Editors' Summary

THIS ISSUE of Brookings Papers on Economic Activity contains papers and discussions presented at the fiftieth conference of the Brookings Panel on Economic Activity, which was held in Washington, D.C., on September 13 and 14, 1990. Four major papers explore hyperinflation, the cyclical movements of U.S. workers into and out of employment, whether the stock market has noise effects on business investment, and plans and prospects for European monetary union. Two shorter reports discuss privatizing property in Eastern Europe and recent U.S. trade performance.