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The Transition from Dollar to Shekel in the Israeli Real Estate Market

In 2007 the Israeli real estate market changed its dominant unit of account from dollar to shekel. This unique, voluntary change is interesting for monetary theory, and also for monetary policy, since it eliminates most of the exchange rate pass-through to the Consumer Price Index. Using a large dataset of all real estate sales in the country we explain the nature of the transition as emanating not only from a decline in the level of the shekel-dollar exchange rate, but also from an increase in the actual and implied volatility of the exchange rate and its associated return. We also find that sales led rentals, and that there was no difference across transaction price ranges or geographical locations.