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Monetary Policy Developments
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abroad annual assets average Bank of Israel baseline scenario billion in 1994 borrowing budget deficit business sector capital account Chart CM CM currency credit current account deficit cyclical decline defense discretionary economic activity estimates expenditures exports external current account fiscal adjustment fiscal impulse fiscal policy foreign currency foreign exchange foreign exchange market GDP growth Government grew immigrants impulse measure income inflation target inflows investment Israeli JAN MAY SEP Kalman filter loan guarantee long-term McCH measure of monetary monetary impulse monetary policy monetary policy stance nominal GDP output overall percent in 1994 percent in real percent of GDP percentage points potential output Private savings private sector public sector quarter of 1995 r-l r-l r-l real GDP real terms real wages reduced reflected relative result shekel Short-term capital Source spending spooS Stabilization Program stock market subsidies substantial Table tightening trend U.S. dollar terms unemployment