Our ultimate specific aims in the phase III trial will be to assess: 1) Primary aim: Evaluate the effects of roflumilast 500 ug daily in hospitalized AECOPD patients on time to all-cause mortality or re-hospitalization during the 180 days following randomization and; 2) Secondary aims: Evaluate the effects roflumilast 500 ug daily in this population on the following outcomes: respiratory-related death or re-hospitalization during the 180 days following randomization; rate of death or readmission during the 30 days post-discharge; treatment failure (see definition below); change in health status, FEV1, and dyspnea during the 180 days following randomization; post-randomization ICU admission, need for non-invasive or invasive mechanical ventilation, and length of hospital stay during the index hospitalization and; 3) Other: Assess tolerance of roflumilast vs. placebo in hospitalized AECOPD B. Study Design and Synopsis: Parallel-group, prospective, randomized, double blind, placebo-controlled trial of roflumilast 500 ug daily vs. placebo in approximately 100 hospitalized AECOPD patients. Both groups will receive GOLD guideline-recommended care.