The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in this volume discuss openness and the fall and rise of stock market correlations between 1890 and 2001; defaults, underwriters and sovereign bond markets between 1815 and 2007; systemic risk taking and the U.S. financial crisis; the Feldstein-Horioka fact, nontradable goods' real exchange rate puzzle; and assessing external equilibrium in low income countries.About the Author: Lucrezia Reichlin is a professor of economics at London Business School. Kenneth West is the Ragnar Frisch Professor of Economics at the University of Wisconsin-Madison and a research associate of the NBER.