In the 1970s, in independent research, they developed systematic approaches to distinguishing between cause and effect in macroeconomic data. Now, almost 40 years later, their thinking informs the making of macroeconomic policy around the world. I am especially pleased to acknowledge Chris and Tom’s achievement because of their connection to the state of Minnesota.
After earning their Ph.D.s in economics at Harvard, where Chris also received his undergrad degree in mathematics, Tom and Chris went on to do much of their Prize-winning work right here in Minneapolis, as professors at the University of Minnesota and consultants at the Federal Reserve Bank of Minneapolis.