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Zvi Eckstein (; born April 9, 1949) is a
full professor Professor (commonly abbreviated as Prof.) is an academic rank at universities and other post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a 'person who professes'. Professors ...
, dean, Arison School of Business and Tiomkin School of Economics at The Interdisciplinary Center Herzliya - IDC.
Emeritus Professor ''Emeritus/Emerita'' () is an honorary title granted to someone who retires from a position of distinction, most commonly an academic faculty position, but is allowed to continue using the previous title, as in "professor emeritus". In some c ...
at the Eitan Berglas School of Economics,
Tel Aviv University Tel Aviv University (TAU) is a Public university, public research university in Tel Aviv, Israel. With over 30,000 students, it is the largest university in the country. Located in northwest Tel Aviv, the university is the center of teaching and ...
. Head, the Aaron Economic Policy Institute, IDC, Herzliya.
University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...
,
the Wharton School The Wharton School ( ) is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia. Established in 1881 through a donation from Joseph Wharton, a co-founder of Bethlehem Steel, the Wharton ...
, Finance Department, Judith C. and William G. Bollinger Visiting Professor. Served as deputy governor, Bank of Israel (2006-2011). The Walras-Bowely Lecturer, the
Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...
, North America Summer Meetings,
Pittsburgh Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...
, US, June 19, 2008. Fellow of the Econometric Society.


Biography

Zvi Eckstein was born in
Ramat Gan Ramat Gan (, ) is a city in the Tel Aviv District of Israel, located east of the municipality of Tel Aviv, and is part of the Gush Dan, Gush Dan metropolitan area. It is home to a Diamond Exchange District (one of the world's major diamond exch ...
and moved with his mother to
Kibbutz A kibbutz ( / , ; : kibbutzim / ) is an intentional community in Israel that was traditionally based on agriculture. The first kibbutz, established in 1910, was Degania Alef, Degania. Today, farming has been partly supplanted by other economi ...
Yakum, where he lived until after his army service. He served in the armored corps of the IDF. He has a
bachelor's degree A bachelor's degree (from Medieval Latin ''baccalaureus'') or baccalaureate (from Modern Latin ''baccalaureatus'') is an undergraduate degree awarded by colleges and universities upon completion of a course of study lasting three to six years ...
in
economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...
from Tel Aviv University (1974) and studied at the
University of Minnesota The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint ...
, USA (1976-1980), for which he received a Korda scholarship and received his doctorate in 1981. His Doctoral Dissertation was: " Rational Expectations Modeling of Agricultural Supply: The Egyptian Case". His doctorate instructors were professors
Anne Krueger Anne Osborn Krueger (; born February 12, 1934) is an American economist. She was the World Bank Chief Economist from 1982 to 1986, and the first deputy managing director of the International Monetary Fund (IMF) from 2001 to 2006. She is currentl ...
(
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
Chief Economist, and the first deputy managing director of the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF) and the professors
Christopher Sims Christopher Albert Sims (born October 21, 1942) is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the N ...
and
Thomas Sargent Thomas John Sargent (born July 19, 1943) is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometric ...
(2011 Nobel prize in economics recipients). Worked at
Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...
, Department of Economics & Economic Growth Center as
assistant professor Assistant professor is an academic rank just below the rank of an associate professor used in universities or colleges, mainly in the United States, Canada, Japan, and South Korea. Overview This position is generally taken after earning a doct ...
(1980-1984) In 1983 was appointed as
lecturer Lecturer is an academic rank within many universities, though the meaning of the term varies somewhat from country to country. It generally denotes an academic expert who is hired to teach on a full- or part-time basis. They may also conduct re ...
at the department of economics, Tel-Aviv University, appointed senior lecturer with
tenure Tenure is a type of academic appointment that protects its holder from being fired or laid off except for cause, or under extraordinary circumstances such as financial exigency or program discontinuation. Academic tenure originated in the United ...
in 1985, an
associate professor Associate professor is an academic title with two principal meanings: in the North American system and that of the ''Commonwealth system''. In the ''North American system'', used in the United States and many other countries, it is a position ...
in 1989 and a
full professor Professor (commonly abbreviated as Prof.) is an academic rank at universities and other post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a 'person who professes'. Professors ...
in 1999. Head of the Eitan Berglas School of Economics (1999-2001). Was a visiting associate professor at the department of economics
Carnegie Mellon University Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania, United States. The institution was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools. In 1912, it became the Carnegie Institu ...
, GSBA, (1986-1987), Visiting associate professor at the department of economics at
University of Pittsburgh The University of Pittsburgh (Pitt) is a Commonwealth System of Higher Education, state-related research university in Pittsburgh, Pennsylvania, United States. The university is composed of seventeen undergraduate and graduate schools and colle ...
. (1987-1988). Professor at the Department of Economics,
Boston University Boston University (BU) is a Private university, private research university in Boston, Massachusetts, United States. BU was founded in 1839 by a group of Boston Methodism, Methodists with its original campus in Newbury (town), Vermont, Newbur ...
(1989-2001). Department of Economics professor at the University of Minnesota (2001-2006). He has won 7 research grants from the
National Science Foundation The U.S. National Science Foundation (NSF) is an Independent agencies of the United States government#Examples of independent agencies, independent agency of the Federal government of the United States, United States federal government that su ...
(USA), 3 research grants from the Israel Science Foundation (ISF), a research grant from the National Institute of Child Health and Human Development, a research grant from the German-Israeli Foundation for Scientific Research and Development and a research grant from the United States – Israel Binational Science Foundation. On June 19, 2008 Zvi Eckstein gave the Walras-Bowley lecture at The
Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...
North America Summer Meetings. This is an annual lecture that is delivered by a selected European economist and the subject of his lecture, presented along with Dr. Osnat Lifshitz was "Dynamic Female Labor Supply". Served as editor of the
European Economic Review The ''European Economic Review'' is a peer-reviewed academic journal that covers research in economics. The journal was established in 1969 and the editors-in-chief are Evi Pappa (Universidad Carlos III de Madrid), David K. Levine (Royal Holloway U ...
Since January 2011 Eckstein has been serving as dean founder of the school of economics at the Interdisciplinary Center Herzliya – IDC. Serves also as dean of Arison School of Business at the IDC since August 2014. Serves as head of the Aaron Economic Policy Institute, IDC, Herzliya, since the establishment of the institute in March 2014.Since 1981 he is a member of the econometric society and
American Economic Association The American Economic Association (AEA) is a learned society in the field of economics, with approximately 23,000 members. It publishes several peer-reviewed journals, including the Journal of Economic Literature, American Economic Review, an ...
. Since 1997 he is a research fellow at the
Centre for Economic Policy Research The Centre for Economic Policy Research (CEPR) is an independent, non-partisan, pan-European non-profit organisation. It aims to enhance the quality of policy decisions through providing policy-relevant research, based soundly in economic schola ...
(CEPR). Since 1998 he is a research fellow at the Institute for the Study of Labor (IZA).In 2000 was chosen to be a fellow of The
Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...
.


Personal life

Zvi Eckstein is married to Hadassa since 1975 with whom he has 3 children.


Business and public activity

Zvi Eckstein Served as
Chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...
of the Investment Committee and Director in LHAK
Mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...
s of
Bank Hapoalim Bank Hapoalim ( lit. ''The Workers' Bank'') is one of the largest banks in Israel, established in 1921. The bank offers a broad range of financial services to retail, corporate, and institutional customers, with a focus on retail banking services. ...
, Israel (1992-1993). Served as Director from the Public of Mey Eden Cooperation, Israel. (1992-1997). Appointed by the minister of absorption
Yair Tzaban Yair Tzaban (; born 23 August 1930) is an Israeli politician, academic and social activist. Biography Tzaban was born in Jerusalem in 1930. During the 1948 Palestine War he fought in the Palmach. He was among the founders of Kibbutz Tzora, near ...
to Chairman of a professional committee “For the advancement of the employment of engineers and other experts among the immigrants and for the utilization of the human capital of the recent immigration wave” (1995-1994). Chairman of the Investment Committee and Director of the Provident Funds of the Mercantile Discount Bank, Israel. (1993-1998, 2002-2006). He is a member of an Israeli government committee on the
minimum wage A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. List of countries by minimum wage, Most countries had introduced minimum wage legislation b ...
(2000). Chairman of the Investment Committee and Director at the Provident Funds of
Bank Leumi Bank Leumi (, lit. ''National Bank''; ) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the ''Anglo Palestine Company'' as subsidiary of the Jewish Colonial Trust () Limited formed before in London by members of the Zionism, ...
of Israel Ltd (1998-2001). Is a Member of a Public committee appointed by the Minister of Industry, Commerce and Employment,
Ehud Olmert Ehud Olmert (; , ; born 30 September 1945) is an Israeli politician and lawyer who served as the prime minister of Israel from 2006 to 2009. The son of a former Herut politician, Olmert was first elected to the Knesset for Likud in 1973, at th ...
, on revising the Anti- Trust law (2005). The same year was appointed member of a Public committee by the
Defense Minister of Israel The Ministry of Defense (, acronym: ) of the government of Israel, is the governmental department responsible for defending the State of Israel from internal and external military threats. Its political head is the defense minister of Israel, ...
,
Shaul Mofaz Shaul Mofaz (; 4 November 1948) is a retired Israeli military officer and politician. He joined the Israel Defense Forces in 1966 and served in the Paratroopers Brigade. He fought in the Six-Day War, Yom Kippur War, 1982 Lebanon War, and Operati ...
, on shortening the Length of Mandatory Military Service. Consultant, Federal Reserve Bank of Minneapolis (2001-2006). While Eckstein was deputy governor at the Bank of Israel, he was head of governmental committees on foreign workers affairs, agricultural workers and Palestinian workers in Israel. He also stood at the head of the committee appointed by the minister of industry trade and labor and that outlined the long term labor policy in Israel (2010-2011). Was head of two research teams that investigate the economic achievements of the
High tech High technology (high tech or high-tech), also known as advanced technology (advanced tech) or exotechnology, is technology that is at the state of the art, cutting edge: the highest form of technology available. It can be defined as either the ...
sector in Israel – one at the Office of the Chief Scientist and the other by the Science, Technology and space minister, Yaakov Peri (2013-2014).


Bank of Israel

Zvi Eckstein served as the deputy to the governor of the Bank of Israel, Stanley Fischer (2006-2011). As part of his job he led the Repo clearing process (a financial instrument to get
cash In economics, cash is money in the physical form of currency, such as banknotes and coins. In book-keeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-i ...
in equivalent exchange for bonds and vice versa), created the regulative infrastructure that fits the Repo market in Israel. Established the capital market forum together with the accountant general in the finance ministry and was head of an interministerial team that created a regulative infrastructure and
legislation Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred ...
of financial flows
securitization Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans, or credit card debt obligations (or other non-debt assets which generate receivables) and sellin ...
in Israel. Was in charge of establishing the division of
statistics Statistics (from German language, German: ', "description of a State (polity), state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a s ...
, in charge of establishing and functioning of the markets division, took part in the decisions in the debates of the small team over the height of the
interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, ...
and took part in the decisions on intervening in the Forex market as of March 2008.


Published works


The Chosen Few: How Education Shaped Jewish History, 70-1492

The Chosen Few: How Education Shaped Jewish History, 70-1492 discusses 3 economic aspects of the Jewish people, from the destruction of the
second temple The Second Temple () was the Temple in Jerusalem that replaced Solomon's Temple, which was destroyed during the Siege of Jerusalem (587 BC), Babylonian siege of Jerusalem in 587 BCE. It was constructed around 516 BCE and later enhanced by Herod ...
until the expulsion from Spain – the transfer from agriculture to trade work and the rest of the urban professions, creating the
Jewish Diaspora The Jewish diaspora ( ), alternatively the dispersion ( ) or the exile ( ; ), consists of Jews who reside outside of the Land of Israel. Historically, it refers to the expansive scattering of the Israelites out of their homeland in the Southe ...
and diluting the Jewish population especially after the destruction of the second temple and till the 7th century. The book was co-written with Maristella Botticini, head of the Gasparini Institute for Economic Research (IGIER) at
Bocconi University Bocconi University or Università Bocconi (formally known in Italian language, Italian as ''Università Commerciale Luigi Bocconi'' – Luigi Bocconi Commercial University) is a private university in Milan, Italy. The university is consistently ...
in
Milan Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nea ...
. It was published first in English at
Princeton University Press Princeton University Press is an independent publisher with close connections to Princeton University. Its mission is to disseminate scholarship within academia and society at large. The press was founded by Whitney Darrow, with the financial ...
in 2012. Translated to Italian and Hebrew – published with Tel-Aviv University publications in 2013.


Immigration and labor market mobility in Israel, 1990 to 2009

After the
Dissolution of the Soviet Union The Soviet Union was formally dissolved as a sovereign state and subject of international law on 26 December 1991 by Declaration No. 142-N of the Soviet of the Republics of the Supreme Soviet of the Soviet Union. Declaration No. 142-Н of ...
in 1989, There was a large immigration of Soviet Jews to Israel. Over the following ten years, Israel absorbed approximately 900,000 immigrants from the former
Soviet Union The Union of Soviet Socialist Republics. (USSR), commonly known as the Soviet Union, was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 until Dissolution of the Soviet ...
, an amount was equivalent to around one fifth of the Israeli population. The majority of these new immigrants of working age had a college education and were very experienced. As they arrived in Israel, they got a lot of benefits, including, Hebrew language training, housing subsidies, and professional education. It propose a natural experiment for testing the consequences of a large immigration inflow of
skilled worker A skilled worker is any worker who has special skill, training, or knowledge which they can then apply to their work. A skilled worker may have learned their skills through work experience, on-the-job training, an apprenticeship program or f ...
s This book provides a detailed analysis of the gradual process of occupational upgrading of immigrants and the attributed rise in their wages. The authors propose that even a very large and unexpected wave of
immigration Immigration is the international movement of people to a destination country of which they are not usual residents or where they do not possess nationality in order to settle as Permanent residency, permanent residents. Commuting, Commuter ...
can be fit in the local labor market without any significant long-term contradictory economic effect on natives. The return on investment in local
human capital Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a subs ...
(language and profession that matches skills) is very high. With that said it takes an average period of 5–7 years. The book was published by
MIT Press The MIT Press is the university press of the Massachusetts Institute of Technology (MIT), a private research university in Cambridge, Massachusetts. The MIT Press publishes a number of academic journals and has been a pioneer in the Open Ac ...
in 2012 and was co-written with Dr. Sarit Cohen Goldner from
Bar-Ilan University Bar-Ilan University (BIU, , ''Universitat Bar-Ilan'') is a public research university in the Tel Aviv District city of Ramat Gan, Israel. Established in 1955, Bar Ilan is Israel's second-largest academic university institution. It has 20,000 ...
and Professor Yoram Weiss from Tel-Aviv University


The Great Recession: Lessons for central bankers

The
Subprime mortgage crisis The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe economic recession, with millions becoming unemployed and many busines ...
shook not only the global economics but also the common perception regarding
economic policy ''Economic Policy'' is a quarterly peer-reviewed academic journal published by Oxford University Press, Oxford Academic on behalf of the Centre for Economic Policy Research, the Center for Economic Studies (University of Munich), and the Paris Scho ...
. The book tests both the central role banks played in the crisis and the role they could play in preventing or preparing for future crises. The authors focus on
monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rat ...
, new field of
macroprudential policy Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). After the 2008 financial crisis, there has been a growing consensus among policymakers and econo ...
, and the
exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...
matters, capital flows, financial markets and banking. They examine both developed and emerging economies, trying to understand why some, including Israel and Australia, suffered mildly from the crisis, while others – for instance Ireland – suffers from a serious financial crisis. Eckstein edited the book together with Jacob Braude, from the research department at the Bank of Israel, Professor Stanly Fischer, Former governor of the Bank of Israel and Dr. Karnit Flug, current governor of the Bank of Israel.


Main articles summary


Development, growth and population

Cities and Growth: Theory and Evidence from France and Japan The relative
population Population is a set of humans or other organisms in a given region or area. Governments conduct a census to quantify the resident population size within a given jurisdiction. The term is also applied to non-human animals, microorganisms, and pl ...
of the top 40
urban area An urban area is a human settlement with a high population density and an infrastructure of built environment. Urban areas originate through urbanization, and researchers categorize them as cities, towns, conurbations or suburbs. In urbani ...
s of France and Japan remained constant during the
industrialization Industrialisation (British English, UK) American and British English spelling differences, or industrialization (American English, US) is the period of social and economic change that transforms a human group from an agrarian society into an i ...
and urbanization periods of these countries. The authors showed that larger cities will have higher levels of
human capital Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a subs ...
, higher rents and higher
wage A wage is payment made by an employer to an employee for work (human activity), work done in a specific period of time. Some examples of wage payments include wiktionary:compensatory, compensatory payments such as ''minimum wage'', ''prevailin ...
s per worker. The article displays the phenomenon of cities common growth rate, the preservation of a relative city size of large cities and the lack of adding new cities or crashing of old cities during the process of urbanization that accompanies the process of
economic growth In economics, economic growth is an increase in the quantity and quality of the economic goods and Service (economics), services that a society Production (economics), produces. It can be measured as the increase in the inflation-adjusted Outp ...
. The article was co-written with prof. Jonathan Eaton from
Brown University Brown University is a Private university, private Ivy League research university in Providence, Rhode Island, United States. It is the List of colonial colleges, seventh-oldest institution of higher education in the US, founded in 1764 as the ' ...
.


Labor Economics

Why Youth Drop out of High School: The Impact of Preferences, Opportunities, and Abilities The authors developed a
model A model is an informative representation of an object, person, or system. The term originally denoted the plans of a building in late 16th-century English, and derived via French and Italian ultimately from Latin , . Models can be divided in ...
that analyses the influence of studies in high-school on decisions regarding employment during school, on the accomplishments and the decision to finish high school without a diploma. The model's estimates indicate that youth that drops out of high school has different characteristics than of those who finish high school – they are of lower abilities in school or have lower motivation, they have lower expectations regarding the rewards they will receive after school ends, they place a higher value on
leisure Leisure (, ) has often been defined as a quality of experience or as free time. Free time is time spent away from business, Employment, work, job hunting, Housekeeping, domestic chores, and education, as well as necessary activities such as ...
and have a lower Consumption (economics), consumption value of school attendance. The article was co-written with prof. Kenneth Wolpin, Kenneth I. Wolpin from Rice University, Houston, Texas, USA. Dynamic labor force participation of married women and endogenous work experience The authors show that the decision whether to work or not is influenced by the Returns (economics), return on the experience. This is why a woman who has acquired work experience at a young age – takes advantage of it at a later age. In this way women with education receive higher pay and acquire additional experience. Also the authors found that the younger your children the larger the husbands' salary is, the women's participation in the labor force lessens. The article was co-written with prof. Kenneth I, Wolpin of Rice University. The Effects of Compulsory Schooling on Growth, Income Distribution and Welfare In the article the authors use an Overlapping generations model, OLG model with productive capital and human capital affecting the Overall Labor Effectiveness, quality of labor. Every generation parents invest in the education of their children ignore its external influence on the aggregate production function. Government intervention in providing Compulsory education increases
economic growth In economics, economic growth is an increase in the quantity and quality of the economic goods and Service (economics), services that a society Production (economics), produces. It can be measured as the increase in the inflation-adjusted Outp ...
, while the intergenerational income distribution becomes more equal. in addition, in the long term, most of the individuals in every generation are better off due to compulsory education. The article was co-written with prof. Itzhak Zilcha, Tel-Aviv University. Duration to First Job and the Return to Schooling: Estimates from a Search-Matching Model The article investigates the properties of joint distribution of the duration to the first post-schooling Full-time job, full-time job and of the accepted wage for that job within a search-matching-bargaining theoretic model. The article was co-written with prof. Kenneth I. Wolpin of
University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...
. Estimating a Market Equilibrium Search Model from Panel Data on Individuals In this Scholarly paper, Paper Eckstein and Wolpin estimate a market equilibrium search model using panel data. This is the first work that estimated a Nash equilibrium, Nash labor market equilibrium model based on data of individuals whereas the wage is resolved Endogeneity (econometrics), endogenic. The main finding is that a model of this sort fails to give an answer to the dispersion extent of wages between individuals with professional background and equal human capital. Therefore, it is necessary to enable in models the existence of companies with different productivity for workers with equal human capital.


Monetary and Macro Economics

Macroeconomic Consequences of Terror: Theory and the Case of Israel The article was written in 2004 and analyses the effect of Terrorism, terror on the Economy of Israel, Israeli economy in the years preceding it and especially during the Second Intifada, second intifada. The research allows understanding the changes in the trend and business cycle of the Israeli economy. The estimates show that terror has a large impact on the aggregate economy. Terror, that changed the death toll by about the same size as due to Traffic collision, car accidents, is expected to decrease annual consumption Per capita, per by about 5 percent by 2004. Had Israel not suffered from terror over the three years prior to the publication of the article, the authors estimated that the Gross output, output per capita would have been 10 percent higher than it was in 2004.The article was co-written with prof. Daniel Tsiddon from Tel-Aviv University and
Bank Leumi Bank Leumi (, lit. ''National Bank''; ) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the ''Anglo Palestine Company'' as subsidiary of the Jewish Colonial Trust () Limited formed before in London by members of the Zionism, ...
. Stopping the inflation Eckstein showed that stopping the inflation in Israel was done mostly as a cause of eliminating the Government budget deficit, government deficit which was financed in advanced by Money creation, printing money. This was done with an insignificant price on employment but with a great benefit as a result of the Disinflation, inflation decline and by decreasing the damage it causes to individuals benefits in the economy.


Development Growth and Population

A Rational Expectations Model of Agricultural Supply The article discusses the Egyptian agriculture from the beginning of the 20th century until the year 1968. There is a cyclical effect in the agriculture industries (Spider Effect). When a price goes up – the Gross output, output increases more than usual and when the price goes down the output decreases more than usual. The economic literature used to address it as an irrationality of farmers. Eckstein showed that it can be attributed to the crop rotation. When the price increases the output is increased more than usual to increase profit. This causes a decrease in the Soil fertility, fertility of the soil, since the same soil is used for the same product and later the output is decreased, when really this is a normal and rational effect. Z.Eckstein
A Rational Expectations Model of Agricultural Supply
", The Journal of Political Economic, Vol.92, 1984, 1-19.


Books

* M. Botticini and Z. Eckstein, "The Chosen Few (book), The chosen Few: How Education Shaped Jewish History, 1492-70", Princeton University Press, August, 2012 * J. Braude, Z. Eckstein, S. Fischer, and K. Flug (editors) “The Great Recession: Lessons for Central Bankers, The MIT Press, December 2012. * S. Cohen Goldner, Z. Eckstein and Y. Weiss Immigration and Labor Market Mobility in Israel, 1990 to 2009, The MIT Press, September 2012. * M. Blecher, Z. Eckstein, Z. Hercowitz and L. Leiderman (editors), "Financial Factors in Stabilization and Growth", Cambridge University Press, 1996. * Z. Eckstein (editor) Aspects of Central Bank Policy Making, Springer-Verlag: Heidelberg, 1991.


References


External links


Zvi Eckstein site
at IDC

ideas.repec.org * Steven I. Weiss, Weiss, Steven (interviewer) (Nov 28, 2011
Zvi Eckstein: A Former Central Banker’s View of Economic and Social Hot Spots
wharton site {{DEFAULTSORT:Eckstein, Zvi 1949 births Israeli economists Wharton School of the University of Pennsylvania faculty University of Minnesota faculty Academic staff of Tel Aviv University Boston University faculty Academic staff of Reichman University Living people Fellows of the Econometric Society