This is the ninth in a series of annuals from the National Bureau ofEconomic Research that are designed to stimulate research on problems in appliedeconomics, to bring frontier theoretical developments to a wider audience, and toaccelerate the interaction between analytical and empirical research inmacroeconomics.Contents: On the Speed of Transition in Eastern Europe, PhilippeAghion and Olivier Jean Blanchard. The Costs of Business Cycles with IncompleteMarkets, Andrew Atkeson and Christopher Phelan. The U.S. Fiscal Problem: Where WeAre, How We Got Here and Where We Are Going, Alan Auerbach. The East Asian MiracleEconomies, John Page. What Ends Recessions? Christina Romer and David Romer. Towarda Modern Macroeconomic Model Usable for Policy Analysis, Christopher Sims and EricLeeper.