The award went to Clive Granger of the University of California, San Diego, and Robert Engle of NYU, for their extremely difficult and important work on the econometric study of time series. Certainly well deserved. It is hard to imagine a choice less burdened with immediate policy implications. I do not mean that their work has no bearing on policy issues, only that it has no political content that a reporter is likely to be able to pull out of it.