It is hard to be very critical about the conduct of monetary policy in Israel. I have earlier praised the Bank of Israel (BoI) for essentially being an NGDP targetter and when Stanley Fischer was BoI governor nominal GDP basically was kept on a straight line (see here).
And even though Fischer’s successor Karnit Flug initially back in 2014 kept monetary conditions slightly too tight (see here) it now seems like the BoI under Flug’s leadership is back on track.
At least that is what our – Markets & Money Advisory’s – composite indicator for Israeli monetary conditions is showing.
Introducing Global Monetary Conditions Monitor
The indicator will be part of the first edition of our new flagship publication Global Monetary Conditions Monitor (GMCM), which will be published in March and given the Bank of Israel today (3pm CET) has its monetary policy announce we thought it would be a good idea to share a page from the upcoming GMCM on israel.
You will see the country page on Israeli monetary conditions here.
You can also see the page as a PDF here.
When we put out GMCM there will be 25 such pages on different countries plus of course addition commentary on global monetary matters. A 12 month subscription will be priced at EUR 2,000.
If you are interested in more information on the Global Monetary Conditions Monitor please let us know. Mail to LC@mamoadvisory.com or LR@mamoadvisory.com.
As expected the BoI kept its key policy rate unchanged at 0.1%.
See more on the Global Monetary Conditions Monitor: