Provides a forum for leading economists to participate in important debates in macroeconomics and to report on major developments in macroeconomic analysis and policy.

This fortieth volume of the NBER Macroeconomics Annual includes four new papers on contemporary macroeconomic challenges and methodologies. Christopher Clayton, Matteo Maggiori, and Jesse Schreger examine how hegemonic powers use economic policies as tools of influence on target countries and show how the effectiveness of these policies depends on the target’s available alternatives and whether it can take advantage of those alternatives. José Luis Montiel Olea, Mikkel Plagborg-Møller, Eric Qian, and Christian Wolf provide essential guidance for practitioners choosing between vector autoregressions and local projections for estimating impulse response functions. Kristin Forbes, Jongrim Ha, and M. Ayhan Kose analyze inflation-output tradeoffs across rate cycles from the 1970s to the post-pandemic period using a new cross-country database that reveals how delayed but aggressive monetary responses can generate low-cost disinflation. Satyajit Chatterjee, Dean Corbae, Kyle Dempsey, and José-Victor Ríos-Rull explore the bidirectional relationship between credit scores and inequality over the life cycle, demonstrating through a dynamic general equilibrium model how full information credit scoring systems can improve welfare outcomes. In a keynote address commemorating the conference anniversary, Olivier Blanchard assesses the evolution of macroeconomic research over four decades, and finds substantial methodological convergence.

Situates "animal mobility" within the politics of movement, opening new perspectives in the history of science.

Human societies often come to know the natural world by examining animals, even as animals, frequently both willful and animate, can elude human grasp and challenge human aims. Animals and their movements have underpinned many methodological, moral, and epistemic dilemmas that generatively trouble the field. Featuring a range of geographies, species, languages, and cultures, the contributions in this volume broaden the view of the historical roles animals play in knowledge production processes. Organized according to three scales of animal movement (individuals, groups, systems), the twelve richly illustrated inquiries are situated in different time periods, from the sixteenth-century Ottoman Empire to the recent globalized past, and introduce varied forms, capacities, and politics of movement associated with animals. The analytic attention to animal mobility deepens comprehension of animal agency and human–animal interactions in unexpected spaces, including airports, entertainment venues, living rooms, dirt roads, and waterways. Taken together, the case studies in this volume reconsider how, where, and by whom science is done.

This is volume 40 issue 1 of Tax Policy and the Economy. Tax Policy and the Economy publishes current academic research on taxation and government spending with both immediate bearing on policy debates and longer-term interest.