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Why doesn't Mail show me the messages in my inbox?

I have an iPhone, an iPad, and an iMac. All are running up-to-date copies of their operating systems (iOS 6, iOS 6, and 10.8.2, respectively).

I have configured my Exchange account on all three devices. On all devices I can browse the directories on the Exchange server and view messages -- with one exception. Mail on my iMac does not display the messages in my inbox. I can see the messages in my inbox on both iOS devices. Of course, I can also view the inbox messages when I log in to the webmail interface.

I have deleted and re-configured the Exchange account several times on my iMac, without any change.