This was also accompanied by a business cycle slowdown and low profitability in the private corporate sector and low corporate savings. Both recoveries have now taken place: public sector savings are now again positive; and corporate profitability is also very healthy.
In the 1970s and 1980s, many researchers, such as our three honorees, were doing work directly applicable to policy. But others had few day-to-day responsibilities and were fairly free to concentrate on long-run research projects, some of which appeared to have only tenuous connection to the work of the Board.