We estimate a small DSGE model by full information Bayesian techniques on the basis of Israeli data from 1995 to 2006. The model was first developed and estimated by means of classical GMM in Argov and Elkayam (2010), and since then it has been used at the Bank of Israel for monetary policy...

We explore the welfare costs of inflation originating from lack of liquidity satiation for Weimar Republic's hyperinflation and three high-inflation countries. Towards the peak of Weimar's hyperinflation the costs are estimated to have been equal to nearly 20 per cent of income. For Israel,...

Purpose – The purpose of this research is to develop and test a mathematical method of deriving zero yield curve from market prices of government bonds. Design/methodology/approach – The method is based on a forward curve approximated by a linear (or piecewise constant) spline and should be...

Der wirtschaftliche Aufschwung setzt sich in Israel nach schwierigen achtziger Jahren seitdem unvermindert fort. Nahezu 600 000 Einwanderer seit 1990 ließen die Bevölkerung des kleinen Landes auf fast 5,5 Mill. ansteigen (darunter 1 Mill. Palästinenser), und was eigentlich eine Belastung...

Using quarterly data from 1970-1987 we estimate a simple econometric model in which inflation and the money supply are jointly determined and in which expectations of inflation are rational, or forward-looking. The model is estimated using the recently developed `cointegration' principle in...

The Israeli Economy has served as a laboratory for the study of inflation and government policy reponse. In periods crucial for Israel's experience of inflation, finance ministers were replaced frequently, often changing their predecessors' policies, much to the detriment of inflation. Inflation...