This paper develops a simple framework to examine the budgetary implications of monetary policy measures. It further outlines, using this framework, the various channels of influence that tight monetary policy may have on the budget deficit. The cumulative effect might be quantitatively large...

This book describes and analyses developments in the Israeli economy from 1995 to 2017. During this period, inflation was vanquished, the deficit in the balance of payments turned into a surplus, the public debt to GDP ratio sharply decreased, and unemployment has declined to an historical low....

The opportunity cost of holding international reserves plays a central role in all models of optimal demand for foreign exchange. This cost is conventionally defined as the difference between the yield on reserves and the marginal productivity forgone from an alternative investment in fixed...

The present study is the first to examine the balance of power among all the players who influence the adoption of structural reforms - politicians, regulators, and interest groups. Special attention is devoted to the effect of conflicts between regulators. Professional conflicts signal to...

The present study is, to my knowledge, the first to examine the balance of power among all players influencing the adoption of structural reforms: politicians, regulators, and interest groups. Special attention is devoted to the effect of conflicts between regulators. Professional conflicts...