The twenty-seventh edition of the NBER Macroeconomics Annual continues a tradition of featuring theoretical and empirical contributions that shed light on central issues in contemporary macroeconomics, pushing the frontiers of macroeconomic research on topics related to both the business cycle and economic growth and addressing important policy-relevant questions. This year s volume features two papers that illuminate two causes of the recent financial crisis: how firms accessed credit during the financial crisis and how the risk in mortgage lending was measured in the UK in the decades...