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.

He is among the 10 most influential economists in the world according to IDEAS/RePEc. A. 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.

Martin Stuart "Marty" Feldstein (born November 25 1939) is an American economist. He is currently the George F. Baker Professor of Economics at Harvard University and the president emeritus of the National Bureau of Economic Research (NBER).