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The twenty-sixth volume of the "NBER Macroeconomics Annual" continues a tradition of featuring theoretical and empirical contributions that shed light on 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. This year's volume features several papers that 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.