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The Effect of Terrorism on Housing Rental Prices: Evidence from Jerusalem
Discussion Paper 2018.08, 09-2018
Bank of Israel - Research Department
September 2015 was the beginning of a new large-scale terror wave in Israel, hitting Jerusalem more than any other major city. Considering this terror wave as an exogenous shock to the housing rental market in Jerusalem, this study analyzes its effect on rental prices compared to Tel-Aviv and within Jerusalem. Immediately after the beginning of the terror wave, rental prices in Jerusalem declined, compared to Tel-Aviv, reaching a 2%-3% decrease within a year..
Estimated Natural Rate of Interest in an Open Economy: The Case of Israel.
Discussion Paper 2018.05, 07-2018
Bank of Israel - Research Department
The new Keynesian framework as presented in Clarida et al. (2002) suggests that in an open economy, the natural rate of interest consists of a local component (the expected growth of domestic total factor productivity) and a global component (the expected growth of world output). We estimate an augmented Taylor-type rule for Israel and confirm that the above-mentioned components contain valuable information about the monetary interest rate..
Israeli Welfare Organizations: A Snapshot
Policy Paper 03.2018, 07-2018
Taub Center for Social Policy Studies in Israel
Civil society organizations and nonprofits play a major role in the Israeli welfare state, and that role has clearly been growing in recent years... These organizations provide a broad range of social services to diverse target populations as outsourcers for the Ministry of Labor, Welfare, and Social Services... The current study's findings, based on an analysis of the characteristics of 748 nonprofit welfare organizations with annual revenues exceeding half a million shekels, indicate that the donations made to these organizations increase Israeli welfare spending by NIS 3.45 billion, amounting to 28 percent of the country's total annual social welfare expenditure...