http://www.bis.org/cbhub/list/series/sid_22/index.rss Research hub papers by series: Bank of Israel Research - Discussion Papers en http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1211e.pdf Bank of Israel Research - Discussion Papers by Binyamini Alon, Larom Tali Encouraging Participation in a Labor Market with Search and Matching Frictions 2012-07-23T06:23:00Z We analyze the transition of the labor market to a new steady state following a reduction of negative incentives for participation. Due to labor market search and matching frictions, the transition may temporarily increase unemployment while new participants search for jobs. The formal framework is a dynamic search and matching model with an endogenous participation decision and unemployment benefits that are not conditioned on search effort (in other words, non-participants are also entitled to unemployment benefits). We employ the model to explore the mechanisms at work, and their welfare implications, following a reduction of unemployment benefits. We show that, although social welfare may be higher in the new equilibrium, the transition period involves a temporary welfare loss. We consider two alternative policy approaches: a gradual reduction versus an immediate one. We conclude that the transition period associated with a gradual reduction involves a smaller welfare loss. Encouraging Participation in a Labor Market with Search and Matching Frictions 2012-07-23T06:23:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1211e.htm Full text http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1211e.pdf Alon Binyamini Tali Larom Binyamini Alon, Larom Tali 2012-07-22 Bank of Israel Research - Discussion Papers E24 J21 J64 http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1207e.pdf Bank of Israel Research - Discussion Papers by Argov Eyal, Binyamini Alon, Borenstein Eliezer, Rozenshtrom Irit Ex-Post Evaluation of Monetary Policy 2012-05-06T17:36:59Z 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. This involves simulating counterfactual scenarios under alternative monetary policy shocks, where for each such simulation we compute the Root Mean Squares (RMS) of the inflation and output gaps during and following the evaluated year. We then examine the deviation of actual RMS from simulation-based frontiers. We also compare the actual RMS to a counterfactual RMS which would have been obtained for the case of no policy shocks. In other words, we test whether actual policy shocks were "efficient". The exercise reveals several distinct sets of years: years in which actual RMSs were close to the efficient frontier (2001 and 2009) and years in which they were far away (2003, 2004 and 2006); years in which monetary policy shocks led to an absolute improvement in economic outcomes (2004 and 2008) or an absolute worsening (2003, 2006); and years characterized by aggressive policy shocks (2002, 2008 and 2009), which were usually aimed at narrowing the output gap at the expense of more volatile inflation. Ex-Post Evaluation of Monetary Policy 2012-05-06T17:36:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1207e.htm Full text http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1207e.pdf Eliezer Borenstein Eyal Argov Irit Rozenshtrom Alon Binyamini Argov Eyal, Binyamini Alon, Borenstein Eliezer, Rozenshtrom Irit 2012-05-06 Bank of Israel Research - Discussion Papers E37 E52 E58 http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1206e.pdf Bank of Israel Research - Discussion Papers by Argov Eyal, Barnea Emanuel, Binyamini Alon, Borenstein Eliezer Elkayam David and Rozenshtrom Irit - MOISE: A DSGE Model for the Israeli Economy 2012-04-23T12:39:59Z 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 includes extensions and modifications that reflect the special characteristics of the Israeli economy and are intended to improve the model's fit to Israeli data. The model was estimated using the increasingly popular Bayesian approach, using Israeli data for 1992:Q1 to 2009:Q4. The model's fit was tested using two criteria: the moments' fit and in-sample forecast performance. Finally, the paper presents and analyzes the model's properties using impulse response functions and variance decomposition. JEL classification: C11, E32, E37, F41 Keywords: DSGE, Open Economy Macroeconomics, Bayesian Analysis, Forecasting, Business cycles, Models and Applications, Israel Elkayam David and Rozenshtrom Irit - MOISE: A DSGE Model for the Israeli Economy 2012-04-23T12:39:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1206e.htm Full text http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1206e.pdf Eliezer Borenstein Emanuel Barnea Eyal Argov Alon Binyamini Argov Eyal, Barnea Emanuel, Binyamini Alon, Borenstein Eliezer 2012-04-23 Bank of Israel Research - Discussion Papers C11 E32 E37 F41 http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1204e.pdf Bank of Israel Research - Discussion Papers by Miaari Sami, Zussman Asaf, Zussman Noam Employment Restrictions and Political Violence in the Israeli-Palestinian Conflict 2012-02-23T12:37:59Z Employment Restrictions and Political Violence in the Israeli-Palestinian Conflict 2012-02-23T12:37:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1204e.htm Full text http://www.bankisrael.gov.il/publeng/2012.04 Sami Miaari Asaf Zussman Noam Zussman Miaari Sami, Zussman Asaf, Zussman Noam 2012-02-22 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1204e.pdf Bank of Israel Research - Discussion Papers by Miaari Sami, Zussman Asaf, Zussman Noam Employment Restrictions and Political Violence in the Israeli-Palestinian Conflict 2012-02-23T12:37:59Z Employment Restrictions and Political Violence in the Israeli-Palestinian Conflict 2012-02-23T12:37:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1204e.htm Full text http://www.bankisrael.gov.il/publeng/2012.04 Sami Miaari Asaf Zussman Noam Zussman Miaari Sami, Zussman Asaf, Zussman Noam 2012-02-22 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2012.02 Bank of Israel Research - Discussion Papers by Michelson Noam The effect of personal contracts in public administration in Israel on length of service 2012-02-15T17:36:00Z The effect of personal contracts in public administration in Israel on length of service 2012-02-15T17:36:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1202e.htm Full text http://www.bankisrael.gov.il/publeng/2012.02 Noam Michelson Michelson Noam 2012-02-15 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2012.01 Bank of Israel Research - Discussion Papers by Mazar Yuval, Pelled Asnat The Minimum Wage, the Wage Distribution and the Gender Wage Gap, 1990-2009 2012-02-14T17:36:00Z The Minimum Wage, the Wage Distribution and the Gender Wage Gap, 1990-2009 2012-02-14T17:36:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1201e.htm Full text http://www.bankisrael.gov.il/publeng/2012.01 Yuval Mazar Asnat Pelled Mazar Yuval, Pelled Asnat 2012-02-13 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.13 Bank of Israel Research - Discussion Papers by Sasi-Brodesky Ana Assessing default risk of Israeli companies using a structural model 2011-11-30T17:38:00Z Assessing default risk of Israeli companies using a structural model 2011-11-30T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1113e.htm Full text http://www.bankisrael.gov.il/publeng/2011.13 Ana Sasi-Brodesky Sasi-Brodesky Ana 2011-11-30 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.11 Bank of Israel Research - Discussion Papers by Etkes Haggay The Impact of Employment in Israel on the Palestinian Labor Force 2011-11-14T12:39:59Z The Impact of Employment in Israel on the Palestinian Labor Force 2011-11-14T12:39:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1111e.htm Full text http://www.bankisrael.gov.il/publeng/2011.11 Haggay Etkes Etkes Haggay 2011-11-13 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.10 Bank of Israel Research - Discussion Papers by Binyamini Alon, Elkayam David Seasonal Adjustment of Israeli Consumer Price Inflation 2011-10-04T17:38:00Z Seasonal Adjustment of Israeli Consumer Price Inflation 2011-10-04T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1110e.htm Full text http://www.bankisrael.gov.il/publeng/2011.10 David Elkayam Alon Binyamini Binyamini Alon, Elkayam David 2011-10-04 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.09 Bank of Israel Research - Discussion Papers by Gamrasani Ynon The Effect of the 2006 Market Maker Reform on the Liquidity of Local-Currency Unindexed Israeli Government Bonds in the Secondary Market 2011-09-12T12:37:00Z The Effect of the 2006 Market Maker Reform on the Liquidity of Local-Currency Unindexed Israeli Government Bonds in the Secondary Market 2011-09-12T12:37:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1109e.htm Full text http://www.bankisrael.gov.il/publeng/2011.09 Ynon Gamrasani Gamrasani Ynon 2011-09-12 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.08 Bank of Israel Research - Discussion Papers by Gallo Lior Export and Productivity - Evidence from Israel 2011-08-15T12:37:59Z Export and Productivity - Evidence from Israel 2011-08-15T12:37:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1108e.htm Full text http://www.bankisrael.gov.il/publeng/2011.08 Lior Gallo Gallo Lior 2011-08-15 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.07 Bank of Israel Research - Discussion Papers by Steinberg Nadav, Porath Yehuda Chasing Their Tails: Inflow Momentum and Yield Chasing among Provident Fund Investors in Israel 2011-08-08T17:34:59Z Chasing Their Tails: Inflow Momentum and Yield Chasing among Provident Fund Investors in Israel 2011-08-08T17:34:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1107e.htm Full text http://www.bankisrael.gov.il/publeng/2011.07 Yehuda Porath Nadav Steinberg Steinberg Nadav, Porath Yehuda 2011-08-08 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.06 Bank of Israel Research - Discussion Papers by Dovman Polina, Ribon Sigal, Yakhin Yossi The Housing Market in Israel 2008-2010: Are House Prices A "Bubble"? 2011-07-10T12:37:00Z The Housing Market in Israel 2008-2010: Are House Prices A "Bubble"? 2011-07-10T12:37:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1106e.htm Full text http://www.bankisrael.gov.il/publeng/2011.06 Sigal Ribon Polina Dovman Yossi Yakhin Dovman Polina, Ribon Sigal, Yakhin Yossi 2011-07-10 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.05 Bank of Israel Research - Discussion Papers by Brender Adi Mandatory Pensions' Implications for Employment Returns in Israel 2011-06-07T12:37:59Z Mandatory Pensions' Implications for Employment Returns in Israel 2011-06-07T12:37:59Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1105e.htm Full text http://www.bankisrael.gov.il/publeng/2011.05 Adi Brender Brender Adi 2011-06-07 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2010.13 Bank of Israel Research - Discussion Papers by Hercowitz Zvi, Friedman Amit A Real Model of the Israeli Economy 2011-05-16T17:38:00Z A Real Model of the Israeli Economy 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1013e.htm Full text http://www.bankisrael.gov.il/publeng/2010.13 Zvi Hercowitz Amit Friedman Hercowitz Zvi, Friedman Amit 2010-12-08 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.04 Bank of Israel Research - Discussion Papers by Sharabany Ran, Menashe Yigal The Hotel Market in Israel 2011-05-16T17:38:00Z The Hotel Market in Israel 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1104e.htm Full text http://www.bankisrael.gov.il/publeng/2011.04 Ran Sharabany Yigal Menashe Sharabany Ran, Menashe Yigal 2011-03-08 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.02 Bank of Israel Research - Discussion Papers by Nagar Weitzman Persistent Undershooting of the Inflation Target During Disinflation in Israel: Inflation Avoidance Preferences or a Hidden Target? 2011-05-16T17:38:00Z Persistent Undershooting of the Inflation Target During Disinflation in Israel: Inflation Avoidance Preferences or a Hidden Target? 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1102e.htm Full text http://www.bankisrael.gov.il/publeng/2011.02 Weitzman Nagar Nagar Weitzman 2011-01-18 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.03 Bank of Israel Research - Discussion Papers by Stein Roy Estimating the Expected Natural Interest Rate Using Affine Term-Structure Models: The Case of Israel 2011-05-16T17:38:00Z Estimating the Expected Natural Interest Rate Using Affine Term-Structure Models: The Case of Israel 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1103e.htm Full text http://www.bankisrael.gov.il/publeng/2011.03 Roy Stein Stein Roy 2011-03-07 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2010.17 Bank of Israel Research - Discussion Papers by Toledano Esther, Zussman Noam, Frish Roni, Gottlieb Daniel Family Income and Birth Weights 2011-05-16T17:38:00Z Family Income and Birth Weights 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1017e.htm Full text http://www.bankisrael.gov.il/publeng/2010.17 Roni Frish Daniel Gottlieb Esther Toledano Noam Zussman Toledano Esther, Zussman Noam, Frish Roni, Gottlieb Daniel 2010-12-20 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2010.15 Bank of Israel Research - Discussion Papers by Azoulay Eddy, Sharabany Ran The level of leverage in quoted companies and its relation to various economic factors 2011-05-16T17:38:00Z The level of leverage in quoted companies and its relation to various economic factors 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1015e.htm Full text http://www.bankisrael.gov.il/publeng/2010.15 Eddy Azoulay Ran Sharabany Azoulay Eddy, Sharabany Ran 2010-12-15 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2010.14 Bank of Israel Research - Discussion Papers by Graham Meital CEO Compensation in Publicly-Traded Companies 2011-05-16T17:38:00Z CEO Compensation in Publicly-Traded Companies 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1014e.htm Full text http://www.bankisrael.gov.il/publeng/2010.14 Meital Graham Graham Meital 2010-12-14 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2010.16 Bank of Israel Research - Discussion Papers by Dafnai Gil, Sidi Jonathan Nowcasting Israel GDP Using High Frequency Macroeconomic Disaggregates 2011-05-16T17:38:00Z Nowcasting Israel GDP Using High Frequency Macroeconomic Disaggregates 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1016e.htm Full text http://www.bankisrael.gov.il/publeng/2010.16 Jonathan Sidi Gil Dafnai Dafnai Gil, Sidi Jonathan 2010-12-20 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2010.18 Bank of Israel Research - Discussion Papers by Blass Nahum, Tsur Shay, Zussman Noam The Allocation of Teachers' Working Hours in Primary Education, 2001- 09 2011-05-16T17:38:00Z The Allocation of Teachers' Working Hours in Primary Education, 2001- 09 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1018e.htm Full text http://www.bankisrael.gov.il/publeng/2010.18 Shay Tsur Noam Zussman Nahum Blass Blass Nahum, Tsur Shay, Zussman Noam 2010-12-21 Bank of Israel Research - Discussion Papers http://www.bankisrael.gov.il/publeng/2011.01 Bank of Israel Research - Discussion Papers by Kriaf Tomer A Nowcasting Model for GDP and its Components 2011-05-16T17:38:00Z A Nowcasting Model for GDP and its Components 2011-05-16T17:38:00Z Abstract http://www.bankisrael.gov.il/deptdata/mehkar/papers/dp1101e.htm Full text http://www.bankisrael.gov.il/publeng/2011.01 Tomer Kriaf Kriaf Tomer 2011-01-18 Bank of Israel Research - Discussion Papers