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, "How Much Do Immigration and Trade Affect Labor Market Outcomes?" by George J. Rojas, Richard B. Freeman, and Lawrence F. Katz "Systemic Monetary Policy and the Effects of Oil Price Shocks" By Ben S. Bernanke, Mark Gertler, and Mark Watson "Public Resistance to Indexation: A puzzle" by Robert J. Shiller "Can Families Smooth Variable Earnings?" by Susan Dynarski and Jonathan Gruber "Addressing the Quality Change Issue in the Consumer Price Index" by Brent R Moulton and Karin E. Moses "Brazil's Incomplete Stabilization and Reform" by Rudiger Dornbusch