ACKNOWLEDGMENTSDevelopment of this report has been very much a team effort and we recognize here a long list of people who made significant contributions.

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Direct employment per thousand board feet of logs processed is higher in domestic lumber and veneer and plywood industries than in the log export industry. Relative product values and indirect effects of domestic and export markets vary over time. Success of policies to maximize trade offs between markets is not certain because responses of industry members to changes in policies are uncertain.

Ueda, Michihiko, and David R. Darr. 1980. The outlook for housing in Japan to the year 2000. USDA For. Serv. Res. Pap. PNW-276, 25 p. Pacific Northwest Forest and Range Experiment Station, Portland, Oregon. Vacancies, including second homes, will probably become more important in the future as a proportion of the total number of housing units. This assumption is based in part on an apparent upward trend in ownership of second homes, both as vacation villas and as condominiums for occasional use in congested metropolitan areas. Housing demand in Japan is analyzed in terms of new household formations, vacancies, and replacements of housing stock. Total number of starts is projected to stay near current levels or decline, depending on assumptions about replacement demands. This contrasts with rapid growth in number of starts during the 1960's and early 1970's.

The prospective welfare and market impacts offederal efforts to stabilize prices of wood products are examined for two alternative strategies involving manipulating Forest Service harvest levels. Generally, these stabilization strategies yield substantial net benefits. Consumers consistently gain, while losses by stumpage producers and by end product suppliers in the South are largely offset by gains in the West.