This is the sixth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics.Olivier Blanchard and Stanley Fischer are both Professors of Economics at MIT.Contents: Pitfalls and Opportunities: What Macroeconomists Should Know about Unit Roots, John Y. Campbell and Pierre Perron. Markups and the Business Cycle, Julio Rotemberg and Michael Woodford. Privatization in Eastern Europe: Incentives and the Economics of Transition, Jean Tirole. The EMS, the EMU, and the Transition to a Common Currency, Kenneth A. Froot and Kenneth S. Rogoff. Growth, Macroeconomics, and Development, Stanley S. Fischer. Recessions as Reorganizations, Robert E. Hall.