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Bruno, Michael

Overview
Works: 196 works in 584 publications in 5 languages and 6,104 library holdings
Genres: Conference proceedings  Periodicals 
Roles: Author, Editor, Author of introduction, ed, Other, Honoree, Performer, Director, Arranger
Classifications: HB172.5, 339
Publication Timeline
Key
Publications about Michael Bruno
Publications by Michael Bruno
Publications by Michael Bruno, published posthumously.
Most widely held works about Michael Bruno
 
Most widely held works by Michael Bruno
Economics of worldwide stagflation by Michael Bruno( Book )
21 editions published between 1984 and 1991 in 3 languages and held by 801 libraries worldwide
High inflation and the nominal anchors of an open economy by Michael Bruno( Book )
17 editions published between 1990 and 1991 in English and held by 423 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 )
14 editions published between 1991 and 1992 in English and Spanish and held by 397 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 )
19 editions published between 1993 and 2006 in English and held by 351 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
Breaking through ( visu )
1 edition published in 2014 in English and held by 230 libraries worldwide
"Openly LGBT elected officials at all levels and from across the country - including the first gay US Senator, Tammy Baldwin - share their stories of self-doubt and triumph over multiple barriers ranging from race and poverty to gender and sexual orientation, revealing a deeply personal, rarely-seen side of politicians and LGBT people"--Container
Contemporary economic issues : proceedings of the Eleventh World Congress of the International Economic Association, Tunis by International Economic Association( Book )
18 editions published between 1995 and 1999 in English and Undetermined and held by 201 libraries worldwide
Interdependence, resource use, and structural change in Israel by Michael Bruno( Book )
13 editions published between 1962 and 1963 in English and held by 145 libraries worldwide
Advances in macroeconomic theory by Jacques H Drèze( Book )
12 editions published between 2001 and 2003 in English and held by 137 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
Inflation crises and long-run growth by Michael Bruno( Book )
20 editions published in 1995 in English and held by 124 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
Deep crises and reform : what have we learned? by Michael Bruno( Book )
17 editions published in 1996 in English and held by 95 libraries worldwide
This paper was first presented as my address, as president, to the 1995 Congress of the International Economic Association in Tunis
Equity and growth in developing countries : old and new perspectives on the policy issues by Michael Bruno( Book )
10 editions published between 1995 and 1996 in English and held by 72 libraries worldwide
Economic development problems of Israel, 1970-1980 by Michael Bruno( Book )
4 editions published in 1970 in English and held by 66 libraries worldwide
Inflation's children : tales of crises that beget reforms by Michael Bruno( Book )
13 editions published in 1996 in English and held by 64 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
Inflation, growth and monetary control : non-linear lessons from crisis and recovery by Michael Bruno( Book )
10 editions published between 1994 and 1995 in English and Italian and held by 60 libraries worldwide
Annual World Bank Conference on Development Economics, 1996 by 1996, Washington, DC) Conference on Development Economics (8( Book )
6 editions published in 1997 in English and held by 51 libraries worldwide
Abstract: These articles, initially presented at the Annual World Bank Conference on Development Economics, held April 25-26, 1996, address four themes: banking failures as crises or opportunities for reform; reducing poverty through targeted programs and rural finance; legal systems and economic development; and labor and environmental standards in international trade. Although covering varied topics, the articles share two overarching themes: the shifting role for government in economic development, and the central role for government policy in each area as critical to development. The articles also focus on the role of institutions, the importance of political and economic competition, and the role of law and political organization. Several articles stress the vital role of institutions and related incentives in finance. These articles and the keynote address discuss the role of government as an institution, the balance between introducing competition within government and devolving government activities to the market, and the balance between deregulation and correction of market failures and the creation of markets. The authors note that political competition in bureaucracies may be an effective surrogate for market competition. Also discussed is the growing recognition that as income rises, so does demand for labor and environmental standards. Another article shows that linking environmental standards to trade will not achieve the goals sought by the standards and could disrupt trade. Multilateral organizations may have an important advocacy role in ensuring fair play in administering standards. The discussion on the role and the rule of law emphasizes the links between demand for law and the legal and political systems. Legal systems must be country or context specific: there is no unique, optimal combination of contract designs and enforcement mechanisms because culture plays an important role in the interaction of social, political, and economic forces
Inflation and growth in an integrated approach by Michael Bruno( Book )
9 editions published in 1993 in English and held by 43 libraries worldwide
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
From sharp stabilization to growth : on the political economy of Israel's transition by Michael Bruno( Book )
10 editions published in 1991 in English and held by 33 libraries worldwide
Abstract: 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
Macro-economic adjustment with import price shocks : real and monetary aspects by Michael Bruno( Book )
11 editions published in 1979 in English and held by 29 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) )
Annual World Bank Conference on Development Economics 1995 by Michael Bruno( Book )
9 editions published between 1996 and 1997 in English and held by 28 libraries worldwide
Annotation
Theoretical developments in the light of macroeconomic policy and empirical research by Michael Bruno( Book )
6 editions published in 1988 in English and held by 24 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 Israeli economist
ברונא, מיכאל 1932-1996
ברונו, מיכאל
ברונו מיכאל 1932-1996
מיכאל ברונו
Languages
English (234)
Spanish (4)
German (1)
Italian (1)
Hebrew (1)
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