In the first case, let's assume that the economy would have eventually recovered from the shock of the pandemic even without any additional support from unconventional policies. In this case, the economy returns to the pre-pandemic equilibrium (and bond yields), but additional monetary policy stimulus, including the bond purchase program, helps this process to occur much sooner than otherwise.
Unemployment in Israel is lower than in many other countries, including those that are very advanced. Toward the end of this lecture, I will enumerate a number of challenges and problems that require handling in the long term, but the macroeconomic situation in Israel is, in the final analysis, very good other than one aspect: the government budget.