The twenty-sixth edition of the NBER Macroeconomics Annual continues its tradition of featuring theoretical and empirical contributions that shed light on central issues in contemporary macroeconomics, pushing the frontiers of macroeconomic work in areas ranging from short-run macroeconomic fluctuations to exchange rates, financial regulation, and political economy. As with other recent volumes in this series, this year's volume features several papers that aim to illuminate the causes of the recent financial crisis and consider policies that might reduce the likelihood of similar crises in the future. Topics include analyses of the sources of asset market bubbles and their macroeconomic consequences, the reconsideration of financial regulation and ways in which it could be improved, exchange-rate determination, and the macroeconomic determinants of unemployment. About the Author: Daron Acemogluis the Charles P. Kinderberger Professor of Applied Economics at the Massachusetts Institute of Technology and a research associate of the NBER. Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia University and a research associate of the NBER.