Our new working paper Speculation or Fundamentals? European Natural Gas Price Swings Post 2020, coauthored with Veronika Dolar, is available on the Levy Economics Institute working paper series.
We investigate the role of speculation in the European natural gas market over the period 2020–2024, during the European energy crisis. We find that speculation accounts for only a modest fraction of observed price movements in all periods, with market fundamentals, in particular supply disruptions and policy driven storage dynamics, remaining the dominant drivers throughout.
My interview with Faculti on ECB Governance, Financial Stability, and the Future of Eurozone Crisis Management is now available.
In it, I examine the ECB's dual mandate evolution, assessing governance reforms and crisis tools for financial stability, relevant for institutional training on Eurozone risk management and regulatory frameworks.
To learn more, check out our new book: Central Banking, Monetary Policy, and the European Central Bank: Coping with the Challenges
The book I co-edited with Lino Sau and Domenica Tropeano, Central Banking, Monetary Policy, and the European Central Bank: Coping with the Challenges, and published by Edward Elgar is now available.
This volume explores the pressing challenges confronting the European Central Bank (ECB) through a post-Keynesian perspective. With contributions from leading international scholars and practitioners, it offers fresh insights into the monetary and financial theories that shape the ECB’s policy choices today.
Check it out, circulate it among colleagues, and recommend it to your institutional library!