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 price to pay. No one would make those arguments today. Martin Feldstein More Quotes by Martin Feldstein More Quotes From Martin Feldstein In short, both experience and economic theory imply that the US could now t to a more competitive dollar without experiencing either increased inflation or decreased economic growth. Martin Feldstein economic dollars growth The more competitive value of the dollar turned around the trade deficit. Martin Feldstein deficit dollars trade 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 inflation. Martin Feldstein inflation gains pay A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output. Martin Feldstein high rise growth business My theme this evening is that America needs a competitive dollar. Martin Feldstein dollar theme evening america If the Federal Reserve pursues a strong dollar at home while the dollar becomes more competitive in global markets, we can achieve both price stability and a more balanced path of economic growth. Martin Feldstein growth strong path home I think that over the last few decades, we have seen better economic outcomes than in the past. Martin Feldstein better think economic past We are particularly poor at the open economy issues. Martin Feldstein open economy issues poor And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets. Martin Feldstein problems good science art