For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues. Contents Include: Articles Extreme Inflation: Dynamics and Stabilization, Rudiger Dornbusch, Federico Sturzenegger, and Holger Wolf The Cyclical Behavior of the Gross Flows of U.S. Workers, Olivier Jean Blanchard and Peter Diamond The Stock Market and Investment: Is the Market a Sideshow?, Randall Morck, Andrei Shleifer, and Robert W. Vishny European Monetary Reform: Progress and Prospects, Albert Giovannini Reports Privatization in Eastern Europe: The Case of Poland, David Lipton and Jeffrey Sachs U.S. Current Account Adjustment: An Appraisal, Robert Z. Lawrence