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Martin Feldstein was a remarkable economic scholar, an extraordinary teacher, a fabulous economic and academic administrator, and a dedicated public servant who had a tremendous impact. He played an enormous role in advancing empirical research in economics and was a mentor to generations of undergraduates and graduate students. Beyond his research and teaching, Feldstein was a transformative figure within economics, through his three decade leadership of the National Bureau of Economic Research. He is going to be very deeply missed.

This article traces the complex path that Martin Feldstein followed, for more than twenty years, in his principled critique of the European common currency project. Involved in the debate on the euro from its early stages to the tumultuous times of the sovereign debt crisis and the resulting recession, author of numerous articles in the academic and popular press, drawing his arguments from economics and political economy, he contributed to the development of an American vision on monetary unification in the EU. Studying this extended body of literature proves to be an interesting way to explore the sinuous discussion on the euro from the theoretical, applied and public-debate perspectives.

Over the past two decades, the elasticity of taxable income has emerged as the central parameter for assessing efficiency and revenue implications from changes to tax policy. This article estimates short- and longer-run responses of taxable (and gross) income to changes in tax rates using panels of U.S. tax returns for the 1990s. With the richest set of income controls, income-weighted elasticity estimates range from 0.19 to 0.33, depending on whether responses are measured over one- or three-year intervals. An alternative approach designed to capture delayed and anticipatory responses yields much larger estimates—ranging from 0.43 over the short term and from 0.78 to 1.46 over the longer term. A continuing obstacle to identification encountered here is that the income controls most likely to control for mean reversion and divergence within the income distribution are also the most likely to absorb independent variation in tax rates, also needed for identification.

Feldstein nagy hatású modelljében (Feldstein [1985]) a kormányzat egy tb-nyug-díjrendszer segítségével küzd a reprezentatív egyén rövidlátása ellen. 1. Teljesenrövidlátó dolgozó esetén a társadalmilag optimális tb-nyugdíj szintje jelentősnekadódott. 2. Részlegesen rövidlátó dolgozó esetében azonban Feldstein egy másikoptimumot talált, amely jelentősen kisebb, esetenként 0 volt. Feldsteinnel ellentét-ben nem tekintünk el attól, hogy sem egy józan bank, sem egy jó szándékú kormány-zat nem engedi, hogy polgárai a nyugdíjjárulékot hosszú távú kölcsönnel fedezzék.Ekkor a kormányzat a részleges rövidlátás esetén is szükség szerint a 2. helyett az 1.változatot választja: azaz a valódi optimum jóval nagyobb lehet, mint Feldsteiné.

The purpose of this essay is to provide an alternative approach to studying the rhetoric of policy-oriented economics suggesting that the range of economic-policy possibilities is conditioned by the rhetoric of economics. To this end, Martin Feldstein's pro-privatization rhetoric will be compared to that of President Bush. In doing so, we will aim at showing that just as the political rhetoric of Social Security invokes the authority of \"ideographs\" such as personal ownership to draw on a society's ideological and cultural repertoire, economic rhetoric undertakes a similar task by employing \"economic ideographs\" like deadweight loss to resonate with fellow economists through an appeal to the implicit normative premises embedded in the language of economics.

Did the 2008 rebate fail to stimulate consumer spending? In their influential American Economic Review articles, John Taylor and Martin Feldstein each claim that Bureau of Economic Analysis (BEA) aggregate time series data show that the 2008 rebate failed. Reexamining the BEA data, we find that the data instead show there is a high probability that the rebate stimulated consumption. Moreover, the hypothesis that a rebate has half the impact of ordinary disposable income cannot be rejected. Thus, we find that analysis of the BEA aggregate time series data is consistent with the conclusion from the microdata studies that the 2008 rebate stimulated consumer spending.

Investments and savings are significant macroeconomic determiners for countries to maintain their sustainable economic growth. Although investment-saving relationship is subject to many studies, Feldstein-Horioka (1980) explain the investment-saving relationship with international capital mobility. They suggest that investments will be financed with domestic savings and investment-saving relationship will be strong, otherwise there will be no relationship or the relationship will be in the low level in the case of restrictions on capital movements. In this study Feldstein-Horioka (F-H) hypothesis was tested with the new generation dynamic panel data analysis considering the structural breaks in EU-15 countries and Turkey. Unit root and cointegration tests considering the hypothesis that a macroeconomic shock in a country would affect the other countries, in other words the cross sectional dependency were implemented in this analysis. As a result of the analysis , for the countries overall a weak cointegration relationship between investment-saving series was obtained and it was found that F-H hypothesis is valid for these countries. However, it was found that the level of savings to meet investments was lower in the short term analysis. [PUBLICATION ABSTRACT]