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  • 4 - Inflation and Monetary Policy

  • from Part I - Government Policy and Macroeconomic Developments
  • Edited by Avi Ben-Bassat, Hebrew University of Jerusalem, Reuben Gronau, Hebrew University of Jerusalem, Asaf Zussman, Hebrew University of Jerusalem
  • Book:
    The Israeli Economy, 1995–2017
    Published online:
    04 February 2021
    Print publication:
    18 February 2021, pp 103-137

  • Summary

    This chapter presents an overview of the development of inflation and monetary policy in Israel since the early 2000s. Unlike the discussion in the previous book, which centered on the disinflation process and the transformation of the economic and institutional environment as a result of the Stabilization Program in the mid-1980s (Ben-Bassat, 2001, Section II), the setting of the current chapter is of a large external shock: the 2008 global financial crisis against the background of a relatively stable domestic environment of economic policy — monetary and fiscal — and of inflation. The chapter describes inflation and its characteristics, monetary policy, and the mechanisms of transmission from policy to inflation. It focuses on recent years, those following the financial crisis, which have been typified, in Israel and abroad, by a low-inflation environment in view of very accommodative monetary policies. The last section concludes the chapter and offers some thoughts going forward.