  We use data from the Hipparcos catalogue to construct colour-magnitude
diagrams for the solar neighbourhood, which are then treated using advanced
Bayesian analysis techniques to derive the star formation history, $SFR(t)$, of
this region over the last 3 Gyr. The method we use allows the recovery of the
underlying $SFR(t)$ without the need of assuming any {\it a priori} structure
or condition on $SFR(t)$, and hence yields a highly objective result. The
remarkable accuracy of the data permits the reconstruction of the local
$SFR(t)$ with an unprecedented time resolution of $\approx 50 $ Myr. A $SFR(t)$
having an oscillatory component of period $\approx 0.5$ Gyr is found,
superimposed on a small level of constant star formation activity. Problems
arising from the non-uniform selection function of the Hipparcos satellite are
discussed and treated. Detailed statistical tests are then performed on the
results, which confirm the inferred $SFR(t)$ to be compatible with the observed
distribution of stars.
