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This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycle

We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Secon

During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which h

There is a small and growing literature that explores the impact of digitization in a variety of contexts, but its economic consequences, surprisingly, remain p

Few United States government programs are as controversial as those designed to aid the poor. From tax credits to medical assistance, aid to needy families is s