The euro and the competitiveness of European firms
通过校准一般均衡模型，利用国家、行业和企业层面的数据，评估欧元对欧元区企业整体竞争力的影响，发现欧元提升了竞争力，且对小国、市场准入好的国家以及竞争激烈、进入壁垒低的行业中的企业影响更大。
Much attention has been paid to the impact of a single currency on actual trade volumes. Lower trade costs, however, matter over and beyond their effects on trade flows: as less productive firms are forced out of business by the tougher competitive conditions of international markets, economic integration fosters lower prices and higher average productivity. We assess the quantitative relevance of these effects calibrating a general equilibrium model using country, sector and firm-level empirical observations. The euro turns out to have increased the overall competitiveness of Eurozone firms, and the effects differ along interesting dimensions: they tend to be stronger for countries which are smaller or with better access to foreign markets, and for firms which specialize in sectors where international competition is fiercer and barriers to entry lower.— Gianmarco I.P. Ottaviano, Daria Taglioni and Filippo di Mauro