@techreport{NBERw12426,
 title = "Reflections on One Year at the Bank of Israel",
 author = "Stanley Fischer",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "12426",
 year = "2006",
 month = "August",
 URL = "http://www.nber.org/papers/w12426",
 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 issues.},
}