Publications

Keynote Lecture at the Swiss National Bank for the CEPR European Household Finance Annual Conference. This analysis, based on high-frequency data from Spain, challenges the idea that monetary policy has long lags. It shows that consumption and sales react within days or weeks to monetary shocks.

Russia intensifies drone strikes across Ukraine as Poland raises air defenses. US-Iran negotiations face major obstacles over the Strait of Hormuz and nuclear inspection. Renewed fighting in Ethiopia's Tigray region raises fears of wider regional confrontation.

Houthis seize strategic Red Sea islands as Yemen fighting intensifies. Ukraine offers reciprocal halt to strikes on infrastructure. NATO warns of Russian escalation close to Polish territory.

Russia launches major missile and drone attack on Kyiv after pause during US diplomatic visit. Houthi attacks on Saudi Arabia. US expands maritime campaign against Ecuadorian vessels allegedly linked to drug-trafficking.

The United States intensifies economic sanctions against Iran. European leaders reinforce military backing for Ukraine. Spain convenes National Security Council to address situation in Ceuta.

Tensions in Hormuz remain while Turkey urges Washington to pursue diplomacy with Iran. Ukraine launches major drone assault on Russia as Russian missile strike kills civilians.

Unresolved US-Iran Diplomacy Over Hormuz, Ukraine’s Air-Defence Shortfall and Proposed US Tariffs on Russian Energy Buyers Sustain Pressure on Global Energy Markets