Contents include: Articles An Aging Society: Opportunity or Challenge?, David M. Cutler, James M. Poterba, Louise M. Sheiner, and Lawrence H. Summers Creating a Market Economy in Eastern Europe: The Case of Poland, David Liption and Jeffrey Sachs New Evidence on the Monetary Transmission Mechanism, Christina D. Romer and David H. Romer Reports Inflation and Uncertainty at Long and Short Horizons, Laurence Ball and Stephen G. Cecchetti U.S. Corporate Leverage: Developments in 1987 and 1988, Ben S. Bernanke, John Y. Campbell and Toni M. Whited Soviet Economic Reform: The Longest Road William D. Nordhaus