This document analyzes trends in the NBER Working Paper series from 1978 to 2013. It finds that the number of working papers published annually has increased dramatically over time, from around 100 in the late 1970s to over 1,200 by 2013. The number of NBER research programs has also expanded significantly, from 7 originally to over 20 currently. Individual working papers now tend to involve more programs and more authors than in the past as well. The working paper series has become less specialized and more collaborative over four decades of growth and evolution.