Dr. Michael Sarel. Hebrew University of Jerusalem B.Sc. in Computer Science and Economics, Cum Laude, 1989

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1 Dr. Michael Sarel Director of Economics and State Revenues Ministry of Finance 1 Kaplan St, Jerusalem, Israel Tel. (972-2) msarel@mof.gov.il Education Harvard University Ph.D. in Economics, 1994 Thesis: On the Dynamics of Economic Growth Main Advisor: Professor Robert Barro Fields of Study: Macroeconomics, International Economics Hebrew University of Jerusalem B.Sc. in Computer Science and Economics, Cum Laude, 1989 Work Experience Israeli Ministry of Finance Director of Economics and State Revenues, In charge of: State Revenue Division The State Revenue Division determines the government's tax policy and tax reforms. The division prepares yearly revenue forecasts for the state's budget, analyzes tax collection data, and studies the implications of various laws and regulations. The division also manages international taxation issues and doubletaxation avoidance treaties. The State Revenue Division produces a comprehensive yearly report, runs the tax museum and publishes the Israeli Quarter for Taxes. International Affairs Department The International Affairs department manages the Finance Ministry's contacts with foreign governments, economic organizations and the international community, in collaboration with the Ministry of Foreign Affairs and other economic offices. In addition, the department is responsible for publishing English press releases, presentations, documents, instant messages and other data for the Israeli Ministry of Finance's English readers. Economics and Research Department

2 The Economics and Research Department collects and analyzes information on economic developments in Israel and abroad and evaluates future developments of the Israeli market. The department's data is used in the formulation of economic policy. Harel Insurance and Finance Group Head of the Economics and Research Department, Chief Economist Initiation and supervision of analysis and research of economic trends Analysis of data and financial news and developments Preparation of macroeconomic forecasts Meetings with clients, analysts, rating agencies and international institutions In charge of preparing weekly and monthly macroeconomic outlooks Israeli Ministry of Finance Head of the Economics and Research Department, Chief Economist at the Ministry of Finance Advising on economic policies Management of economics and research department Initiation and supervision of analysis and research of economic trends Analysis of data and financial news and developments Preparation of macroeconomic forecasts and the national budget Participation in government meetings Presentations of recent developments and economic outlook Meetings with analysts, rating agencies and international institutions In charge of preparing and publishing "Economic Outlook" bulletins Bank of Israel, Research Department Economist, Work on macroeconomic issues in Israel, monetary policy, income distribution, economic relations with the Palestinians, and macroeconomic forecasts International Monetary Fund Economist, (see next page for details) World Bank Consultant, (Reviewer of Research on Economic Growth) Daisy-Cadnetix Software Engineer,

3 Israeli Air Force Work Experience at the International Monetary Fund Policy Development and Review Department Review of Stand-By operations and other Fund programs Participation in IMF country-related work and missions in South Africa (Article IV consultation) and Tajikistan (Fund program) Work on IMF facilities and policies Asia and Pacific Department Work on macroeconomic issues and policies in several countries (Australia, New Zealand, Singapore, and Thailand), including participating in IMF Article IV consultations, meeting with officials, preparing background notes, briefing papers, and post-mission reports, analyzing data and financial news, and making policy recommendations Work on studies covering Asian countries, including: Work on MULTIMOD simulations of cross-country effects of the Asian crisis on industrial countries, with special emphasis on Australia Coordination of a large-scale research project examining income distribution and economic policies in ASEAN countries, with an individual case study of Thailand Research Department Work on research papers and departmental projects Country-specific review work

4 Research Papers Thoughts on the Suggested Bank of Israel Law Israeli Tax Quarterly, Vol. 33, No. 130 April 2010 The True Costs of Using Motor Vehicles and the Desired Policy Israeli Tax Quarterly, Vol. 33, No. 127 January 2007 The Management of the Public Debt Israeli Tax Quarterly, Vol. 32, No. 125 January 2006 The Effects of Fiscal Policy on the Growth Rate Israeli Tax Quarterly, Vol. 31, No. 121 August 2003 The Determinants of Changes in Income Distribution in Israel Bank of Israel Economic Review, Vol. 74 August 2002 Growth and Productivity in Israel in an International Perspective Bank of Israel Economic Review, Vol. 72 November 1999 New Zealand s Evolving Approach to Inflation Targeting Background research paper for the 1999 Staff Report August 1999 The Impact of the External Environment on Economic Activity in Singapore Background research paper for the 1998 Staff Report March 1999 Impact of the Asian Crisis and the Japanese Downturn on Australia Background research paper for the 1998 Staff Report October 1998 How Macroeconomic Factors Affect Income Distribution IMF Working Paper 97/152 November 1997 Pension Reform in New Zealand Background research paper for the 1997 Staff Report November 1997 Growth and Productivity in ASEAN countries Conference on Macroeconomic Issues Facing ASEAN Countries IMF/Bank Indonesia, Jakarta, November 1996 Nonlinear Effects of Inflation on Economic Growth IMF Staff Papers, Vol. 43 March 1996

5 Tax policy, Relative Prices, and Long-Run Growth IMF Working Paper 95/105 November 1995 Growth in East Asia: What We Can and What We Cannot Infer From It Conference on Growth and Productivity Reserve Bank of Australia, July 1995 Demographic Dynamics and the Empirics of Economic Growth IMF Staff Papers, Vol. 42 June 1995 On the Dynamics of Economic Growth IMF Working Paper 94/138 November 1994 Teaching Experience Lecturer at Tel-Aviv-Yaffo College Economics of Israel, 2005, 2006 Teaching Fellow at Harvard University Intermediate Microeconomics, 1992, 1993 Intermediate Macroeconomics, 1993, 1994 Teaching Fellow at Hebrew University Intermediate Microeconomics, 1987 Teacher of Economics at Ort Givat-Ram Introduction to Economics, 1987 Research Assistant Experience Research Assistant for Professor R. Barro, 1993 Work on Fertility Theory and Economic Growth Research Assistant for Professor M. Weitzman, Work on Computer Models of Biodiversity and Conservation Research Assistant for Professor J. Angrist, Work on Wage Effects of Military Service Honors and Awards B.Sc. Cum Laude, Hebrew University, 1989 Dean List Honor, Hebrew University, 1986