THIS IS THE TWELFTH ISSUE OF Brookings Papers on Economic Activity, a
publication that appears three timesa year and contains the articles, reports,
and highlights of the discussion from conferences of the Brookings Panel
on Economic Activity. Financed by grants from the Alfred P. Sloan Foundation
and the Alex C. Walker Foundation, the panel was formed to promote
professional research and analysis of key developmentsin U.S. economic
activity. Prosperity and price stability are its basic subjects.