Research Michaely published a dozen books as well as many articles in leading economic journals in a number of topics such as: setting prices in parallel markets (the
black market), the concentration of international trade, the contribution of export growth to the growth of the economy - his studies were cornerstones for discussions in economic literature. In other areas, such as: the extension of the LM-IS model (a model that unifies the analyzes of the goods and money markets) to an open economy, the monetary theory of the balance of payments, or the analysis of customs unions - his studies were central to discussions in the economic literature. He was a leading partner in conducting a multinational study on the trade liberalization process, which resulted in a seven-volume publication and was a founding co-editor of the Journal of International Economics. He was a visiting professor at many universities and research institutes in the
United States,
Sweden and
Australia, including:
The National Bureau of Economic Research,
Stanford University and the
University of Chicago. A significant part of his research work dealt with Israel's economy. Among other things, he was a pioneer in the analysis of economic independence, the effect of capital imports on the structure of the economy, and the estimation and analysis of the exchange rate system in Israel.
The Development of Economic Studies in Israel Michaeli was one of the first generation of economists who worked at the
Hebrew University. In the years 1961-1965, he served as the head of the Economics Department, played a central role in the further establishment of economics studies at the university, and continued the path of Prof.
Don Patinkin in determining contents and action frameworks. As the founder of the "branch" of the university in Tel Aviv, he also contributed, in the end, to the creation of the basis for the establishment of the Department of Economics at
Tel Aviv University. In the years 1968-1971 he served as Dean of the Faculty of
Social Sciences at the Hebrew University, and also led to the establishment of
Business Administration studies within the faculty.
Public Activity Michaeli played a central role, sometimes in partnership with his colleague Prof.
Haim Barkai, in creating the involvement of the academic faculty in the determination of current Israeli economic policy - through frequent meetings of the faculty members with the heads of government, including
Levy Eshkol as
Minister of Finance and
Golda Meir and
Yitzhak Rabin as Prime Ministers, as well as other major officials in the economy. He also frequently appeared before the various
Knesset committees. He was also a pioneer in public activity: holding study evenings, meetings with members of the media, and more. For example, he founded the "Economic Team", a group of 5 members, which published a weekly column in the
Maariv newspaper, for several years. He was a member of the Higher Education Council (HEC), and within this framework he served as the chairman of several committees. In 1983-1984 he served as the third president of the Israel Economic Association (after Dan Patinkin and
Michael Bruno).
Activity at the World Bank Between 1986-1993 Michaeli worked at the
World Bank in
Washington, United States as a senior consultant. During these years, in addition to managing the multinational research already mentioned, Michaeli was responsible for managing the bank's research in several key countries in
Latin America (including
Brazil). In the countries of this region, he met frequently for consultation with policy leaders, such as prime ministers, finance ministers and
central bank governors, as well as heads of other bodies, such as
trade unions. Later, he acted for several years as an external consultant to the bank, mainly in the context of the countries of the former
Soviet Union. One of his achievements in this field was his success in influencing the introduction of an independent currency system in
Armenia, to replace the use of the
Russian ruble.
Development of Economic Studies Outside of Israel Michaeli played a central role in creating and chairing international advisory committees within the framework of the establishment and management of graduate study programs (Master's and Master's degrees) in the English language in
Ukraine and
Georgia.
Awards In June 2023, Michaeli received a certificate of appreciation for the David Horowitz Lifetime Achievement Award for his life's work in researching and studying economics from the Israel Economic Association. == Personal life ==