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Israel’s Triumph over Inflation: The Long and Winding Road

Author

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  • Razin, Assaf
Abstract
The paper gives an economic-history perspective of the long struggle with Inflation. It covers the early acceleration to three-digit levels, lasting 8 years; The stabilization program, based on political backing triggered sharp fall in inflationary expectation, and consequently to sharp inflation reduction to two- digit levels; The convergence to the advanced countries’ levels during the “great Moderation†; And Israel’ resistance to the deflation-depression forces that the 2008 crisis created. The emphasis is on the forces of globalization and the building of institutions, political, regulatory, financial, budget design, and monetary, which helped stabilize prices and output.

Suggested Citation

  • Razin, Assaf, 2017. "Israel’s Triumph over Inflation: The Long and Winding Road," CEPR Discussion Papers 11787, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:11787
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    File URL: https://cepr.org/publications/DP11787
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    More about this item

    Keywords

    Hyperinflation; Deflation-depression forces; Stabilization;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F3 - International Economics - - International Finance
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls

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