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The Transmission Of Monetary Policy In Israel
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Book Synopsis The Transmission of Monetary Policy in Israel by : Fiorella De Fiore
Download or read book The Transmission of Monetary Policy in Israel written by Fiorella De Fiore and published by International Monetary Fund. This book was released on 1998-08-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the transmission of Israeli monetary policy since 1990. Two issues are addressed: the extent to which monetary policy exerts real effects, and the relative importance of different transmission channels. The impact of monetary restraints on aggregate industrial production is found to be small, although industrial sectors open to trade appear to suffer to a larger extent than closed sectors. Three transmission channels are analyzed by comparing the empirical evidence to that predicted by theory. While the credit and exchange rate channels may be important mechanisms of transmission, the interest rate channel finds weak support in the data.
Book Synopsis The effect of the transmission mechanism of monetary policy on bank profits - the Israeli case by :
Download or read book The effect of the transmission mechanism of monetary policy on bank profits - the Israeli case written by and published by . This book was released on 2010 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Rules and Transmission Mechanisms Under Inflation Targeting in Israel by : Leonardo Leiderman
Download or read book Monetary Policy Rules and Transmission Mechanisms Under Inflation Targeting in Israel written by Leonardo Leiderman and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Thr Effect of the Transmission Mechanism of Monetary Policy of Bank Profit by : Daniel Rosenman
Download or read book Thr Effect of the Transmission Mechanism of Monetary Policy of Bank Profit written by Daniel Rosenman and published by . This book was released on 2010 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Bank of Israel written by Haim Barkai and published by Oxford University Press. This book was released on 2007-01-18 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, written by Israeli economists from academia, marks the fiftieth anniversary of the Bank of Israel. It consists of two volumes. Volume I presents an analytic monetary history of Israel. Volume II deals in depth with specific topics such as the independenceof the Bank of Israel.
Download or read book The Bank of Israel written by Haim Barkai and published by Oxford University Press. This book was released on 2007-01-18 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes were written on the occasion of the fiftieth anniversary of the founding of the Bank of Israel. They recount the monetary history of Israel from 1948, when the country was established (and before) to the present day. Volume I retells Israel's monetary history, analyzes the background of the developments mentioned above, and describes the difficulties in regaining monetary control in recent years. This volume also provides an analytical framework to help understand the monetary developments in the inflationary era and in the disinflation process.
Book Synopsis The Bank of Israel by : Nissan Liviatan
Download or read book The Bank of Israel written by Nissan Liviatan and published by Oxford University Press. This book was released on 2007-01-18 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume II provides an in-depth analysis of important specific issues, detailed discussion of the independence of the Bank of Israel, and an econometric study of the central banks policies. This volume also includes a historical account of the liberalization of Israel's foreign-exchange market and various issues related to the banking system, such as concentration, competition, and especially banking supervision. In one of the articles in this volume, based on a series of interviews, the top officials of the Bank of Israel present their view on the Banks policies in the various periods.
Book Synopsis Changes in Monetary and Exchange Rate Policies and the Transmission Mechanism in Israel, 1989.iv - 2002.i by : Ami Barnea
Download or read book Changes in Monetary and Exchange Rate Policies and the Transmission Mechanism in Israel, 1989.iv - 2002.i written by Ami Barnea and published by . This book was released on 2004 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Bank of Israel written by Haim Barkai and published by . This book was released on 2007-01-18 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, written by Israeli economists from academia, marks the fiftieth anniversary of the Bank of Israel. It consists of two volumes. Volume I presents an analytic monetary history of Israel. Volume II deals in depth with specific topics such as the independenceof the Bank of Israel.
Book Synopsis Monetary Policy, the Output Gap and Inflation by : Joseph Djivre
Download or read book Monetary Policy, the Output Gap and Inflation written by Joseph Djivre and published by . This book was released on 2000 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Download or read book Monetary Policy written by Norman Loayza and published by . This book was released on 2002 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Monetary Policy in Israel by : Sophia Kazinnik
Download or read book Essays on Monetary Policy in Israel written by Sophia Kazinnik and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The current consensus is that central bank communication in the form of forward guidance has a profound effect on monetary policy effectiveness. Forward guidance affects private sector expectations about the future path of the short-term interest rate, which in turn affects interest rates with longer maturities, thus shaping economic decisions of households and companies. There is no consensus, however, on the degree of forward guidance a central bank should exercise. My dissertation, titled “Essays on Monetary Policy in Israel”, and comprised of two essays, explores this question by using Israel as the case study. In one of its recent annual publications, the Bank of Israel evaluates its past policy decisions using a Taylor-type policy rule. A policy rule can be thought of as an ultimate forward guidance instrument, because it provides both an explicit policy objective and a clear strategy for achieving that objective. In the first chapter of my dissertation titled “Policy Rules in Practice: The Case of Israel”, I study whether this level of openness helps policymakers conduct monetary policy consistent with their long term objectives. I use this published policy rule to find that, with the exception of the 2008 financial crisis, monetary policy in Israel can be systematically described as rules-based in the past fifteen years. Immediately after the 2008 crisis, however, the policymakers have exercised flexibility in terms of their primary goal, price stability, as there was more focus on stabilizing economic activity as opposed to inflation. I then assess how market expectations about the future path of the short-term interest rate respond to both the increase in policy transparency and the exercised flexibility during the financial crisis. To examine the increase in policy transparency, I use futures contracts on short term interest rates from the inter-bank market, and find that monetary policy predictability improves in the period following the publication of this rule. This result reveals the value of a simple policy rule as a tool of communication, enabling policymakers to anchor market expectations even in times of greater economic uncertainty. The second chapter of my dissertation, “Text Mining and Central Bank Communication”, extends the question of how much central banks should reveal, by assessing qualitative information in the form of interest rate statements, published by the Bank of Israel. Using modern text mining techniques, I extract the informational content from the set of monthly interest rate decision statements, published from 2006 to 2016. I con- struct a dictionary based sentiment measure, and estimate it in a Taylor type forward looking reaction function. I examine whether the sentiment measure can provide a clear signal about the future direction of monetary policy, and find that, in combination with standard macroeconomic variables, i.e. output gap and inflation, the sentiment measure improves short-run predictability of policy rate decisions. Overall, I find evidence that increased communication has a positive effect on monetary policy effectiveness, with financial markets able to correctly anticipate monetary policy decisions in Israel.
Book Synopsis Israel: Monetary and Fiscal Policy by : Charlotte Moeser
Download or read book Israel: Monetary and Fiscal Policy written by Charlotte Moeser and published by . This book was released on 2010 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Israel's monetary policy framework is broadly sound. Inflation targeting was introduced in the early 1990s, and low single-digit inflation was established by the end of the decade. However, fast transmission from the exchange rate to inflation means the operational challenges differ somewhat from those in many OECD countries. Also, the Bank of Israel has been intervening heavily in the foreign-exchange market, marking a departure from standard practice in inflation targeting. Past progress in fiscal consolidation has been affected by several economic shocks, including the recent downturn. The government's strategy of lowering tax rates on corporate profits and on personal income is assessed. Also, various avenues for raising revenues on other fronts are suggested. Primary civilian spending is now relatively low in international comparison, the room for savings has narrowed, and many of the necessary future structural reforms probably require initial fiscal outlays. In budgeting, which is strongly controlled by the Ministry of Finance, there is room for various process improvements. This Working Paper relates to the 2009 OECD Economic Survey of Israel (www.oecd.org/eco/surveys/israel).
Book Synopsis Israel and the World Economy by : Assaf Razin
Download or read book Israel and the World Economy written by Assaf Razin and published by MIT Press. This book was released on 2018-01-19 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous analysis of the role played by globalization in key episodes in the development of the Israeli economy, from hyperinflation crisis to high-tech surge. Anti-globalization sentiments are rising, especially in Europe and the United States, with the increasingly integrated global economy blamed for domestic economic distress. In this book, Assaf Razin argues that Israel offers a counterexample to this view, showing decisively positive economic effects of globalized finance, trade, and immigration. He offers a rigorous analysis of the role played by globalization in key episodes in the remarkable development of the Israeli economy. His findings may hold lessons for productivity-challenged advanced economies as well as for other countries such as China currently making the transition to fully developed economies. Razin examines the wave of immigration after the collapse of the Soviet Union, as highly skilled Soviet Jews migrated to Israel and the effect on income inequality; the Great Moderation of inflation and employment in advanced economies, as Israel's inflation converged in parallel with low world inflation rates; Israel's robustness in the face of the deflation shocks of the 2008 financial crisis; and technology transmission through foreign direct investment, reinforcing Israel's high-tech sector surge. He also considers such ongoing challenges as high fertility and low labor market participation and the economic costs of the Israeli-Palestinian conflict.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis How Do Central Banks Talk? by : Alan S. Blinder
Download or read book How Do Central Banks Talk? written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
