THE BROOKINGS PANEL ON Economic Activity held its eighty-first conference in Washington, D.C., on March 30 and 31, 2006. This issue of the Brookings Papers includes the papers and discussions presented at the conference. The first paper takes a new approach to assessing the boom in home prices, using a model that parallels the one commonly used to value assets such as stocks. The second analyzes labor force participation and its determinants and projects future labor force growth. The third examines changes in wealth by age group and relates them to changes in law and the economy and to demographic characteristics. The fourth examines the present defined-benefits pension system and considers how to reform its regulation and insurance by the federal government.