Research

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Journal articles

17. Stock Market Reaction to Monetary Policy Surprises Under Uncertainty, with Yossi Saadon and Nimrod Segev.
International Review of Financial Analysis, Elsevier, Volume 89, Number 102783, October 2023.
Abstract | Paper | Download | DOI | Replication Files

16. Optimal Monetary Policy Under Bounded Rationality, with Lahcen Bounader.
Journal of Financial Stability, Elsevier, Volume 89, Number 102783, August 2023.
Abstract | Paper | Download | DOI | Replication Files | Slides | Video Presentation

15. Forecasting CPI Inflation Components with Hierarchical Recurrent Neural Networks, with Oren Barkan, Itamar Caspi, Eliya Cohen, Allon Hammer, and Noam Koenigstein.
International Journal of Forecasting, Elsevier, Volume 39, Issue 3, Pages 1145-1162, July-September 2023.
Abstract | Paper | Download | DOI | Replication Files | Dataset | Slides | Video Presentation

14. Measuring Communication Quality of Interest Rate Announcements, with Itamar Caspi and Sophia Kazinnik.
The Economists’ Voice, De Gruyter, Volume 20, Issue 1, Pages 43-53, June 2023.
Abstract | Paper | Download | DOI | Replication Files

13. Do Expert Experience and Characteristics Affect Inflation Forecasts?, with Makram El-Shagi and Yossi Saadon.
Journal of Economic Behavior & Organization, Elsevier, Volume 201, Pages 205-226, September 2022.
Abstract | Paper | Download | DOI | Slides

12. The Interaction Between Domestic Monetary Policy and Macroprudential Policy in Israel, with Inon Gamrasni, Michael Kahn, Sigal Ribon, Yossi Saadon, Noam Ben-Ze’ev, Asaf Segal and Yitzchak Shizgal.
Economic Modelling, Elsevier, Volume 112, Number 105872, June 2022.
Abstract | Paper | Download | DOI | Non-Technical Summary

11. The COVID-19 Inflation Weighting in Israel, with Itamar Caspi and Yuval Levin.
The Economists’ Voice, De Gruyter, Volume 19, Issue 1, Pages 5-15, June 2022.
Abstract | Paper | Download | DOI | Replication Files

10. Text Mining Methodologies with R: An Application to Central Bank Texts, with Sophia Kazinnik and Yossi Saadon.
Machine Learning with Applications, Elsevier, Volume 8, Number 100286, June 2022.
Abstract | Paper | Download | DOI | Replication Files

9. Switching Volatility in a Nonlinear Open Economy, with Sergey Ivashchenko.
Journal of International Money and Finance, Elsevier, Volume 110, Number 102287, February 2021.
Abstract | Paper | Appendix | Download | DOI | Replication Files

8. Forecast Performance in Times of Terrorism, with Makram El-Shagi.
Economic Modelling, Elsevier, Volume 91, Pages 386-402, September 2020.
Abstract | Paper | Download | DOI | Slides

7. Time-Varying Money Demand and Real Balance Effects, with Irfan Qureshi.
Economic Modelling, Elsevier, Volume 87, Pages 197-211, May 2020.
Abstract | Paper | Download | DOI

6. Central Bank Losses and Monetary Policy Rules: A DSGE Investigation, with André Fourçans.
International Review of Economics and Finance, Elsevier, Volume 61, Issue 1, Pages 289-303, May 2019.
Abstract | Paper | Appendix | Download | DOI | Replication Files | Slides

5. Money and Monetary Policy in the Eurozone: An Empirical Analysis During Crises, with André Fourçans.
Macroeconomic Dynamics, Cambridge University Press, Volume 21, Issue 3, Pages 677-707, April 2017.
Abstract | Paper | Appendix | Download | DOI | Replication Files | Slides | Macro Model Base

4. Money and Monetary Policy in Israel During the Last Decade.
Journal of Policy Modeling, Elsevier, Volume 38, Issue 1, Pages 103–124, February 2016.
Abstract | Paper | Appendix | Download | DOI | Replication Files | Slides

3. Money in the Production Function: A New Keynesian DSGE Perspective.
Southern Economic Journal, Wiley, Volume 82, Issue 1, Pages 152–184, July 2015.
Abstract | Paper | Download | DOI | Replication Files | Macro Model Base

2. Risk Aversion in the Eurozone.
Research in Economics, Elsevier, Volume 68, Issue 1, Pages 39-56, March 2014.
abstract | Paper | Download | DOI | Replication Files

1. Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone, with André Fourçans.
Journal of Macroeconomics, Elsevier, Volume 34, Issue 1, Pages 95-111, March 2012.
Abstract | Paper | Download | DOI | Replication Files | Slides | Macro Model Base | Summary

Book Chapters

1. Historical and Desirable Policy Rules in Israel: A DSGE Perspective.
In: Yaron, A., and Strawczynski, M. (Eds.), Monetary Policy in Times of Price Stability. Bank of Israel, Ch. 10, pp. 339–380, 2022 (in Hebrew).
Original Title: כללי מדיניות היסטוריים ורצויים בישראל: פרספקטיבה של שיווי משקל כללי סטוכסטי דינמי
Chapter

2. The Inflation Environment Effect on Monetary Policy Communication in Israel, with Yoav Soffer and Yossi Saadon.​
In: Yaron, A., and Strawczynski, M. (Eds.), Monetary Policy in Times of Price Stability. Bank of Israel, Ch. 11, pp. 381–410, 2022 (in Hebrew).
Original Title: השפעת סביבת האינפלציה על אופן התקשור של המדיניות המוניטרית בישראל
Chapter

3. The Legal Case for a Central Bank Labour Mandate, with Samuel Dahan.
In: Banks, K., Chaykowski, R., and Gomez, R. (Eds.), Rethinking the Foundations of Workplace Law. University of Toronto Press, forthcoming.
Under review | Chapter | Updated: January 2023

Working papers

Central Bank Density Forecasts: Do Higher-order Moments Matter?, with Ryan Rholes and Tatevik Sekhposyan.
In preparation | Paper | Updated: March 2024

Sanctions and Russian Online Prices, with Luigi Palumbo.
Revise & Resubmit, Journal of Economic Behavior and Organization | Paper | Updated: January 2024

Desirable Banking Competition and Stability, with Caroline Bozou.
Revise & Resubmit, Journal of Financial Stability | Paper | Updated: March 2024

Central Bank Losses, Monetary Policy Rules, and Limited Information.
Revise & Resubmit, Journal of Macroeconomics | Paper | Updated: January 2024

Federal Reserve Communication and the COVID-19 Pandemic, with Sophia Kazinnik and Yossi Saadon.
Revise & Resubmit, The Economists’ Voice | Paper | Download | Updated: February 2024

Work in progress

Communication and Transparency Through Central Bank Texts, with Sophia Kazinnik and Yossi Saadon.
In preparation. Presented at ASSA/AEA Annual Conference (2020), Harvard University, Houston University, ProQuest and Bank of Israel. Available upon request

Risk Aversion, Credit and Banking, with Caroline Bozou.
In preparation. Presented at ASSA/AEA Annual Conference (2020), Boston Fed, and Bank of Israel. Available upon request

Present-Biased Households and Monetary Policy, with Lahcen Bounader and Doron Kliger.
In preparation. Presented at ASSA/AEA Annual Conference (2022).

Referee activity

Applied Economics (5), Applied Financial Economics, Building and Environment (2), Bulletin of Economic Research (2), CESifo Economic Studies, China Economic Review (3), Contemporary Economics (3), Economic Analysis and Policy (4), Economic Change and Restructuring (3), Economic Modelling (16), Economic Systems, Economics and Politics, Economics Bulletin, Emerging Markets Finance and Trade, Empirica (2), Empirical Economics (3), Expert Systems with Applications (17), Financial Innovation (3), Humanities and Social Sciences Communications (5), International Finance (3), International Journal of Central Banking, International Journal of Forecasting, International Review of Financial Analysis (2), Journal of Banking and Finance, Journal of Economic Behavior and Organization (3), Journal of Financial Stability, Journal of International Money and Finance (3), Journal of Macroeconomics (6), Journal of Money Credit and Banking (2), Latin American Journal of Central Banking, Macroeconomic Dynamics (6), National Research Foundation (2), New Zealand Economic Papers, Oxford Bulletin of Economics and Statistics, PLOS One (12), Quarterly Review of Economics and Finance (5), Review of International Economics, Southern Economic Journal (2).

Research visits

– Harvard University (Cambridge, USA) – Department of Economics, Aug. 2019 to Jul. 2020.
– Bank of Finland (Helsinki, Finland) – Research Department, Mar. 2018.
– Romanian Academy (Bucharest, Romania) – National Institute of Economic Research (INCE), Nov. 2017.
– Henan University (Kaifeng, China) – School of Economics, Aug. to Sep. 2016.

International conferences

– American Economic Association (ASSA), 136nd Annual Meeting, San Antonio, USA, January 5-7, 2024.
– International Association for Applied Econometrics (IAAE), London, UK, June 21-24, 2022.
– Advanced Analytics: New Methods and Applications for Macroeconomic Policy, London, UK, July 21-22, 2022.
– Money, Macro and Finance Society (MMF), 52nd Annual Conference, Cambridge, UK, September 1-3, 2021.
– Central Bank Research Association (CEBRA), Annual Meeting, Boston, USA, July 7-9, 2021.
– Asian Meeting of Econometric Society (AMES), Annual Meeting, Miri, Malaysia, June 25-27, 2021.
– American Economic Association (ASSA), 133nd Annual Meeting, Chicago, USA, January 3-5, 2021.
– European Economic Association (EEA), 35th Annual Congress, Rotterdam, Netherlands, August 24-27, 2020.
– American Economic Association (ASSA), 132nd Annual Meeting, San Diego, USA, January 3-5, 2020.
– CEPR Network on Macroeconomic Modelling and Model Comparison (MMCN), 3rd Annual Conference, Frankfurt, Germany, June 13-14, 2019.
– CEPR Network on Macroeconomic Modelling and Model Comparison (MMCN), 2nd Annual Conference, Stanford, California, USA, June 7-8, 2018.
– Money, Macro and Finance Society (MMF), 49th Annual Conference, London, United Kingdom, September 5-7, 2017 (session chair).
– CEPR Network on Macroeconomic Modelling and Model Comparison (MMCN), 1st Annual Conference, Frankfurt, Germany, June 19-20, 2017.
– Money, Macro and Finance Society (MMF), 47th Annual Conference, Cardiff, United Kingdom, September 9-11, 2015 (session chair).
– International Trade and Finance Association (IT&FA), 25th International Conference, Sarasota, Florida, USA, May 17-20, 2015.
– Money, Macro and Finance Society (MMF), 46th Annual Conference, Durham, United Kingdom, September 17-19, 2014.
– International Trade and Finance Association (IT&FA), 23rd International Conference, Montréal, Canada, May 29-June 1, 2013.
– European Research Group (GdRE), 29th International Symposium, Nantes, France, June 28-29, 2012.
– International Finance and Banking Society (IFABS), 4th International Conference, Valencia, Spain, June 18-20, 2012.
– International Trade and Finance Association (IT&FA), 21st International Conference, Eilat, Israel, May 29-June 01, 2011.
– International Trade and Finance Association (IT&FA), 20th International Conference, Las Vegas, USA, May 23-26, 2010.
– International Trade and Finance Association (IT&FA), 19th International Conference, Beijing, China, May 27-30, 2009.

National conferences

– Israel Economic Association (IEA), 34th Annual Conference, Rishon LeZion, Israel, June 14, 2018.
– French Economic Association (AFSE), 61th Annual Conference, Paris, France, July 2-4, 2012.
– Spanish Economic Association (SAEe), 36th Annual Conference, Málaga, Spain, December 14-17, 2011 (session chair).
– French Economic Association (AFSE), 60th Annual Conference, Nanterre, France, September 8-9, 2011.

Discussions

– “How Does BigTech Credit Affect Monetary Policy Transmission?” by Yiping Huang, Xiang Li, Han Qiu, and Changhua Yu.
Advanced Analytics: New Methods and Applications for Macroeconomic Policy, London, United Kinkdom, July 21-22, 2022.
– “The Voice of Monetary Policy” by Yuriy Gorodnichenko, Tho Pham, and Oleksandr Talavera.
Advanced Analytics: New Methods and Applications for Macroeconomic Policy, London, United Kinkdom, November 3-5, 2021.
– “Aino 3.0 : Macroprudential Policies for a Small Open Economy” by Aino Silvo and Fabio Verona.
CEPR Network on Macroeconomic Modelling and Model Comparison, Frankfurt, Germany, June 13-14, 2019.
– “Shadow Banking and Market Discipline on Traditional Banks” by Anil Ari, Matthieu Darracq-Pariès, Christoffer Kok, and Dawid Zochowski.
CEPR Conference on Systemic Risk and Macroprudential Policy, Tel Aviv, Israel, December 17-18, 2018.
– “Evaluating the Macroeconomic Effects of the ECB’s Unconventional Monetary Policies” by Sarah Mouabbi and Jean-Guillaume Sahuc.
CEPR Network on Macroeconomic Modelling and Model Comparison, Frankfurt, Germany, June 19-20, 2017.

Other presentations

Bank of England, Bank of Finland (2), Bank of France, Bank of Israel (8), Bar Ilan University (2), Bucharest University of Economic Studies, CEPII, CNRS/GATE, ESSEC Business School (4), Federal Reserve Bank of Boston (3), Government of Romania, Harvard University (2), Hebrew University of Jerusalem (2), Henan University, IDC Herzliya, Lille 1 University, National Bank of Romania, ProQuest, Romanian Academy, Tel Aviv University (2), University of Évry Val d’Essonne, University of Houston (2), University of Paris 1 Panthéon Sorbonne (4), University of Paris 8.

Presented by coauthors

– Money, Macro and Finance Society (MMF), 50th Anniversary Conference, London, United Kingdom, September 4-6, 2019 (Caroline Bozou).
– Dynare, 15th Annual Conference, Lausanne, Switzerland, September 9-10, 2019 (Sergey Ivashchenko).
– Society for Economic Measurement, 6th Annual Conference, Frankfurt, Germany, August 16-18, 2019 (Caroline Bozou).
– Western Economic Association International (WEAI), 94th Annual Conference, San Francisco, California, USA, June 22-July 2, 2019 (Sophia Kazinnik).
– Henan University and INFER, 5th Workshop on Applied Macroeconomics, Kaifeng, China, March 29-31, 2019 (Sergey Ivashchenko).
– Western Economic Association International (WEAI), 15th International Conference, Tokyo, Japan, March 21-24, 2019 (André Fourçans).
– Centre for International Research on Economic Tendency Surveys (CIRET), 34th Annual Conference, Rio de Janeiro, Brazil, September 12-15, 2018 (Makram El-Shagi).
– Money, Macro and Finance Society (MMF), 49th Annual Conference, London, United Kingdom, September 5-7, 2017 (Sergey Ivashchenko).
– International Economic Association, 18th World Congress, Mexico City, Mexico, June 19-23, 2017 (Lahcen Bounader).

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