The NBER International Seminar on Macroeconomics brings together leading American and European economists to discuss a broad range of current issues in global macroeconomics. An international companion to the more American-focused NBER Macroeconomics Annual, the distinguished ISoM has met annually in Europe for over thirty years. Papers in this year’s volume fall into three categories: productivity in the international economy; a view of demand stimulus through the lens of the high level of unemployment  that most advanced countries experience in the recent global recession; and nominal and real exchange rates.