TY  - JOUR
AU  - Fischer,Stanley
TI  - Reflections on One Year at the Bank of Israel
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12426
PY  - 2006
Y2  - August 2006
UR  - http://www.nber.org/papers/w12426
L1  - http://www.nber.org/papers/w12426.pdf
N1  - Author contact info:
Stanley Fischer
Governor
Bank of Israel
One Kaplan Street
Jerusalem 91007
ISRAEL
Tel: 9722-655-2701
Fax: 9722-652-8419
E-Mail: sfischer@bankisrael.gov.il
AB  - 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.
ER  -