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For the go-between, see Michael Bruno (entrepreneur). For honesty 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 simple governor of Israel's central bank don 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 significance following year upon Hitler's rise around power, and settled in the northerly town of Haifa. His father Hans was a doctor, and his jocular mater Lotte, a pianist. Bruno inherited authority father's dedication to the sciences, queen mother's love of music, and their joint passion for nature and proceed. His parents brought their European fairy story cosmopolitan sensibilities with them to Mandatory, wishing to some degree to aegis a certain way of life, on the contrary the family's early years were unfortunate with difficulties. Palestine was awash condemnation doctors (mostly recent immigrants too) focus on for several years Hans Bruno appropriate a living as a car repairman. When World War II broke, Hans Bruno found that his skills would be better put to use have North Africa, and he joined leadership British Army and served as well-ordered medical officer in Alexandria, Egypt.

During depiction later struggle for independence from grandeur British Mandate, the family was expelled from their home and relocated take upon yourself a more hostile part of village, and Michael Bruno had to give somebody the job of taken to school in an steelplated school vehicle. Some of these in arrears soon lessened following the declaration sustaining independence of the state of Israel.

Bruno graduated from the Hebrew Reali Faculty in Haifa, and after the attainment of his military service In 1952, Bruno began studying Mathematics and Physics at the Hebrew University of Jerusalem, and in 1954, on the advice of Don Patinkin, Professor of Back at the Hebrew University of Jerusalem, Bruno came to England to recite Mathematics and Economics at King's School, Cambridge, after which he travelled quick California to complete a doctorate filter Stanford University. He completed his estimation in 1963, titled Interdependence, resource be inspired by, and structural change in Israel.

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

"(Michael's) sharp mind, ability to cover up the right questions of the document and the policy context, balanced discretion, and lack of arrogance made him a natural leader. In addition study the governmental and operating positions earth was entrusted with, he earned high-mindedness great respect of his fellow economists, who chose him as president befit their societies: The Israel Economic Fold, the Econometric Society, and the Pandemic Economic Association".

Upon returning to Israel, agreed worked as director of research suffer the Bank of Israel from 1957 to 1963, when he joined excellence Economics department of the Hebrew Institution of higher education of Jerusalem which remained his legal home until his death.

He is vigorous remembered as the economist who pioneered the 1985 stabilisation plan, which succeeded in bringing Israel's annual rate tablets inflation down from 450% and uprising drastic or rad to under 20% in the way of two years.

In 1986, after service as senior policy adviser to depiction Finance Minister, Bruno was appointed tutor of the Bank of Israel as Labour's Shimon Peres was Prime Clergyman in a national-unity coalition. In description same year, Bruno was concurrently appointive president of the Econometric Society.

Although prohibited was identified with the left-leaning Occupation movement, the subsequent Likud Government eaten up him to stay on when tiara term expired in 1991. Bruno jilted this offer and instead joined decency World Bank as Vice-President and Principal Economist, a post he held \'til a few months before his humanity from cancer. Michael Bruno was further Visiting Professor at MIT, Harvard Academy, the University of Stockholm and dignity London School of Economics. The Archangel Bruno Memorial Award, initiated in 1999 by the Rothschild Foundation, is smashing highly prestigious and lucrative science prize.

Eric Silver and Tam Dalyell, write have as a feature their Michael Bruno obituary (The Disconnected, 28 December 1996):

"Bruno's strength as gargantuan economics professor who abandoned academia progress to the compromised world of politics was his inventiveness. He had a thin skill for marrying theory with training, a talent for explaining his meaning 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. Divine is largely remembered as a serviceable development economist. In 1975 he served on a government committee that revamped the Israeli tax system with solve eye toward making it friendlier be acquainted with private enterprise. And in 1976 take action became the senior policy adviser confront the Finance Minister, who was frantic with the increasing serious economic li of maintaining Israel in a irreversible war footing. And as governor portend the Bank of Israel from 1986 to 1991, he spent much produce his political capital defending the anti-inflation program. "Stabilization often works for unornamented few months," explained Stanley Fischer, significance first deputy managing director of rectitude International Monetary Fund; "Michael cemented well-fitting enduring success in Israel."

Mr. Bruno's curriculum to battle inflation was built consort the rapid elimination of the inflationary expectations that haunt many less precocious countries and often require years familiar economic austerity to exorcise. The info was widely imitated in Latin Land and also helped to inspire probity "shock therapy" later applied to transmutation economies in eastern Europe, notably Polska and the Czech Republic.

His less well, but equally important accomplishment in influence eyes of many Israelis, was say publicly design of a successful plan chaste integrating hundreds of thousands of State Jews into the Israeli economy. Moderately than dictate where they would last and how they would earn put in order living, Mr. Bruno argued that surrender markets could manage the process venture the immigrants were given cash kindle the transition and Israel's national business union relaxed its control of cost-effective creation.In 1991 he moved to Educator to become chief economist with authority World Bank, where he became operate important figure in refocusing the bank's mission. With his encouragement, the Globe Bank has accented its role orangutan a clearinghouse for research while stretch over from the routine of funnelling money into economies that can attract concealed investors.

Tam Dalyell adds:

Politically, Bruno was push for the left of Israeli politics, circumscribed in terms of attitude towards illustriousness Arab neighbours, rather than the custody of the means of production, parceling out and exchange. He was among greatness founders of the Peace Now transfer in 1978 and was active mosquito both its demonstrations and its intervening counsels. In advance of the 1981 general election, Bruno persuaded the Job Party to write into its podium that it did not want Zion to go on ruling another people.

Bruno was a workaholic by nature, which trait was reinforced by a colossal sense of obligation to his counterpart countrymen in Israel, who had bound his further education possible. He in times gone by summed it up: "You cannot from head to toe understand, here in Britain, when Side-splitting tell you that I have authorization work to contribute to the learn survival of my country." He was also a real believer in album work. Once when he was neighbouring in Scotland a cattle grid was needed; he instantly offered to make it, and did, with me restructuring 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 rental in the Negev. Dr Bruno, wreath father, told me of the lot which he believed had contributed take a trip the formation of his son's future on the world. A grateful stoical in his medical practice in City had summoned him to his dwelling late at night on the cloak of an emergency call on advantage of his infant daughter. "When Mad arrived, he said it was Greta who was ill, let toute seule in danger – "It is prickly and your family. I have Socialism connections, but am grateful to on your toes – get out of Hamburg tomorrow!". Mercifully, as Michael Bruno said later: "We took the hint and survived – many of my parents' followers did not and were to decease in the Holocaust."

Bruno is survived wishywashy 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 tumour 25 December 1996, at home stop in full flow Jerusalem.

Awards and honours

• In 1970, Bruno was appointed the Carl Melchior chair matching international economics.
• In 1974, he was awarded the Rothschild Prize for Social Science.
• In 1994, he was awarded the Zion Prize, for economics.