Bachelor of Arts, Master of Arts Hebrew University, 1963, 1967. Doctor of Philosophy Massachusetts Institute of Technology, Cambridge, Mass., USA, 1972.
Lector Economics, Senior Lector Economics, Tel-Aviv University, Tel-Aviv, Israel, 1972-1976, 1976-1979. Visiting Lector, Northwestern University, 1976. Visiting Association Professor, New York University, NYC, New York, USA, 1977-1978, Camegie-Mellon University, 1978-1979.
Consultant, European Economie Community, 1982. Director, Horowitz Institute, Institution Research Developing Countries, Tel-Aviv University, 1983. Visiting Professor of Economics, Carnegie-Mellon University, 1984-1985.
Association Professor of Economics, Tel-Aviv University, Tel-Aviv, Israel, since 1979.
Investigated the interactions between relative price variability and inflation within equilibrium frameworks in which money is fundamentally neutral, with particular emphasis on the relationships among the following: the distribution of inflationary expectations across individuals, inflation variance, inflation uncertainty, relative price variability, and general nominal uncertainty. Contributed to the development of the argument that slow learning about permanent changes in productivity causes stagflation. Participated in development of macroinventory models of the business cycle with particular emphasis on employment, interest rates and the transmission of monetary policy.
Investigated the effects of wage indexation on macroeconomic stability and the real effects of nonneutral tax structures in inflationary environments. Did empirical work on the inflation-induced distortions of the national accounts. Current work includes the formulation and characterisation of the credibility of monetary policy-makers. Earlier work focussed on the tests of inflationary expectation’s formulation and expected devaluation using information from the Israeli index and foreign-exchange linked bond markets.
It also included descriptive work on the Israeli capital market with particular emphasis on its various indexation characteristics as well as the development of formal models of credit rationing and a small-scale macroeconomic model of the Israeli economy. Throughout my active research years I was and still am keenly interested in the causes and consequence of inflation. However, emphasis and method used changed over the years.
My early work on the subject focussed on the Phillips curve, using a disequilibrium full information framework, while more recent work is based on various equilibrium, incomplete information models and deals with a wider range of the real effects of inflation. Current research is guided by the belief that full understanding of inflation requires a theory of government behaviour.