In this paper we attempt to reproduce both the business cycle facts and the equity premium of the Israeli economy—an economy which is "typical" in the sense that investment is much more volatile than output (and consumption). We show that GHH preferences, which are quite common in RBC models...

This paper presents a medium-scale micro-founded model with real and nominal imperfections, named "MOISE" (MOdel for the ISraeli Economy). The model was developed at the Bank of Israel to support monetary policy formulation, and builds on similar models in wide use among central banks. It...

Die Liberalisierungsmaßnahmen der letzten Jahre auf den Kapital- und Geldmärkten hat die Nachfrageelastizität nach Krediten und Depositenzertifikaten ansteigen lassen. Dadurch ging die Zinsspreizung in diesem Marktsegment deutlich zurück. (DÜI-Seu)

Spezifizierung und Schätzung einer Phillips-Kurve. Test der Rate der natürlichen Arbeitslosigkeit. Abhängigkeit zwischen Arbeitslosigkeit und Reallohn. Einführung von rationalen Erwartungen und von Preiserwartungen. (DÜI-Seu)

We employ a model-based approach in an ex-post evaluation of monetary policy decisions taken by the Bank of Israel during the years 2001-2010. Using ex-post information, we test, for each individual year, whether there could have been a Pareto improvement in inflation and output volatilities....