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As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. To a lesser extent, Summers has also worked in international economics, economic demography, economic history, and development economics. His work generally places emphasis in the analysis of empirical economic data in order to answer well-defined questions (for example: Does saving respond to after-tax interest rates? Are the returns from stocks and stock portfolios predictable?, Are most of those who receive unemployment benefits only transitorily unemployed?, etc.) For his work he received the John Bates Clark Medal in 1993 from the American Economic Association (an honor economists often consider as prestigious as the Nobel Prize). In 1987 he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. In line with most Clark medalists (who historically have gone on to win the Nobel in Economics should they live long enough), Summers was considered a contender for nomination prior to his controversial presidency at Harvard.