The global economy has been buffeted by several unprecedented economic events during the past 35 years. We survey the impact of these events on Israel's development, institutions, and economic policies. Israel had a remarkable development during this time, from a low income high-inflation...

This paper assesses the East Asian Economies' openness to cross-border capital flows and exchange rate arrangements in the past decades, with the main focus on emerging market economies. Using Mundell's trilemma indexes, we note that the convergence of the three policy goals in East Asia toward...

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...