Member of the Board of Governors of the Bank of Israel since May 2005.
Served as First Deputy Managing Director of the International Monetary Fund from September 1994-August 2001 and as Special Adviser to the Managing Director from 1 September 2001-31 January 31, 2002.
Head of the Department of Economics at the Massachusetts Institute of Technology, 1993-1994.
As of November 2013, his economics textbook "Macroeconomics", with coauthors Rudiger Dornbusch and Richard Startz, is in its 12th edition.
Vice President, Development Economics and Chief Economist at the World Bank, January 1988-August 1990.