The Real Effects of European Monetary Union
研究了欧洲货币联盟对成员国经济的影响，发现欧元区通胀差异持续导致实际汇率大幅变动，欧元促进了经济一体化但与全球联系也在增强，未来成员国经济衰退或金融危机将考验欧元的政治可行性。
We explore the impact of European monetary union on the economies of the member countries. Inflation differentials across the euro area have been persistent, such that cumulative real exchange rate movements across the euro area have been quite substantial. The adoption of the euro has indeed contributed to greater economic integration; however, economic linkages with the rest of the world have also been growing strongly, such that the relative importance of trade within the European monetary union has not dramatically increased. In terms of future risks, a severe economic downturn or financial crisis in a member country will be the proving ground for the future political viability of the euro.