马丁·费尔德斯坦

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马丁·费尔德斯坦(Martin Feldstein)

马丁·费尔德斯坦（Martin Feldstein）：美国经济学家，被称为供应学派经济学之父

　　费尔德斯坦犹太人，1939年出生于纽约市；本科就读于哈佛大学；在牛津大学获得博士学位；1967年起任哈佛教授；里根政府时期任经济顾问委员会主席；获得过美国经济学会的约翰·贝茨·克拉克奖，常常被认为是诺贝尔奖的前兆。费尔德斯坦目前担任全国经济研究局局长。

　　费尔德斯坦被称为供应学派经济学之父。供应学派认为减税实际上能提高税收收入。 英报介绍他是格林斯潘继任者人选之一。他本对经济学原本无甚兴趣。1961年从哈佛大学本科毕业后，他想继续念哈佛医学院，结果却拿到了英国牛津大学的富布莱特奖学金，到了英国，他便一头栽入英国医疗体系研究中，几年之后，获牛津大学经济学博士学位，返回哈佛任教。这时，他才开始将研究焦点放在经济政策上。1977年，美国经济协会将约翰·贝茨·克拉克奖颁给费尔德斯坦，这个奖项1947年设立，每两年评选一次，入选的基本资格为在美国大学任教、40岁以下的学者。

　　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.

　　费尔德斯坦对国际经济学和国际经济政策协调的研究卓有成效。在这方面他最成功的论文之一是1980年与霍里奥卡合作的关于国民储蓄和投资之间跨 国关系的论文。随着金融自由化和一体化的进程加快，国际间资本的流动性大大增强。对于国际资本流动的问题，在经济学家中曾经流行着这样的无套利观点：在资 本流动的情况下，每个国家的储蓄可以自由地流到生产效率最高的国家和地区，因此一个国家的投资并不依赖于其国民储蓄，国民储蓄的增加也未必能增加其国内投 资，国内投资量与国内储蓄量之间是无关的。但费尔德斯坦和霍里奥卡发现，在当时公认的资本具有高度流动性的OECD国家中国民储蓄和国内投资是高度相关 的，国民储蓄率的增加将导致国内投资率几乎同等程度的变化。他们的研究与完善资本国际市场的完全套利假设是不一致的，成为国际经济学至今未解的费尔德斯坦一霍里奥卡之谜。

　　针对西方发达国家的国际货币合作实践，费尔德斯坦的研究结果，是提出逆效合作理论(Counter-productive Cooperation)。他认为，合作基本无效或逆效。其基本原因是政策制订者的动机不纯。由于美国的政治体制为三权分立的结构，所以国会的存在会阻挠美国财政政策的国际协调，所以美国政府只能通过货币手段调整。

　　马丁·费尔德斯坦著有300多篇学术论文和众多书籍，其中著名的有《转变中的美国经济》等。