Risk sharing and the adoption of the Euro
采用合成控制法构建反事实数据集，评估欧元采用对欧元区成员国消费平滑程度的影响，发现欧元采用降低了风险分担，尤其是外围国家通过私人信贷渠道的风险分担下降。
This paper empirically evaluates whether adopting a common currency has changed the level of consumption smoothing of euro area member states. We construct a counterfactual dataset of macroeconomic variables through the synthetic control method. We then use the output variance decomposition of Asdrubali et al. (1996) on both the actual and the synthetic data to study if there has been a change in risk sharing and through which channels. We find that the euro adoption has reduced risk sharing and consumption smoothing. We further show that this reduction is mainly driven by the periphery countries of the euro area who have experienced a decrease in risk sharing through private credit.