Published twice a year, BPEA offers authoritative, in-depth research on economic development for economists, government officials, and members of the financial and business communities. For nearly thirty years, BPEA has been an indispensable source for scholars and policymakers seeking objective analysis of major macroeconomic issues.Contents D. NORDHAUSAlternative Approaches to the Political Business CycleSTEVEN N. DURLAUFOutput Persistence, Economic Structure, and the Choice of Stabilization PolicyReportBENJAMIN M. FRIENDMAN and DAVID I. LAIBSONEconomic Implications of Extraordinary Movements in Stock PricesReports on Wage Development and ProspectsDANIEL J.B. MITCHELLWage Pressures and Labor The 1960s and 1980sMICHAEL L. WACHTERNorm Shifts in Union Will 1989 Be a Reply of 1969?Symposium on Europe 1992MERTON J. PECKIndustrial Organization and the Gains from Europe 1992VITTORIO GRILLIFinancial Markets and 1992RICHARD N. COOPEREurope without BordersRUDIGER DORNBUSHEurope 1992: Macroeconomic Implications