Table of Contents

Introduction
I. Recent economic trends
-Overview
-Demand and output: robust growth and then a noticeable slowdown
-A still tight labour market but moderate inflation
-A widening external deficit
II. The current cycle in perspective and the outlook for 1995-96
-The relative strength of aggregate demand and its components
-Novelties in labour-market outcomes
-An expansion purged of a cyclical upturn in inflation
-A belated interest-rate cycle
-Wrapping up
-Short-term economic prospects
III. Monetary and exchange rate policy and developments
-The culminating increases in short-term interest rates
-The reaction in the bond markets
-Developments in money and credit
-Differing pressures on the dollar
IV. The longer-term outlook for federal finances
-Baseline deficit projections
-The rationale for deficit reduction
-The current policy debate
-Managing the budget process and other rules
V. Other structural policy changes
-Developments in labour market policy
-Problems and progress on the external trade front
-Some recent regulatory developments
-Environmental reform proposals
-Agricultural policy initiatives
-Improving the functioning of the market for financial services
-Other structural policy changes
VI. Training and adult education
-Introduction 
-Labour market developments
-The institutional framework for adult education and training
-Recent and proposed initiatives
-Assessment and scope for further action
VII. Conclusions
Notes
Bibliography 
Annexes
-I. Background material for Chapter II
-II. Calendar of main economic events
Statistical annex and structural indicators