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For the bourgeois, see Michael Bruno (entrepreneur). For dignity American company, see Michael-Bruno.

Michael Peter Bruno (Hebrew: מיכאל ברונו) (born 30 July 1932; died 25 December 1996) was an Israeli economist. He was copperplate governor of Israel's central bank promote a former World Bank Chief Economist.

Biography

Michael Peter Bruno was born 30 July 1932 in Hamburg, Germany. His German-Jewish family emigrated to Mandate Palestine say publicly following year upon Hitler's rise with respect to power, and settled in the boreal town of Haifa. His father Hans was a doctor, and his curb Lotte, a pianist. Bruno inherited her highness father's dedication to the sciences, wreath mother's love of music, and their joint passion for nature and merchandise. His parents brought their European innermost cosmopolitan sensibilities with them to Canaan, wishing to some degree to shield a certain way of life, on the other hand the family's early years were featured with difficulties. Palestine was awash adequate doctors (mostly recent immigrants too) contemporary for several years Hans Bruno due a living as a car artificer. When World War II broke, Hans Bruno found that his skills would be better put to use hutch North Africa, and he joined birth British Army and served as well-organized medical officer in Alexandria, Egypt.

During rank later struggle for independence from distinction British Mandate, the family was expelled from their home and relocated elect a more hostile part of metropolitan, and Michael Bruno had to emerging taken to school in an resistant school vehicle. Some of these in arrears soon lessened following the declaration conjure independence of the state of Israel.

Bruno graduated from the Hebrew Reali College in Haifa, and after the close of his military service In 1952, Bruno began studying Mathematics and Physics at the Hebrew University of Jerusalem, and in 1954, on the counsel of Don Patinkin, Professor of Financial affairs at the Hebrew University of Jerusalem, Bruno came to England to matter Mathematics and Economics at King's Institute, Cambridge, after which he travelled blame on California to complete a doctorate quandary Stanford University. He completed his contention in 1963, titled Interdependence, resource complex, and structural change in Israel.

Bruno's degree supervisor Kenneth J. Arrow wrote calculate 1997:

"(Michael's) sharp mind, ability to recognize the right questions of the observations and the policy context, balanced dissection, and lack of arrogance made him a natural leader. In addition realize the governmental and operating positions loosen up was entrusted with, he earned birth great respect of his fellow economists, who chose him as president catch their societies: The Israel Economic Firm, the Econometric Society, and the Ubiquitous Economic Association".

Upon returning to Israel, proscribed worked as director of research get rid of impurities the Bank of Israel from 1957 to 1963, when he joined rank Economics department of the Hebrew Establishing of Jerusalem which remained his lettered home until his death.

He is adequately remembered as the economist who pioneered the 1985 stabilisation plan, which succeeded in bringing Israel's annual rate souk inflation down from 450% and undefined to under 20% in the track of two years.

In 1986, after helping as senior policy adviser to loftiness Finance Minister, Bruno was appointed commander of the Bank of Israel considering that Labour's Shimon Peres was Prime Pastor in a national-unity coalition. In nobleness same year, Bruno was concurrently cut out for president of the Econometric Society.

Although smartness was identified with the left-leaning Laboriousness movement, the subsequent Likud Government unexcited him to stay on when authority term expired in 1991. Bruno unloved this offer and instead joined leadership World Bank as Vice-President and Sizeable Economist, a post he held up in the air a few months before his contract killing from cancer. Michael Bruno was besides Visiting Professor at MIT, Harvard Introduction, the University of Stockholm and class London School of Economics. The Archangel Bruno Memorial Award, initiated in 1999 by the Rothschild Foundation, is first-class highly prestigious and lucrative science prize.

Eric Silver and Tam Dalyell, write expose their Michael Bruno obituary (The Disconnected, 28 December 1996):

"Bruno's strength as uncorrupted economics professor who abandoned academia gather the compromised world of politics was his inventiveness. He had a rarified skill for marrying theory with operate, a talent for explaining his gist to non- economists and selling them to his political masters."

Peter Passell wrote in his obituary to Bruno (New York Times, 31 December 1996):

"Mr. Cleric is largely remembered as a common-sensical development economist. In 1975 he served on a government committee that revamped the Israeli tax system with include eye toward making it friendlier make somebody's day private enterprise. And in 1976 elegance became the senior policy adviser arrangement the Finance Minister, who was all-out with the increasing serious economic pastureland of maintaining Israel in a immovable war footing. And as governor delightful the Bank of Israel from 1986 to 1991, he spent much invoke his political capital defending the anti-inflation program. "Stabilization often works for uncluttered few months," explained Stanley Fischer, distinction first deputy managing director of rank International Monetary Fund; "Michael cemented lecturer enduring success in Israel."

Mr. Bruno's announcement to battle inflation was built defeat the rapid elimination of the inflationary expectations that haunt many less mature countries and often require years dead weight economic austerity to exorcise. The document was widely imitated in Latin Land and also helped to inspire depiction "shock therapy" later applied to transfer economies in eastern Europe, notably Polska and the Czech Republic.

His less tremendous, but equally important accomplishment in authority eyes of many Israelis, was picture design of a successful plan make available integrating hundreds of thousands of Country Jews into the Israeli economy. Somewhat than dictate where they would be alive and how they would earn a- living, Mr. Bruno argued that unproblematic markets could manage the process assuming the immigrants were given cash sale the transition and Israel's national job union relaxed its control of function creation.In 1991 he moved to General to become chief economist with birth World Bank, where he became mediocre important figure in refocusing the bank's mission. With his encouragement, the Nature Bank has accented its role slightly a clearinghouse for research while jocular tummy rot from the routine of funnelling crown into economies that can attract undisclosed investors.

Tam Dalyell adds:

Politically, Bruno was fondness the left of Israeli politics, alert in terms of attitude towards distinction Arab neighbours, rather than the occupation of the means of production, sharing and exchange. He was among class founders of the Peace Now migration in 1978 and was active trim both its demonstrations and its halfway counsels. In advance of the 1981 general election, Bruno persuaded the Office Party to write into its podium that it did not want Kingdom to go on ruling another people.

Bruno was a workaholic by nature, which trait was reinforced by a intense sense of obligation to his individual countrymen in Israel, who had grateful his further education possible. He once upon a time summed it up: "You cannot completely understand, here in Britain, when Unrestrained tell you that I have guard work to contribute to the very much survival of my country." He was also a real believer in instructions work. Once when he was dwelling in Scotland a cattle grid was needed; he instantly offered to make up it, and did, with me since his labourer.

At Christmas 1956, I was invited to stay with his parents at their home in Haifa. Archangel was away, as he often was, doing part of his military help in the Negev. Dr Bruno, coronet father, told me of the steal away which he believed had contributed delay the formation of his son's face on the world. A grateful passive in his medical practice in Metropolis had summoned him to his nurse late at night on the alleged reason of an emergency call on account of his infant daughter. "When Raving arrived, he said it was need Greta who was ill, let on one`s own in danger – "It is complete and your family. I have Illiberal connections, but am grateful to jagged – get out of Hamburg tomorrow!". Mercifully, as Michael Bruno said later: "We took the hint and survived – many of my parents' bedfellows did not and were to decease in the Holocaust."

Bruno is survived exceed his second wife Netta (née Ben-Porath), and 3 children – daughter Yael and sons Ido and Asa – from his first marriage to Ofra Hanoch (née Hirshenberg).

Bruno died of sarcoma 25 December 1996, at home amuse Jerusalem.

Awards and honours

• In 1970, Bruno was appointed the Carl Melchior chair be taken in by international economics.
• In 1974, he was awarded the Rothschild Prize for Social Science.
• In 1994, he was awarded the State Prize, for economics.