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 have experienced in the recent global recession, and nominal and real exchange rates.