominence in the Reagan administration and his position as an economic advisor for the Bush presidential campaign. The New York Times wrote an editorial advocating that Bush choose either Feldstein or Ben Bernanke due to their credentials, and the week of the nomination The Economist predicted that the two men had the greatest probability of selection out of the field of candidates. Ultimately, the position went to Bernanke, possibly because Feldstein was a board member of AIG, which announced the same year that it would restate five years of past financial reports by $2.7 billion. Although Feldstein was not linked to the accounting practices in question, he had served as a Director of AIG since 1988, and the Harvard Crimson saw Bush as wanting to avoid a confirmation battle. In March 2007, the Lynde and Harry Bradley Foundation announced that one of four 2007 Bradley Prizes to honor outstanding achievement will be awarded to Feldstein.[1] On September 10, 2007, Feldstein announced that he would be stepping down as president of NBER effective June 2008.

A well-known figure on the Harvard campus, Feldstein taught the introductory economics class "Social Analysis 10: Principles of Economics" (referred to as "Ec10" by Harvard students) for twenty years. Ec10 was routinely, and remains, the largest class at Harvard. He currently teaches courses in American economic policy and public sector economics at Harvard College.

Ultimately, Feldstein may have made one of his greatest impacts through the remarkable concentration of his students in top echelons of government and academia. These include: Larry Summers, former Harvard president and US Treasury secretary; David Ellwood, dean of Harvard's Kennedy School of Government; and James Poterba, MIT professor and member of Bush's tax reform advisory panel. Lawrence Lindsey, formerly Bush's top economic adviser, wrote his doctoral thesis under Feldstein, as did Harvey S. Rosen, the previous chairman of the president's Council of Economic Advisers, and Glenn Hubbard, Bush's first chairman of the council and now dean of the Columbia Business School.

Feldstein told in March 2008 he believes the United States is in a recession and it could be a severe one.

As a member of the board of AIG Financial Products, Feldstein was one of those who had oversight of the division of the international insurer that contributed to the comapany's crisis in September, 2008. He has also served as a board member for Eli Lilly and Company.

External links

• Webpage at Harvard
• Webpage at NBER
• Webpage at NNDB
• Feldstein's views on the U.S. dollar
• IDEAS/RePEc
• Martin Feldstein's op/ed commentary series "Transatlantic Perspectives" for Project Syndicate
• NEW YORK (dpa-AFX) - Die Börsen in New York haben am Freitag nach einem erneut

sehr schwankungsanfälligen Handel doch noch zu einer kräftigen Erholung angesetzt. 'Der Markt ist nach den Verlusten der vorigen Tage einfach überverkauft und nun schlagen Anleger bei einigen besonders abgestraften Titeln zu', sagte Bucky Hellwig, Stratege von Morgan Asset Management. Allerdings sei weiterhin aufgrund der Turbulenzen im Finanzsektor, für die aktuell die Citigroup verantwortlich ist, eine deutliche Abneigung gegen Risiken zu spüren. Für bessere Stimmung hat Börsianern zufolge in der letzten Handelsstunde die Nominierung des ehemaligen New Yorker Notenbankchefs Timothy Geithner zum neuen US-Finanzminister gesorgt. Das hatte der Sender NBC berichtet.

Der Dow Jones (DJIA) gewann 6,54 Prozent auf 8.046,42 Zähler und kletterte damit wieder über die psychologische Marke von 8.000 Punkten. Im Wochenverlauf büßte der US-Leitindex allerdings rund fünf Prozent ein. Für den marktbreiten S&P-500-Index endete der Freitag mit Gewinnen von 6,32 Prozent auf 800,03 Zähler. An der NASDAQ stieg der Composite-Index um 5,18 Prozent auf 1.384,35 Punkte. Der NASDAQ 100 legte um 4,73 Prozent auf 1.085,57 Punkte zu.

Aktien der Citigroup büßten 19,96 Prozent auf 3,77 Dollar ein - im Wochenvergleich stürzten die Titel der Bank damit um rund 60 Prozent ab. Der Chef der Citigroup, Vikram Pandit, spielte Spekulationen um einen möglichen Teilverkauf herunter. Händlern zufolge soll das Geschäftsmodell nicht geändert und auch der Broker Smith Barney nicht verkauft werden. 'Anleger haben in den vergangenen Monaten schon sehr oft diese Entwicklung beobachtet - und das Ende der Geschichte war meistens fürchterlich', kommentierte ein Händler. So verloren auch die Titel des Konkurrenten JPMorgan deutlich. Aktien der Bank of America kämpften sich noch knapp ins Plus.

Kräftige Gewinne konnten unterdessen Papiere von Alcoa verbuchen - die Titel des Aluminiumkonzerns kletterten an der Spitze im Dow Jones um 23,21 Prozent auf 8,44 Dollar. Händlern zufolge erholten sich die Rohstoffpreise und mit ihnen die entsprechenden Titel. Auch der Ölpreis stoppte seine Talfahrt vom Vortag, was Aktien von ExxonMobil ein Plus von 10,66 Prozent auf 75,81 Dollar einbrachte.

Dell konnten ihre Eröffnungsgewinne nicht halten und verloren 5,20 Prozent auf 9,30 Dollar. Der Computerhersteller hat mit einem Gewinn je Aktie im dritten Quartal von 0,37 Dollar die Markterwartungen von 0,31 Dollar übertroffen. Beim Umsatz blieb Dell allerdings hinter den Schätzungen zurück. Analysten äußerten sich dennoch positiv zu den Zahlen - sowohl Morgan Stanley als auch die Deutsche Bank hielten an ihrer Kaufempfehlung fest.

Unterdessen ging es für Wal-Mart um 4,46 Prozent auf 52,92 Dollar hoch. Der weltgrößte Einzelhändler bekommt eine neue Führung. Mike Duke folgt dem langjährigen Chef Lee Scott. Händler nahmen den Wechsel positiv auf. Es sei kein Zeichen dafür, dass Wal-Mart eine schlechte Weihnachtssaison erwartet. Als einer der Favoriten im Dow Jones kletterten Microsoft um 12,26 Prozent auf 19,68 Dollar. Händler verwiesen auf einen positiven Analystenkommentar. Oppenheimer habe die Titel des Softwarekonzerns auf 'Outperform' hochgestuft./dr/she

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