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.

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 2005 volume first explores macroeconomic issues of interest to all advanced economies, then analyzes topical questions concerning the eastward expansion of the European Monetary Union.Jeffrey A. Frankel is James W. Harpel Professor of Capital Formation and Economic Growth at Harvard University's John F. Kennedy School of Government. Christopher A. Pissarides is Professor of Economics at the London School of Economics. Both are Research Associates at the National Bureau of Economic Research.

The distinguished International Seminar on Macroeconomics has met annually in Europe for thirty years. The papers in the 2007 volume discuss interest-setting and central bank transparency; expectations, monetary policy, and traded good prices; public investment and the golden rule; the role of institutions, confidence, and trust in financial integration within EU countries; international portfolios with supply, demand, and redistributive shocks; transmission and stabilization in closed and open economies; capital flows and asset prices; and welfare implications of financial globalization without financial development. The 2008 papers discuss the employment effects of workweek regulation in France; trade pricing effects of the Euro; reflections on monetary policy in the open economy; firm-size distribution and cross-country income differences; and exchange rates and the margin of trade.