The introduction of the euro was the world's largest economic ‘experiment.' This experiment opens the door to a major advance in our understanding of how a  common currency affects economic activity. When it comes to the euro's trade effects the first contribution of this report is to...

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mainly been analysed at the macroeconomic or sectoral level. However, exporters who are heterogeneous in terms of productivity, size or external financial dependence should be...

This paper contributes to the literature on the impact of EMU on trade, adding two new elements. First, we propose a theoretical model for explaining how the euro could have increased trade by the large amounts found in the empirical literature. Second, we propose a sectoral dataset to test the...

This paper provides a minimalist derivation of the gravity equation and uses it to identify three common errors in the literature, what we call the gold, silver and bronze medal errors. The paper provides estimates of the size of the biases taking the currency union trade effect as an example....

Front Cover -- Contents -- Preface -- Acknowledgments -- About the Editors -- Contributing Authors -- Abbreviations -- Chapter 1 Overview -- Key Takeaways -- Current Conditions and Challenges -- Drivers and Enablers -- Barriers, Threats, and Challenges -- Notes -- Bibliography -- Part 1...