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

The NBER Macroeconomics Annual presents research on central issues in contemporary macroeconomics. Martin Kornejew, Chen Lian, Yueran Ma, Pablo Ottonello, and Diego Perez investigate the role of bankruptcy institutions in mitigating the economic fallout of credit crunches following booms and find that efficient institutions reduce the adverse effect of credit tightening on GDP. Santiago Camara, Lawrence Christiano, and Hüsnü Dalgic analyze the global effects of US monetary policy shocks, with particular attention to trade channels and financial frictions, and find that tighter US monetary policy leads to more pronounced contractions in emerging markets than in advanced economies. David Altig, Alan Auerbach, Erin Eidschun, Laurence Kotlikoff, and Victor Yifan Ye assess the welfare costs of inflation through interactions with tax and benefit programs and show that imperfect indexation leads to welfare losses for some households and gains for others. Paul Beaudry, Chenyu Hou, and Franck Portier examine inflation dynamics and find that supply shocks and inflation expectations are pivotal for explaining them. Finally, Davide Debortoli and Jordi Galí develop a simplified two-agent new Keynesian (TANK) model to emulate more complex heterogeneous agent new Keynesian (HANK) models, and use it to examine the many channels through which heterogeneity influences aggregate fluctuations.

Presents a powerful new vision of the history of science through the lens of disability studies.

Disability has been a central—if unacknowledged—force in the history of science, as in the scientific disciplines. Across historical epistemology and laboratory research, disability has been “good to think with”: an object of investigation made to yield generalizable truths. Yet disability is rarely imagined to be the source of expertise, especially the kind of expertise that produces (rational, neutral, universal) scientific knowledge.

This volume of Osiris places disability history and the history of science in conversation to foreground disability epistemologies, disabled scientists, and disability sciencing (engagement with scientific tools and processes). Looking beyond paradigms of medicalization and industrialization, the volume authors also examine knowledge production about disability from the ancient world to the present in fields ranging from mathematics to the social sciences, resulting in groundbreaking histories of taken-for-granted terms such as impairment, infirmity, epidemics, and shōgai.

Some contributors trace the disabling impacts of scientific theories and practices in the contexts of war, factory labor, insurance, and colonialism; others excavate racial and settler ableism in the history of scientific facts, protocols, and collections; still others query the boundaries between scientific, lay, and disability expertise. Contending that disability alters method, authors bring new sources and interpretation techniques to the history of science, overturn familiar narratives, apply disability analyses to established terms and archives, and discuss accessibility issues for disabled historians. The resulting volume announces a disability history of science.

Timely and authoritative research on the latest issues in tax policy.

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. This volume highlights new insights on taxation, transfer programs, and related issues. First, analyzing the itemized medical deduction in the US federal income tax, Gopi Shah Goda, Ithai Lurie, Priyanka Parikh, and Chelsea Swete find that this provision disproportionately benefits higher-income taxpayers, particularly after the passage of the 2017 Tax Cuts and Jobs Act. They also consider alternative structures, such as a tax credit, that could make the distribution of the tax benefits for those with high medical outlays more equal. Next, Danny Yagan analyzes factors influencing the US federal budget deficit and the debt-to-GDP ratio. He describes the "growth dividend," the impact of GDP growth on the debt ratio, and warns about the potential costs of high debt-to-GDP ratios, especially when interest rates rise. In the third paper, Theresa Gullo, Benjamin Page, David Weiner, and Heidi Williams synthesize the economic evidence on the economic and budgetary effects of R&D investment and examine how this evidence could be incorporated into the standard projections generated by various federal agencies. Fourth, Rosanne Altshuler, Lysle Boller, and Juan Carlos Suárez Serrato investigate profit shifting by US multinational corporations and evaluate the importance of aggregation errors in reported foreign earnings and on estimates of profit shifting elasticities based on these data. Finally, David Neumark and Zeyu Li find no employment effect of California’s Earned Income Tax Credit on less-skilled single mothers, in contrast with the effects of federal and other states' programs. They suggest that structural differences and interactions with minimum wage laws explain this result.

The Tanner Lectures on Human Values, founded July 1, 1978, at Clare Hall, University of Cambridge, were established by the American scholar, industrialist, and philanthropist Obert Clark Tanner. Lectureships are awarded to outstanding scholars or leaders in broadly defined fields of human values and transcend ethnic, national, religious, or ideological distinctions. Volume 39 includes lectures initially scheduled during the academic year 2019 – 2020 at the University of Michigan, Cambridge, Princeton University, Stanford University, and Yale University. Owing to the global coronavirus pandemic, some were delivered at a later date.