So, this is the policy decision process that we employ at the Bank of Israel. We can think of various issues that studies written by the researchers at this institute can deal with, to help in making policy decisions. For instance, I mentioned the labor market and the low unemployment rate, and despite this, the sense of weakness in the labor market.
We can ask to what extent the current unemployment level that we see is structural unemployment, to what extent it is frictional unemployment, and in the context of developments in the labor market, what is the correct monetary policy. 2  BIS central bankers’ speeches