Jonathan Benchimol

Bank of Israel

Research Economist

Bank of Israel Street

P.O. Box 780

Jerusalem, Jerusalem 9100701

Israel

http://www.jonathanbenchimol.com/

  • Bank of Israel

    • Email
    • Tel: +972-2-6552641
    • Fax: +972-2-6669407
SCHOLARLY PAPERS

20

DOWNLOADS

1,245

SSRN CITATIONS

74

CROSSREF CITATIONS

22

Ideas:
“  I am a research economist at the Bank of Israel, Research Department. I’m co-organizing the Virtual Israel Macro Meeting (VIMM). I was a visiting postdoctoral scholar at Harvard University, Department of Economics, and a research associate at the Federal Reserve Bank of Dallas (Globalization and Monetary Policy Institute). I am also a research associate at the Henan University (Center for Financial Development and Stability), and at the Queen’s University (Conflict Analytics Lab). My research interests are in macroeconomics and monetary economics, financial economics, and econometrics.  ”

  • Bank of Israel

    • Email
    • Tel: +972-2-6552641
    • Fax: +972-2-6669407

Scholarly Papers (20)

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1.

Money in the Production Function: A New Keynesian DSGE Perspective

Southern Economic Journal, Wiley, vol. 82, no. 1, pp. 152-184, July 2015 [10.4284/0038-4038-2011.197]
Number of pages: 41 Posted: 07 Feb 2014 Last Revised: 19 Sep 2024
Jonathan Benchimol
Bank of Israel
Downloads 202 (289,579)
Citation 1

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Money demand, Money supply, DSGE model, Bayesian estimation, Monetary policy, Production function

2.

Central Bank Losses and Monetary Policy Rules: A DSGE Investigation

Downloads 155 (365,483)
Citation 5

Central Bank Losses and Monetary Policy Rules: A DSGE Investigation

International Review of Economics & Finance, Elsevier, vol. 61, no. 1, pp. 289-303, May 2019 [10.1016/j.iref.2019.01.010]
Number of pages: 33 Posted: 17 Apr 2019 Last Revised: 19 Sep 2024
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 20 (1,019,610)
Citation 1

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Monetary policy, Monetary rule, Central bank loss, Nominal income targeting., Central banking, Federal Reserve

Nominal Income Versus Taylor-Type Rules in Practice

ESSEC WORKING PAPER 1610
Published version: International Review of Economics & Finance, Elsevier, vol. 61, no. 1, pp. 289-303, May 2019
[10.1016/j.iref.2019.01.010]
Number of pages: 39 Posted: 31 Aug 2016
Jonathan Benchimol and Fourçans André
Bank of Israel and ESSEC Business School - Economics Department
Downloads 71 (636,193)

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Monetary policy, NGDP targeting, Taylor rule, DSGE model, Central banking

Monetary Rule, Central Bank Loss and Household's Welfare: An Empirical Investigation

Globalization and Monetary Policy Institute Working Paper No. 329
Number of pages: 28 Posted: 15 Nov 2017
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 64 (672,751)

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3.

Optimal Monetary Policy Under Bounded Rationality

Downloads 152 (371,423)
Citation 5

Optimal Monetary Policy Under Bounded Rationality

Journal of Financial Stability, Elsevier, vol. 89, no. 102783, October 2023 [10.1016/j.jfs.2023.101151]
Number of pages: 57 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol and Lahcen Bounader
Bank of Israel and International Monetary Fund (IMF)
Downloads 26 (955,195)
Citation 1

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Behavioral macroeconomics, Central bank policy, Cognitive discounting, Heterogeneous expectations, Optimal simple rules, Monetary policy

Optimal Monetary Policy Under Bounded Rationality

Globalization and Monetary Policy Institute Working Paper No. 336
Number of pages: 51 Posted: 26 Feb 2018 Last Revised: 29 Apr 2020
Jonathan Benchimol and Lachen Bounader
Bank of Israel and Mohammed V University of Rabat
Downloads 49 (763,520)

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Optimal Monetary Policy Under Bounded Rationality

Bank of Finland Research Discussion Paper No. 9/2018
Number of pages: 56 Posted: 23 Apr 2018
Jonathan Benchimol and Lahcen Bounader
Bank of Israel and International Monetary Fund (IMF)
Downloads 38 (845,689)
Citation 4

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heterogeneous myopia, behavioral economics, bounded rationality, strict targeting, exible targeting

Optimal Monetary Policy Under Bounded Rationality

IMF Working Paper No. 19/166
Number of pages: 53 Posted: 27 Aug 2019
Jonathan Benchimol and Lahcen Bounader
Bank of Israel and International Monetary Fund (IMF)
Downloads 39 (837,519)

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Bank rates, Financial crises, Monetary policy, Central bank policy, Central banks, myopia, commitment, discretion, optimal simple rules., output gap, PLT, cost-push, optimal monetary policy

4.

Money and Monetary Policy in the Eurozone: An Empirical Analysis During Crises

Macroeconomic Dynamics, Cambridge University Press, vol. 21, no. 3, pp. 677-707, April 2017 [10.1017/S1365100515000644]
Number of pages: 35 Posted: 14 Dec 2017 Last Revised: 19 Sep 2024
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 86 (561,537)
Citation 4

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Eurozone, Money demand, Monetary policy, DSGE models, Economic crises., Risk aversion

5.

Stock Market Reaction to Monetary Policy Surprises Under Uncertainty

International Review of Financial Analysis, Elsevier, vol. 89, no. 102783, August 2023 [10.1016/j.irfa.2023.102783]
Number of pages: 32 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol, Yossi Saadon and Nimrod Segev
Bank of Israel, Bank of Israel - Research Department and Bank of Israel - Research Department
Downloads 84 (569,501)
Citation 1

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Monetary policy, Uncertainty, Stock returns, High-frequency data, Event study, Stock prices

6.

Forecast Performance in Times of Terrorism

Downloads 78 (594,617)
Citation 3

Forecast Performance in Times of Terrorism

Economic Modelling, Elsevier, vol. 91, pp. 386-402, September 2020 [10.1016/j.econmod.2020.05.018]
Number of pages: 41 Posted: 04 Aug 2020 Last Revised: 19 Sep 2024
Jonathan Benchimol and Makram El-Shagi
Bank of Israel and Henan University
Downloads 9 (1,148,682)
Citation 2

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Inflation, Exchange rate, Forecast performance, Terrorism, Market forecast, Geopolitical risks, Expert forecast

Forecast Performance in Times of Terrorism

CFDS Discussion Paper No. 1-2017
Published version: Economic Modelling, Elsevier, vol. 91, pp. 386-402, September 2020
[10.1016/j.econmod.2020.05.018]
Number of pages: 41 Posted: 19 Dec 2017 Last Revised: 19 Sep 2024
Jonathan Benchimol and Makram El-Shagi
Bank of Israel and Henan University
Downloads 50 (756,866)

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inflation, exchange rate, forecast performance, terrorism, market forecast, expert forecast

Forecast Performance in Times of Terrorism

Globalization Institute Working Paper No. 390
Number of pages: 39 Posted: 30 Jun 2020 Last Revised: 11 Jan 2022
Jonathan Benchimol and Makram El-Shagi
Bank of Israel and Henan University
Downloads 19 (1,031,070)

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inflation, exchange rates, forecast performance, terrorism, market forecast, expert forecast

7.

Time-Varying Money Demand and Real Balance Effects

Downloads 75 (607,805)
Citation 1

Time-Varying Money Demand and Real Balance Effects

Economic Modelling, Elsevier, vol. 87, pp. 197-211, May 2020 [10.1016/j.econmod.2019.07.020]
Number of pages: 41 Posted: 02 Jul 2020 Last Revised: 19 Sep 2024
Jonathan Benchimol and Irfan Qureshi
Bank of Israel and Asian Development Bank
Downloads 7 (1,172,345)

Abstract:

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Time-varying money demand, Real balance effect, Welfare cost of inflation, Money demand, Money supply, Monetary policy, Money neutrality

Time-Varying Money Demand and Real Balance Effects

Globalization and Monetary Policy Institute Working Paper No. 364
Number of pages: 36 Posted: 22 Oct 2019 Last Revised: 29 Apr 2020
Jonathan Benchimol and Irfan Qureshi
Bank of Israel and Asian Development Bank
Downloads 68 (651,505)
Citation 2

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Time-Varying Money Demand, Real Balance Effect, Welfare Cost of Inflation, Monetary Neutrality

8.

Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone

Journal of Macroeconomics, Elsevier, vol. 34, no. 1, pp. 95-111, March 2012 [10.1016/j.jmacro.2011.10.003]
Number of pages: 32 Posted: 24 Sep 2013 Last Revised: 19 Sep 2024
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 73 (616,921)
Citation 2

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Euro area, Money demand, Risk aversion, Bayesian estimation, DSGE model, Monetary policy

9.

Text Mining Methodologies with R: An Application to Central Bank Texts

Machine Learning with Applications, Elsevier, vol. 8, no. 100286, June 2022 [10.1016/j.mlwa.2022.100286]
Number of pages: 19 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol, Sophia Kazinnik and Yossi Saadon
Bank of Israel, Federal Reserve Banks - Quantitative Supervision & Research and Bank of Israel - Research Department
Downloads 69 (635,851)
Citation 1

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Text mining, R programming, Sentiment analysis, Topic modelling, Natural language processing, Central bank communication, Bank of Israel, Text analysis

10.

Forecasting CPI Inflation Components with Hierarchical Recurrent Neural Networks

International Journal of Forecasting, Elsevier, vol. 39, no. 3, pp. 1145-1162, July-September 2023 [10.1016/j.ijforecast.2022.04.009]
Number of pages: 18 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Oren Barkan, Jonathan Benchimol, Itamar Caspi, Eliya Cohen, Allon Hammer and Noam Koenigstein
Open University Israel, Bank of Israel, Bank of Israel - Research Department, Tel Aviv University, Tel Aviv University and Tel Aviv University
Downloads 56 (703,884)

Abstract:

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Inflation forecasting, Disaggregated inflation, Consumer Price Index, Machine learning, Gated Recurrent Unit, Recurrent Neural Networks, Neural networks

11.

Money and Monetary Policy in Israel During the Last Decade

Journal of Policy Modeling, Elsevier, vol. 38, no. 1, pp. 103-124, February 2016 [10.1016/j.jpolmod.2015.12.007]
Number of pages: 29 Posted: 15 Dec 2017 Last Revised: 22 Sep 2024
Jonathan Benchimol
Bank of Israel
Downloads 43 (786,854)
Citation 3

Abstract:

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Divisia monetary aggregates, Monetary policy, DSGE models, Economic crises, Political economy, Israel, Geopolitcal risks

12.

Risk Aversion in the Eurozone

Research in Economics, Elsevier, vol. 68, no. 1, pp. 39-56, March 2014 [10.1016/j.rie.2013.11.005]
Number of pages: 29 Posted: 07 Feb 2014 Last Revised: 19 Sep 2024
Jonathan Benchimol
Bank of Israel
Downloads 38 (823,631)
Citation 2

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Risk aversion, Output, Money, Eurozone, DSGE model, Bayesian estimation, Monetary policy

13.

Switching Volatility in a Nonlinear Open Economy

Downloads 32 (872,759)
Citation 1

Switching Volatility in a Nonlinear Open Economy

Journal of International Money and Finance, Elsevier, vol. 110, no. 102287, February 2021 [10.1016/j.jimonfin.2020.102287]
Number of pages: 49 Posted: 03 Dec 2020 Last Revised: 19 Sep 2024
Jonathan Benchimol and Sergey Ivashchenko
Bank of Israel and Bank of Russia
Downloads 10 (1,136,681)

Abstract:

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DSGE models, Volatility shocks, Markov switching, Open economy, Financial crisis, Nonlinearities., International risks

Switching Volatility in a Nonlinear Open Economy

Globalization Institute Working Paper No. 386
Number of pages: 51 Posted: 01 Jun 2020 Last Revised: 11 Jan 2022
Jonathan Benchimol and Sergey Ivashchenko
Bank of Israel and Bank of Russia
Downloads 22 (997,490)

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14.

Measuring Communication Quality of Interest Rate Announcements

The Economists’ Voice, De Gruyter, vol. 20, no. 1, pp. 43-53, June 2023 [10.1515/ev-2022-0023]
Number of pages: 12 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol, Itamar Caspi and Sophia Kazinnik
Bank of Israel, Bank of Israel - Research Department and Federal Reserve Banks - Quantitative Supervision & Research
Downloads 30 (890,185)

Abstract:

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Text mining, Central bank communication, Monetary policy, Financial stability., Text complexity

15.

Do Expert Experience and Characteristics Affect Inflation Forecasts?

Journal of Economic Behavior & Organization, Elsevier, vol. 201, pp. 205-226, September 2022 [10.1016/j.jebo.2022.06.025]
Number of pages: 43 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol, Makram El-Shagi and Yossi Saadon
Bank of Israel, Henan University and Bank of Israel - Research Department
Downloads 29 (899,158)

Abstract:

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Expert forecast, Behavioral economics, Survival analysis, Panel estimation, Global financial crisis., Inflation forecast

16.

The COVID-19 Inflation Weighting in Israel

The Economists’ Voice, De Gruyter, vol. 19, no. 1, pp. 5-14, June 2022 [10.1515/ev-2021-0023]
Number of pages: 12 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol, Itamar Caspi and Yuval Levin
Bank of Israel, Bank of Israel - Research Department and Bank of Israel
Downloads 21 (977,301)

Abstract:

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Consumer expenditures, Consumer price inflation, Consumer behavior, Coronavirus pandemic, Vaccination, COVID-19

17.

The Interaction Between Domestic Monetary Policy and Macroprudential Policy in Israel

Economic Modelling, Elsevier, vol. 112, no. 105872, July 2022 [10.1016/j.econmod.2022.105872]
Number of pages: 40 Posted: 09 Aug 2023 Last Revised: 19 Sep 2024
Jonathan Benchimol, Inon Gamrasni, Michael Kahn, Sigal Ribon, Yossi Saadon, Noam Ben-Zeev, Asaf Segal and Yitzchak Shizgal
Bank of Israel, Bank of Israel, Independent, Bank of Israel - Research Department, Bank of Israel - Research Department, Bank of Israel, Bank of Israel and Bank of Israel
Downloads 20 (987,780)
Citation 4

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Financial stability, Policy evaluation, Banking sector, Credit markets, Regulation, Global Financial Crisis., Macroprudential policy

18.

Central Bank Objectives, Monetary Policy Rules, and Limited Information

Journal of Macroeconomics, Elsevier, vol. 80, no. 103604, June 2024 [10.1016/j.jmacro.2024.103604]
Number of pages: 69 Posted: 19 Jun 2024
Jonathan Benchimol
Bank of Israel
Downloads 2 (1,186,429)

Abstract:

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Monetary policy rule, Central bank loss, Inflation targeting, NGDP targeting, Limited information, Central banking

19.

Sanctions and Russian Online Prices

Journal of Economic Behavior & Organization, vol. 225, pp. 483-521, September 2024 [10.1016/j.jebo.2024.07.013]
Number of pages: 66
Jonathan Benchimol and Luigi Palumbo
Bank of Israel and University of Tuscia
Downloads 0

Abstract:

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Online prices, Political economy, Conflict, Ukraine, Russia, Product availability, Inflation, Sanctions

20.

Desirable Banking Competition and Stability

Journal of Financial Stability, vol. 73, no. 101266, August 2024. [10.1016/j.jfs.2024.101266]
Number of pages: 62
Jonathan Benchimol and Caroline Bozou Ninou
Bank of Israel and affiliation not provided to SSRN
Downloads 0

Abstract:

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Banking concentration, Imperfect competition, Financial stability, Welfare analysis, Banking concentration, DSGE model