For me, knowing that I am using my skills to further the commonweal and the national interest is an important compensation for the personal sacrifices that a policy position can entail - a view that I know to be widely shared among my colleagues at the Federal Reserve.
Whether you are a veteran economist or just starting out in the profession, I urge you to consider seriously any opportunity that arises to serve in a policymaking capacity, be it as a principal or as a supporting staff member. You will feel good about it, and you will learn a lot. BIS Review 1/2005  3