publication . Preprint . Report . 2006

Reflections on One Year at the Bank of Israel

Stanley Fischer;
Open Access
  • Published: 01 Aug 2006
Abstract
In this paper I reflect on my first year as Governor of the Bank of Israel, which I joined in May 2005. I start by describing the current state of the Israeli economy and monetary policy and economic developments during the past year. I then review a series of issues that have arisen during the past year. Among them are: the monetary mechanism, which is unusual because exchange rate changes have a very rapid impact on prices; the role of inflation and interest rate expectations in policy decisions; the role of the interest rate gap with the US; the role of the Governor as chief economic adviser to the Government; banking supervision; and management and political...
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Subjects
free text keywords: jel:E50, jel:E65, Inflation targeting, Interest rate, media_common.quotation_subject, media_common, Monetary economics, Economics, Government, Bank rate, Exchange rate, Inflation, Monetary policy, International economics, Governor
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2003. Growth accelerated subsequently (Figure 1), reaching a rate of 5.2 percent in 2005.

2005. The policy interest rate in May 2005 was the lowest in Israeli history, and the r o

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