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BPEA Article

Editors’ Summary of the Brookings Papers on Economic Activity – 1977 No 2



THE BROOKINGS PANEL on Economic Activity held its twenty-third conference
in Washington, D.C., on September 8 and 9, 1977. Presented at
that time, and published here, were four articles and two reports. A wide
variety of financial topics are covered by the four articles: a critique of
keying monetary policy to short-run monetary targets; an assessment of
the impact of stock and bond valuation on corporate investment; an examination of the debt positions of less developed countries; and a study of
two-way relationships between inflation and monetary policy in various
industrial nations. The two reports explore aspects of labor markets: one
develops an analytical framework for evaluating government programs
that directly create jobs, and the other interprets recent trends in labor force

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