on inflation expectations. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches references armantier, o., s. nelson, g. topa, w. van der klaauw, and b. zafar. 2012. “ the price is right : updating of inflation expectations in a randomized price information experiment. ” federal reserve bank of new york staff reports, no. 543, revised january 2013. armantier, o., w. bruine de bruin, g. topa, w. van der klaauw, and b. zafar. 2011. “ inflation expectations and behavior : do survey respondents act on their beliefs? ” federal reserve bank of new york staff reports, no. 509. branch, w. a. 2004. “ the theory of rationally heterogeneous expectations : evidence from survey data on inflation expectations. ” the economic journal 114 ( july ) : 592 – 621. bruine de bruin, w., w. van der klaauw, j. s. downs, b. fischhoff, g. topa, and o. armantier. 2012. “ the effect of question wording on consumers ’ reported inflation expectations. ” journal of economic psychology 33, no. 4 ( august ) : 749 – 57. bruine de bruin, w., w. van der klaauw, and g. topa. 2011. “ expectations of inflation : the biasing effect of thoughts about specific prices. ” journal of economic psychology 32, no. 5 ( october ) : 834 – 45. carroll, c. d. 2003. “ macroeconomic expectations of households and professional forecasters. ” quarterly journal of economics, 118, no. 1 ( february ) : 269 – 298. engelberg, j., c. f. manski, and j. williams. 2009. “ comparing the point predictions and subjective probability distributions of professional forecasters ”, journal of business and economic statistics 27, no. 1 ( february ) : 30 – 41. evans, g. w., and s. honkapohja. 2001. learning and expectations in macroeconomics. princeton, new jersey : princeton university press. madeira, c., and b. zafar. 2012. “ heterogen

capital. the examples will illustrate that without the implementation of such a strategic plan, not only will we not move forward toward closing the gaps vis - a - vis the other advanced economies, the gaps vis - a - vis the countries at the forefront will widen. it is important to state at this point that in recent years, there has been significant progress in the government ’ s strategic planning led by the national economic council. a deputy directors - general forum for planning and strategy has been established, and is preparing a plan for the government ’ s work ; seven areas in which the government has chosen to focus have been identified ; interministerial cooperation has been intensified ; and detailed targets have been set in a number of areas, and work has begun toward achieving them. however, the challenges are large, and the way toward formulating a work plan, and more importantly toward implementing such a plan, remains long. in the area of healthcare and long - term care, in view of the trend of aging population, we can estimate that the volume of needs for medical and long - term care services will increase sharply, and we must already prepare for this now. while the general population is expected to increase by 23 percent, the number of elderly citizens is expected to increase by more than double that – 52 percent. as a direct result, the demand for various healthcare services bis central bankers ’ speeches will also increase by about 60 – 70 percent, all while the overcrowding in the hospitals is already very high. in addition, about half of the physicians in the system are aged 55 or more – the highest figure in the western world – and the rate of those completing medical and nursing school is lower than in other countries, even after the increase in recent years. as such, the number of physicians per capita is expected to decline. the israeli healthcare system is considered very high - quality by international comparison. however, given the overcrowding in the hospitals, the long wait for various procedures, and the low rate of doctors and nurses per capita, the level budgeting for the healthcare system must be adjusted to the tasks imposed on it, a significant increase in the physical infrastructure and human capital in the system, and streamlining the long - term care system, with particular attention to improving systemic coordination. these can be advanced only through a multi - year plan based on a detailed analysis of future needs. only the formulation and implementation of such a program will be able to maintain and improve the high - quality israeli healthcare