The distinguished International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year's volume fall into four categories: exchange rates, global business cycles, the financial crisis, and unemployment and the Great Recession. The chapters include a study of capital-account policies that are sometimes used to peg the real exchange rate, and an analysis of panel data from OECD countries that characterizes and explains movements in house prices. Other studies explore central issues to the financial crisis, such as its impact on trade flows, the effects of official bailouts, and the nature and evolution of unemployment during the Great Recession.About the Author: Francesco Giavazzi is professor of economics at Bocconi University, Italy, and visiting professor of economics at the Massachusetts Institute of Technology. He is a research associate of the NBER. Kenneth D. West is the John D. MacArthur and Ragnar Frisch Professor of Economics at the University of Wisconsin-Madison and a research associate of the NBER.