At the macroeconomic level the principal aim of this project is to develop an interactive economic-demographic model of U.S. experience over the past five decades that centers on the causes and effects of the long swings in fertility and its relation to "relative income". We also plan to develop a more comprehensive picture of the effects of the swing by analyzing several social as well as economic variables. Work in the current year was focused on primarily analyzing the macroeconomic effects of the long swing in fertility and consequent shifts in the relative numbers and incomes of younger versus older workers, especially as it impinges on the economic situation of teenagers.