December 27,2016 - Crowne Plaza Hotel, Jerusalem


08:30-09:00​ ​Reception
09:00-09:15​ Opening remarks by Governor of the Bank of Israel Dr. Karnit Flug

Nitzan Tzur-Ilan, The effect of credit constraints on the housing market: The case of LTV limits

​research by the Bank of Israel’s Nitzan Tzur-Ilan was presented, which examined the effect of mortgage loan to value ratio limitations on households’ decisions when buying a home. The research found that households on whom the loan to value limitations were imposed on the loans they took, chose, after the limitation was imposed, housing assets that were less expensive (in real terms), further from the center of the country, and that were in neighborhoods with lower socioeconomic rankings.



Itamar Caspi, A panel test for atypical asset price behavior, with an implementation to home prices in OECD countries

​Other research, by the Bank of Israel’s Itamar Caspi, presented an econometric test to examine the behavior of home prices over time, which was implemented on data for OECD countries. The research found that we cannot negate the hypothesis that in recent years, home prices in some OECD countries behaved in a manner than from an econometric perspective would be defined as explosive.

​10:15-10:30 Coffee Break

Dana Orfaig, A structural VAR model for estimating the link between monetary policy and home prices in Israel

​The Bank of Israel’s Dana Orfaig’s work found that the impact of monetary interest rate shocks on home prices is relatively low, as was found in similar research worldwide—a negative shock of one percentage point in the interest rate leads to an increase of about one percentage point in real home prices.



Weitzman Nagar and Doron Sayag, Constructing a hedonic price index fpr land designated for housing in Israel

​Weitzman Nagar from the Bank of Israel and Doron Sayag from the Central Bureau of Statistics presented a hedonic index for land prices in Israel.


 Keynote address: Prof. Rachelle Alterman, Senior Researcher at the Samuel Neaman Institute at the Technion.

​The address by Prof. Rachelle Alterman from the Samuel Neaman Institute at the Technion dealt with problems and challenges of housing policy in Israel, presenting a view of the housing market from the outside looking in


Ofer Raz-Dror, Examining the effect of restrictive planning regulations on the housing market in Israel via a natiural experiment at a national scope - National Outline Plan 38 - and its effect on home prices

​In the afternoon session, Ofer Raz-Dror from the National Economic Council presented his research, which examined the effect of National Outline Plan (NOP) 38 has had on home prices. He found that NOP 38 contributed to an increase in prices of homes that were able to be renovated within its framework and that the effect in the center of the country was greater



Elad Demalach, David Genesove, Asaf Zussman and Noam Zussman, The effect of proximity to cellular sites on home prices in Israel

​The Bank of Israel’s Elad Demalach presented a joint paper with David Genesove and Asaf Zussman from the Hebrew University and Noam Zussman from the Bank of Israel, which examined the effect of proximity of cellular sites (antennas) on home prices. Their research indicates that there is not a statistically significant effect of cellular sites on home prices

​14:15-15:15 ​Panel Discussion: The housing market - affordability and policy
​Moderator: Prof. Nathan Sussman, Bank of Israel Research Department Director Presentation
Dr. Danny Ben-Shahar, Tel Aviv University Presentation
Prof. Omer Moav. IDC Herzliya and University of Warwick, UK Presentation
Mr. Eran Nitzan, Deputy Budget Director at the Ministry of Finance Presentation