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

17

DOWNLOADS

860

SSRN CITATIONS

31

CROSSREF CITATIONS

18

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 (17)

Actions:
Email selected abstracts
1.

Money in the Production Function: A New Keynesian DSGE Perspective

Southern Economic Journal, Wiley, vol. 82, no. 1, pp. 152-184, July 2015.
Number of pages: 41 Posted: 07 Feb 2014 Last Revised: 13 Aug 2023
Jonathan Benchimol
Bank of Israel
Downloads 191 (261,743)
Citation 1

Abstract:

Loading...

Money demand, Money supply, DSGE mdoels, Bayesian estimation.

2.

Central Bank Losses and Monetary Policy Rules: A DSGE Investigation

Downloads 125 (370,910)
Citation 2

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.
Number of pages: 33 Posted: 17 Apr 2019 Last Revised: 10 Aug 2023
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 4 (1,035,963)
Citation 1

Abstract:

Loading...

Monetary policy, Monetary rule, Central bank loss, Nominal income targeting.

Nominal Income Versus Taylor-Type Rules in Practice

ESSEC WORKING PAPER 1610
Number of pages: 39 Posted: 31 Aug 2016
Jonathan Benchimol and Fourçans André
Bank of Israel and ESSEC Business School - Economics Department
Downloads 65 (570,043)

Abstract:

Loading...

Monetary policy, NGDP targeting, Taylor rule, DSGE model

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 56 (614,968)

Abstract:

Loading...

3.

Optimal Monetary Policy Under Bounded Rationality

Downloads 119 (384,681)
Citation 1

Optimal Monetary Policy Under Bounded Rationality

Journal of Financial Stability, Elsevier, vol. 89, no. 102783, October 2023.
Number of pages: 57 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
Jonathan Benchimol and Lahcen Bounader
Bank of Israel and International Monetary Fund (IMF)
Downloads 9 (989,718)

Abstract:

Loading...

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

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 45 (679,450)

Abstract:

Loading...

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 35 (749,076)
Citation 1

Abstract:

Loading...

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 30 (788,675)

Abstract:

Loading...

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.
Number of pages: 35 Posted: 14 Dec 2017 Last Revised: 13 Aug 2023
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 79 (504,413)
Citation 3

Abstract:

Loading...

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

5.

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.
Number of pages: 32 Posted: 24 Sep 2013 Last Revised: 13 Aug 2023
Jonathan Benchimol and André Fourçans
Bank of Israel and ESSEC Business School
Downloads 62 (575,065)
Citation 2

Abstract:

Loading...

Euro area, Money demand, Risk aversion, Bayesian estimation, DSGE models.

6.

Forecast Performance in Times of Terrorism

Downloads 50 (635,750)
Citation 2

Forecast Performance in Times of Terrorism

Economic Modelling, Elsevier, vol. 91, pp. 386-402, September 2020.
Number of pages: 41 Posted: 04 Aug 2020 Last Revised: 13 Aug 2023
Jonathan Benchimol and Makram El-Shagi
Bank of Israel and Henan University
Downloads 2 (1,052,830)
Citation 1

Abstract:

Loading...

Inflation, Exchange rate, Forecast performance, Terrorism, Market forecast, Expert forecast.

Forecast Performance in Times of Terrorism

CFDS Discussion Paper No. 1-2017
Number of pages: 41 Posted: 19 Dec 2017 Last Revised: 13 Aug 2023
Jonathan Benchimol and Makram El-Shagi
Bank of Israel and Henan University
Downloads 40 (712,767)

Abstract:

Loading...

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 8 (999,665)

Abstract:

Loading...

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

7.

Time-Varying Money Demand and Real Balance Effects

Downloads 37 (715,253)
Citation 1

Time-Varying Money Demand and Real Balance Effects

Economic Modelling, Elsevier, vol. 87, pp. 197-211, May 2020.
Number of pages: 41 Posted: 02 Jul 2020 Last Revised: 13 Aug 2023
Jonathan Benchimol and Irfan Qureshi
Bank of Israel and Asian Development Bank
Downloads 2 (1,052,830)

Abstract:

Loading...

Time-varying money demand, Real balance effect, Welfare cost of inflation, Monetary 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 35 (749,076)
Citation 2

Abstract:

Loading...

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

8.

Money and Monetary Policy in Israel During the Last Decade

Journal of Policy Modeling, Elsevier, vol. 38, no. 1, pp. 103-124, February 2016.
Number of pages: 29 Posted: 15 Dec 2017 Last Revised: 12 Aug 2023
Jonathan Benchimol
Bank of Israel
Downloads 37 (715,253)
Citation 3

Abstract:

Loading...

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

9.

Stock Market Reaction to Monetary Policy Surprises Under Uncertainty

International Review of Financial Analysis, Elsevier, vol. 89, no. 102783, August 2023.
Number of pages: 32 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
Jonathan Benchimol, Yossi Saadon and Nimrod Segev
Bank of Israel, Bank of Israel - Research Department and Bank of Israel - Research Department
Downloads 35 (743,511)

Abstract:

Loading...

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

10.

Risk Aversion in the Eurozone

Research in Economics, Elsevier, vol. 68, no. 1, pp. 39-56, March 2014.
Number of pages: 29 Posted: 07 Feb 2014 Last Revised: 13 Aug 2023
Jonathan Benchimol
Bank of Israel
Downloads 33 (743,511)
Citation 2

Abstract:

Loading...

Risk aversion, Output, Money, Eurozone, New Keynesian DSGE models, Bayesian estimation.

11.

Forecasting CPI Inflation Components with Hierarchical Recurrent Neural Networks

International Journal of Forecasting, Elsevier, vol. 39, no. 3, pp. 1145-1162, July–September 2023.
Number of pages: 18 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
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 30 (766,177)

Abstract:

Loading...

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

12.

Switching Volatility in a Nonlinear Open Economy

Downloads 17 (877,451)

Switching Volatility in a Nonlinear Open Economy

Journal of International Money and Finance, Elsevier, vol. 110, no. 102287, February 2021.
Number of pages: 49 Posted: 03 Dec 2020 Last Revised: 13 Aug 2023
Jonathan Benchimol and Sergey Ivashchenko
Bank of Israel and St. Petersburg Institute for Economics and Mathematics (Russian Academy of Sciences)
Downloads 4 (1,035,963)

Abstract:

Loading...

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

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 St. Petersburg Institute for Economics and Mathematics (Russian Academy of Sciences)
Downloads 13 (948,470)

Abstract:

Loading...

13.

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

Machine Learning with Applications, Elsevier, vol. 8, no. 100286, June 2022.
Number of pages: 19 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
Jonathan Benchimol, Sophia Kazinnik and Yossi Saadon
Bank of Israel, Federal Reserve Banks - Quantitative Supervision & Research and Bank of Israel - Research Department
Downloads 14 (906,286)
Citation 1

Abstract:

Loading...

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

14.

Do Expert Experience and Characteristics Affect Inflation Forecasts?

Journal of Economic Behavior & Organization, Elsevier, vol. 201, pp. 205-226, September 2022.
Number of pages: 43 Posted: 09 Aug 2023 Last Revised: 14 Aug 2023
Jonathan Benchimol, Makram El-Shagi and Yossi Saadon
Bank of Israel, Henan University and Bank of Israel - Research Department
Downloads 11 (935,611)

Abstract:

Loading...

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

15.

Measuring Communication Quality of Interest Rate Announcements

The Economists’ Voice, De Gruyter, vol. 20, no. 1, pp. 43-53, June 2023.
Number of pages: 12 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
Jonathan Benchimol, Itamar Caspi and Sophia Kazinnik
Bank of Israel, Bank of Israel - Research Department and Federal Reserve Banks - Quantitative Supervision & Research
Downloads 9 (954,488)

Abstract:

Loading...

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

16.

The COVID-19 Inflation Weighting in Israel

The Economists’ Voice, De Gruyter, vol. 19, no. 1, pp. 5-14, June 2022.
Number of pages: 12 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
Jonathan Benchimol, Itamar Caspi and Yuval Levin
Bank of Israel, Bank of Israel - Research Department and Bank of Israel
Downloads 7 (972,364)

Abstract:

Loading...

Consumer expenditures, Consumer price inflation, Consumer behavior, Coronavirus pandemic, Vaccination.

17.

The Interaction Between Domestic Monetary Policy and Macroprudential Policy in Israel

Economic Modelling, Elsevier, vol. 112, no. 105872, July 2022.
Number of pages: 40 Posted: 09 Aug 2023 Last Revised: 13 Aug 2023
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 4 (996,380)

Abstract:

Loading...

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