It took about twenty years to undo the effects on economic behavior of the inflationary episode of the 1970s. We must preserve those gains if we are to meet our responsibilities for fostering economic growth and stability. 6  BIS Review 34/2004
Dick’s work on asset markets includes his seminal work with Steve LeRoy on variance bounds tests on present-value relations. Their demonstration that equity prices were excessively volatile relative to what would be consistent with the efficient capital markets model posed a fundamental challenge to the theory of finance and spearheaded a vast literature aimed at improving our understanding of asset pricing and market efficiency.