THIS ISSUE OF Brookings Papers on Economic Activity contains papers
and discussions presented at the thirty-eighthc onference of the Brookings
Panel on Economic Activity, which was held in Washington, D.C.,
on September 13 and 14-, 1984. Four major articles cover the causes of
high interest rates, the Latin American debt crisis, bank deregulation
andpolicy effectiveness, and aformal model of stockprices. Two shorter
reports examine the effect of the exchange rate on the U.S. price level
and why unemployment fell so fast in the recovery.