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 RUDIGER DORNBUSCH, FEDERICO STURZENEGGER, and HOLGER WOLF Extreme Inflation: Dynamics and Stabilization OLIVIER JEAN BLANCHARD and PETER DIAMOND The Cyclical Behavior of the Gross Flows of U.S. Workers RANDALL MORCK, ANDREI SHLEIFER, and ROBERT W. VISHNY The Stock Market and Investment: Is the Market a Sideshow? ALBERT GIOVANNINI European Monetary Reform: Progress and Prospects Reports DAVID LIPTON and JEFFREY SACHS Privatization in Eastern Europe: The Case of Poland ROBERT Z. LAWRENCE U.S. Current Account Adjustment: An Appraisal