THIS ISSUE of Brookings Papers on Economic Activity contains articles
and reports presented at the thirty-fourthc onference of the Brookings
Panel on Economic Activity, which was held in Washington, D.C., on
September 16 and 17, 1982. Two articles deal with topics that have been
central themes in the economic programs advanced by the Reagan
administration: the need to encourage business investment and the desire
to return federal program responsibilities to state and local governments.
Four reports in this issue cover a range of topics: the likely consequences
of decontrolling gas prices, financial problems arising from high interest
rates and recession, evidence on the productivity slowdown, and the
relation between bankruptcies and the financial policies of corporations.