The 2006 Economic Report of the President

The 2006 Economic Report of the President

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The 2006 Economic Report of the President

dc.contributor.author	Feldstein, Martin
dc.date.accessioned	2009-04-13T17:31:31Z
dc.date.issued	2006
dc.identifier.citation	Feldstein, Martin, Alan Auerbach, Rebecca Blank, Michael Katz, and Kenneth Rogoff. 2006. Reviews of the 2006 economic report of the president. Journal of economic literature 44(3): 662-693	en
dc.identifier.issn	0022-0515	en
dc.identifier.uri	http://nrs.harvard.edu/urn-3:HUL.InstRepos:2794836
dc.description.abstract	This paper is an analytic comment on two chapters of the Economic Report of the President for 2006. Chapter One deals with the economy in 2005 and the outlook for the future. The chapter provides a detailed analysis of the expansion in 2005 but not an explanation of why the expansion occurred despite the sharp rise in oil prices. I discuss the role of easy money in stimulating mortgage borrowing which generated negative savings in 2005. Looking ahead, I comment on the risk to inflation implied by the rising unit labor costs over the past four years. Chapter six deals with the international position of the United States. It provides a useful analysis of capital flows to the United States and the reasons why other countries have current account surpluses. It does not deal with the role of the dollar or the nature of the adjustment that might occur to reduce the US current account deficit. I present some comments on those issues.	en
dc.description.sponsorship	Economics	en
dc.publisher	American Economic Association	en
dc.relation.isversionof	Http://dx.doi.org/10.1257/jel.44.3.662	en
dc.relation.hasversion	http://papers.nber.org/papers/w12168	en
dash.license	LAA
dc.title	The 2006 Economic Report of the President	en
dc.relation.journal	Journal of Economic Literature	en
dash.depositing.author	Feldstein, Martin