馬丁·費爾德斯坦

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馬丁·費爾德斯坦(Martin Feldstein)

馬丁·費爾德斯坦（Martin Feldstein）：美國經濟學家，被稱為供應學派經濟學之父

　　費爾德斯坦猶太人，1939年出生於紐約市；本科就讀於哈佛大學；在牛津大學獲得博士學位；1967年起任哈佛教授；里根政府時期任經濟顧問委員會主席；獲得過美國經濟學會的約翰·貝茨·克拉克獎，常常被認為是諾貝爾獎的前兆。費爾德斯坦目前擔任全國經濟研究局局長。

　　費爾德斯坦被稱為供應學派經濟學之父。供應學派認為減稅實際上能提高稅收收入。 英報介紹他是格林斯潘繼任者人選之一。他本對經濟學原本無甚興趣。1961年從哈佛大學本科畢業後，他想繼續念哈佛醫學院，結果卻拿到了英國牛津大學的富布萊特獎學金，到了英國，他便一頭栽入英國醫療體系研究中，幾年之後，獲牛津大學經濟學博士學位，返回哈佛任教。這時，他才開始將研究焦點放在經濟政策上。1977年，美國經濟協會將約翰·貝茨·克拉克獎頒給費爾德斯坦，這個獎項1947年設立，每兩年評選一次，入選的基本資格為在美國大學任教、40歲以下的學者。

　　Feldstein was born in New York City to a Jewish family[citation needed] 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), where he was affiliated with Adams House, and then attended University of Oxford (B.Litt., 1963; D.Phil., 1967). He was also a Fellow of Nuffield College, Oxford from 1964 to 1967, and is now an Honorary Fellow of the College.

　　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 most influential 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 was a main driving force behind former 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 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.[4] 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. Subsequently, AIG suffered a massive financial collapse that played a central role in the worldwide economic crisis of 2007–08 and the ensuing global recession. The firm was rescued only by multiple capital infusions by the U.S. Federal Reserve Bank, which extended a $182.5 billion line of credit. Although Feldstein was not explicitly linked to the accounting practices in question, he had served as a Director of AIG since 1988. In March 2007, the Lynde and Harry Bradley Foundation announced that one of four 2007 Bradley Prizes to honor outstanding achievement would be awarded to Feldstein. On September 10, 2007, Feldstein announced that he would be stepping down as president of NBER effective June 2008.

　　Feldstein served as a member of the President's Foreign Intelligence Advisory Board from 2007 to 2009.[7]

　　Feldstein said in March 2008 he believed the United States was in a recession and it could be a severe one.[8]

　　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 company's crisis in September, 2008. In May 2009, Feldstein announced he would step down as a director of AIG. He served as a board member for Eli Lilly and Company.[10] He also previously served on the boards of several other public companies including JPMorgan and TRW.

　　On February 6, 2009, Feldstein was announced as one of U.S. President Obama's advisors on the President's Economic Recovery Advisory Board.[11] He is now a member of an advisory board to the Department of Defense.

　　He currently serves on the board of directors of the Council on Foreign Relations, the Trilateral Commission, the Group of 30 and the National Committee on United States-China Relations. Feldstein was invited to participate in the Bilderberg Group annual conferences in 2008 and 2010 through 2013. He is also a member of the JP Morgan Chase International Council, a member of the Academic Advisory Council of the American Enterprise Institute, and a member of the British Academy.

　　In 2011 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine.

　　A well-known figure on the Harvard campus, Feldstein taught the introductory economics class "Social Analysis 10: Principles of Economics" for twenty years, being succeeded by N. Gregory Mankiw. The class (since renamed Economics 10) was routinely the largest class at Harvard, and is currently the second largest, trailing only Harvard's introductory Computer Science Course. He currently teaches courses in American economic policy and public sector economics at Harvard College.

　　Feldstein may have made one of his greatest impacts through the concentration of his students in top echelons of government and academia. These include: Larry Summers, former Harvard president and U.S. 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, Douglas Elmendorf, the current Director of the Congressional Budget Office, José Pi?era, Chile's Secretary of Labor and Social Security during its pension privatization in 1980–1981, Jeffrey Sachs, Director of the Earth Institute at Columbia University, and Glenn Hubbard, Bush's first chairman of the council and now dean of the Columbia Business School.

　　費爾德斯坦對國際經濟學和國際經濟政策協調的研究卓有成效。在這方面他最成功的論文之一是1980年與霍里奧卡合作的關於國民儲蓄和投資之間跨 國關係的論文。隨著金融自由化和一體化的進程加快，國際間資本的流動性大大增強。對於國際資本流動的問題，在經濟學家中曾經流行著這樣的無套利觀點：在資 本流動的情況下，每個國家的儲蓄可以自由地流到生產效率最高的國家和地區，因此一個國家的投資並不依賴於其國民儲蓄，國民儲蓄的增加也未必能增加其國內投 資，國內投資量與國內儲蓄量之間是無關的。但費爾德斯坦和霍里奧卡發現，在當時公認的資本具有高度流動性的OECD國家中國民儲蓄和國內投資是高度相關 的，國民儲蓄率的增加將導致國內投資率幾乎同等程度的變化。他們的研究與完善資本國際市場的完全套利假設是不一致的，成為國際經濟學至今未解的費爾德斯坦一霍里奧卡之謎。

　　針對西方發達國家的國際貨幣合作實踐，費爾德斯坦的研究結果，是提出逆效合作理論(Counter-productive Cooperation)。他認為，合作基本無效或逆效。其基本原因是政策制訂者的動機不純。由於美國的政治體製為三權分立的結構，所以國會的存在會阻撓美國財政政策的國際協調，所以美國政府只能通過貨幣手段調整。

　　馬丁·費爾德斯坦著有300多篇學術論文和眾多書籍，其中著名的有《轉變中的美國經濟》等。