By Haim Barkai, Nissan Liviatan

Those volumes have been written at the celebration of the 50th anniversary of the founding of the financial institution of Israel. They recount the financial heritage of Israel from 1948, while the rustic was once demonstrated (and prior to) to the current day. quantity I retells Israel's financial historical past, analyzes the heritage of the advancements pointed out above, and describes the problems in regaining financial keep an eye on in recent times. This quantity additionally presents an analytical framework to assist comprehend the financial advancements within the inflationary period and within the disinflation strategy.

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Limit specified as an absolute cash amount 2. Limit specified as a percentage of CB capital or other liabilities 3. Limit specified as a percentage of government revenues 4. 33 0 Maturity of loans Lmat 1. Maturity of CB loans limited to a maximum of 6 months 2. Maturity of CB loans limited to a maximum of one year 3. Maturity of CB loans limited to a maximum of more than one year 4. 33 0 Restrictions on interest ratesb lint 1. Interest rate on CB loans must be at market rate 2. Interest rate on CB loans to government cannot be lower than a certain floor 3.

In particular, a positive k implies that the CB is willing to tolerate a positive deviation of inflation from its target even when output is at its potential level. Consistent modeling of imperfect credibility requires some adjustment of the informational assumptions made in CGG. In particular, if the public has full current information about all economic variables and shocks (as CGG assume), it can immediately work out the current value of k from the interest rate, thereby eliminating imperfect credibility.

In view of the narrowness of Israel’s capital markets during those decades, this general approach might have made some sense at the time. It is much less likely to do so today, as current Israeli policymakers confront a totally different level of development of the economy and of domestic and international capital markets. Even if there were some merit to the low level of independence and the related multiplicity of goals imposed on the Bank of Israel during its first three decades, this is no longer the case.

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