In addition to the consecration of time represented by the Sabbath, and the many festivals of Judaism (Passover, Tabernacles, etc.) there were Jewish institutions which consecrated entire years, the Sabbatical Year and the Jubilee Year.

Just as God asked for a weekly rest, or Sabbath, in his honor, he also asked for a Sabbath Year to be celebrated every seventh year. 

Lev 25:1-13 ¹The Lord said to Moses on Mount Sinai, ² Say to the people of Israel, When you come into the land which I give you, the land shall keep a Sabbath to the Lord. ³ Six years you shall sow your field, and six years you shall prune your vineyard, and gather in its fruits; ⁴ but in the seventh year there shall be a Sabbath of solemn rest for the land, a Sabbath to the Lord;

Exodus 23:10-11 ¹⁰"For six years you may sow your land and gather in its produce. ¹¹But the seventh year you shall let the land lie untilled and unharvested, that the poor among you may eat of it and the beasts of the field may eat what the poor leave. So also shall you do in regard to your vineyard and your olive grove.

This was, therefore, no mundane year of rest but one consecrated to God, in which His Providence was depended upon for survival and His Lordship recognized in all areas of life. For example, the Sabbath year legislation provided for the restoration of freedom for those who in their need had sold themselves in servitude to their fellow Israelites. 

Exodus 21:2-6 ²When you purchase a Hebrew slave, he is to serve you for six years, but in the seventh year he shall be given his freedom without cost. ³If he comes into service alone, he shall leave alone; if he comes with a wife, his wife shall leave with him. ⁴But if his master gives him a wife and she bears him sons or daughters, the woman and her children shall remain the master's property and the man shall leave alone. ⁵If, however, the slave declares, 'I am devoted to my master and my wife and children; I will not go free,' ⁶his master shall bring him to God and there, at the door or doorpost, he shall pierce his ear with an awl, thus keeping him as his slave forever.

And for the relaxation of debts for fellow Israelites.