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Bruno, Michael

Works: 105 works in 614 publications in 4 languages and 7,307 library holdings
Genres: Conference papers and proceedings  Periodicals 
Roles: Author, Editor, Author of introduction, Other, Honoree, Arranger, Publisher
Publication Timeline
Publications about Michael Bruno
Publications by Michael Bruno
Publications by Michael Bruno, published posthumously.
Most widely held works by Michael Bruno
Economics of worldwide stagflation by Michael Bruno( Book )
25 editions published between 1984 and 1991 in 3 languages and held by 807 libraries worldwide
This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations
Inflation stabilization : the experience of Israel, Argentina, Brazil, Bolivia, and Mexico by World Institute for Development Economics Research( Book )
31 editions published between 1988 and 1992 in English and Spanish and held by 584 libraries worldwide
High inflation and the nominal anchors of an open economy by Michael Bruno( Book )
22 editions published between 1990 and 1991 in English and held by 432 libraries worldwide
A high inflation process is usually due to a real imbalance and cannot be cured without a correction of real furamenta1s. Yet it can be characterized as a quasi-stable nominal process which gets divorced from the real system in what Patinkin could call a valid classical dichotomy. This paper extends the existing seignorage model approach to multiple inflationary equilibria by rationalizing a high inflation equilibrium as well as its stability as the outcomes of sub-optimization by a 'soft' government. It considers the advantages as well as the weaknesses of using the exchange rate as the key nominal anchor in the various stages of stabilization to low (or zero) inflation. Finally the rationale for using multiple nominal anchors is also discussed. Applications of the theoretical arguments are illustrated from recent high inflation and stabilization experience
Lessons of economic stabilization and its aftermath by Banḳ Yiśraʼel( Book )
17 editions published between 1991 and 1992 in English and Spanish and held by 408 libraries worldwide
In the next decade, as the former Eastern Bloc countries and the developing nations endeavor to modernize their economies, much macroeconomic research will be concerned with stabilization and reconstruction. The informative, fac-filled studies presented in this volume describe how measures to control inflation have been implemented in Bolivia, Chile, Argentina, Brazil, Israel, Mexico, Turkey, and Yugoslavia
Crisis, stabilization, and economic reform : therapy by consensus by Michael Bruno( Book )
22 editions published between 1993 and 2006 in English and held by 361 libraries worldwide
Considers the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil and Israel. The author examines common characteristics of such processes and their possible cures, focusing on the Israeli experience of the political economy of stabilization
Contemporary economic issues : proceedings of the Eleventh World Congress of the International Economic Association, Tunis by International Economic Association( Book )
64 editions published between 1988 and 1999 in English and held by 329 libraries worldwide
Advances in macroeconomic theory by International Economic Association( Book )
12 editions published between 2001 and 2005 in English and held by 164 libraries worldwide
"Leading world scholars analyse a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies." "Jacques Dreze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates growth theory to the macroeconomic framework. Other issues examined are the implications for macro-policy of new research, including Joseph Stiglitz's warning on the misplaced zeal for financial market liberalization which partly engendered the East Asian and Russian crises."--Jacket
Interdependence, resource use, and structural change in Israel by Michael Bruno( Book )
16 editions published between 1962 and 1963 in English and held by 150 libraries worldwide
Deep crises and reform : what have we learned? by Michael Bruno( Book )
20 editions published in 1996 in English and held by 137 libraries worldwide
This paper was first presented as my address, as president, to the 1995 Congress of the International Economic Association in Tunis
Inflation crises and long-run growth by Michael Bruno( Book )
24 editions published between 1995 and 1999 in English and Undetermined and held by 137 libraries worldwide
Recent literature suggests that long-run averages of growth and inflation are only weakly correlated and such correlation is not robust to exclusion of extreme inflation observations; inclusion of time series panel data has improved matters, but an aggregate parametric approach remains inconclusive. We propose a nonparametric definition of high inflation crises as periods when inflation is above 40 percent annually. Excluding countries with high inflation crises, we find no evidence of any consistent relationship between growth and inflation at any frequency. However, we find that growth falls sharply during discrete high inflation crises, then recovers surprisingly strongly after inflation falls. The fall in growth during crisis and recovery of growth after crisis tend to average out to close to zero (even slightly above zero), hence the lack of a robust cross-section correlation. Our findings could be consistent either with trend stationarity of output, in which inflation crises are purely cyclical phenomena, or with models in which crises have a favorable long-run purgative effect. Our findings do not support the view that reduction of high inflation carries heavy short-to-medium run output costs
Inflation, growth and monetary control : non-linear lessons from crisis and recovery by Michael Bruno( Book )
14 editions published between 1994 and 1995 in English and Italian and held by 73 libraries worldwide
Inflation's children : tales of crises that beget reforms by Michael Bruno( Book )
15 editions published in 1996 in English and held by 73 libraries worldwide
Are broad reforms the children of high inflation? Do growth recoveries follow? We find that countries that had external debt crises with high inflation both reformed more and recovered better than countries that had external debt crises with low inflation. Countries with extremely high inflation also later wound up with lower inflation than countries that has moderately high inflation. The low inflation debtor countries had more aid than the high inflation debtor countries, which may have created stronger incentives to reform in the high inflation countries. Recent reforms look like they are the children of high inflation, even if further paternity tests are in order
Economic development problems of Israel, 1970-1980 by Michael Bruno( Book )
5 editions published between 1969 and 1970 in English and held by 65 libraries worldwide
Inflation and growth in an integrated approach by Michael Bruno( Book )
10 editions published in 1993 in English and held by 51 libraries worldwide
Abstract: Macroeconomic factors in general, and the macropolicy response to common external shocks (such as oil prices and real interest rates) in particular, have in recent decades played a dominant role in countries' protracted growth crises as well as in growth renewal and its long-run sustainability. The paper attempts to construct and apply a simple framework for the joint empirical analysis of growth and inflation, starting from a rudimentary short-term AS and AD framework that is 'averaged' into the medium and long run. For the industrial countries through the 1970s and 1980s such analysis highlights the existence of a marked 20 year inflation and growth 'loop', extending beyond the conventional business cycles, with well identifiable phases of crisis entry, disinflation and partial growth recovery. The interaction of macropolicy response to shocks with structural (mainly labor market) features of economies account for differences across countries both in the depth of the deterioration phase as well as in the gradual recovery, for which a panel regression provides some of the links between inflation, economic activity, profits and investment renewal. The second part of the paper (Section IV) applies similar tools and uncovers analogous, though much more dramatic, 15-20 year loops, in the crisis and recovery of a group of countries in Latin America (as well as Israel). Likewise the strong macro path-dependence of growth in middle-income countries (with cross-country differences in structure and social cohesion) is borne out by comparisons with countries (both in the same region and outside it) that faced similar external shocks yet exhibited much milder 'loops'. The paper ends with a brief reference to some analogies with the sequencing of the cycle of growth crisis, adjustment and structural reform in Eastern Europe
Equity and growth in developing countries : old and new perspectives on the policy issues by Michael Bruno( Book )
12 editions published between 1995 and 1999 in English and held by 46 libraries worldwide
January 1996 There is no intrinsic tradeoff between long-run aggregate economic growth and overall equity. Policies aimed at helping the poor accumulate productive assets -- especially policies to improve schooling, health, and nutrition -- when adopted in a relatively nondistorted framework, are important instruments for achieving higher growth. The stylized fact that distribution must get worse with economic growth in poor countries before it can get better turns out not to be a fact at all. Growth's effects on inequality can go either way and are contingent on several other factors. Bruno, Ravallion, and Squire found no sign in the new cross-country data they assembled that growth has any systematic impact on inequality. Possibly measurement errors confound the true relationship, but they think it more likely that the relationship between growth and distribution is not as simple as some theories have held. Since distribution does not worsen, growth reduces absolute poverty. Indeed, absolute poverty measures typically respond quite elastically to growth, and the benefits are certainly not confined to those near typical poverty lines. Of course, one cannot say that growth always benefits the poor or that none of the poor lose from pro-growth policy reform Only aggregate effects are studied. But for 17 of the 20 countries for which they assemble quite good data (from at least two surveys since the mid-1980s), the mean and the proportion of people living below $1 a day moved in opposite directions. The gains to poor people from a distribution-neutral growth process will tend to be lower, the higher the extent of initial inequality. A smaller share of total income must imply a smaller absolute gain from a given increment to total income. Compensatory direct interventions can be important, provided they are integrated into a framework of fiscal and monetary discipline. The evidence does not suggest that growth is always distribution-neutral, and it would be wrong to conclude that changes in distribution are of little consequence. The point is not that distribution is irrelevant or that it never changes, but that its changes are roughly uncorrelated with economic growth. There is no intrinsic tradeoff between long-run aggregate efficiency and overall equity. Policies aimed athelping the poor accumulate productive assets -- especially policies to improve schooling, health, and nutrition -- when adopted in a relatively nondistorted framework, are important instruments for achieving higher growth. This paper -- a product of the Office of the Vice President, Development Economics, and the Poverty and Human Resources Division and Office of the Director, Policy Research Department -- was prepared for the IMF Conference on Income Distribution and Sustainable Growth, June 1 - 2, 1995
From sharp stabilization to growth : on the political economy of Israel's transition by Michael Bruno( Book )
12 editions published in 1991 in English and held by 39 libraries worldwide
The paper considers the interplay of the design and execution of stabilization policy and structural reform with the role of various agents and pressure groups in a democracy. The context is the political economy of Israel's transition from a successful stabilization to a renewed growth process whose sustainability is yet to be attained. Particular emphasis is put on the role of Central Bank independence, the fight over the budget and over the role of the exchange rate in the aftermath of a sharp stabilization, and the process of financial and capital market reform. The analysis was done from the point of view and temporary role of an academic as a policy-maker, in this case as the Governor of the Central Bank and Senior Advisor to the government
Annual World Bank Conference on Development Economics 1995 by Michael Bruno( Book )
12 editions published between 1996 and 1997 in English and Undetermined and held by 36 libraries worldwide
Israel's stabilization : a two-year review by Michael Bruno( Book )
9 editions published in 1987 in English and Undetermined and held by 35 libraries worldwide
The comprehensive stabilization program that Israel launched in July 1985 has brought about a dramatic reduction in inflation at no visible unemployment cost while improving the external financial position of the country. The program's success lies in a drastic cut in the government deficit but was also due to the appropriate initial synchronization of the most important nominal variables. In spite of the continued success of the stabilization program over the last two years, many problems remain. Excessive wage demands and a private consumption boom, in part the result of relative stability, have so far prevented the reduction of inflation to OECD rates. The stabilization process has also unearthed many structural problems of which an oversize public sector stands out in particular. Further reduction of inflation depends on a flexible wage policy and continued budget balance. A further cut in government expenditure and abstention from debt finance are also the key to the success of the capital market and tax reforms. These and other structural reforms will determine whether the recent upsurge in economic activity can be turned into a sustained growth process
Macroeconomic adjustment with import price shocks : real and monetary aspects by Michael Bruno( Book )
11 editions published in 1979 in English and held by 32 libraries worldwide
In this paper we explore in detail the various ways by which the introduction of intermediate imports affects the comparative statics and the dynamics of adjustment in an open economy. The importance of integrating the role of intermediate imports into a theory of macro-economic adjustment derives from the particular set of events that have affected the industrial economies in the 1970's -- the unprecedented rise in raw materials prices, in particular the oil price shock, and the concomitant inflation and widespread unemployment. The analysis lays out in detail the separate workings of the commodity labor and exchange rate markets, under various adjustment mechanisms, with the objective of obtaining empirically quantifiable hypotheses. An empirical study based on the present formulation has been prepared by the authors (see Bruno and Sachs (1979) )
Theoretical developments in the light of macroeconomic policy and empirical research by Michael Bruno( Book )
7 editions published in 1988 in English and held by 30 libraries worldwide
The paper surveys the macroeconomic literature of the last decade with emphasis on the implications of the New Classical and Rational Expectations critiques for the Keynesian paradigm and the role of macro policies. This is done on the background of the main macro developments of the l970'a and 1980's as well as the specific lessons of recent high (chronic) inflation processes. The paper takes an eclectic view emphasizing a synthesis that is emerging in which the basic Keynesian view of the existence of market and price co-ordination failures as well as room for Pareto improving policy intervention are maintained. At the same time the theoretical underpinnings are undergoing substantial change mainly due to a 'rational expectations' (rather than 'new classical') reformulation. The new Theory of Economic Policy is also discussed and illustrated in terms of recent stabilization experience
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Alternative Names
Bruno, M. 1932-
Bruno, Majkl
Bruno, Miḵaʾel fl.1975
Bruno, Mikhaʾel
Brwnw Miykaʾel 1932-1996
Michael Bruno economista israelí
Michael Bruno économiste israélien
Бруно, Михаэль
ברונא, מיכאל 1932-1996
ברונו, מיכאל
ברונו מיכאל 1932-1996
מיכאל ברונו
מיכאל ברונו כלכלן ישראלי
English (340)
Spanish (13)
Italian (3)
German (1)
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