Matteo Bugamelli

Bank of Italy
Via Nazionale 91
00184 Rome

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Bank of Italy

NBER Working Papers and Publications

February 2010The Euro and Firm Restructuring
with Fabiano Schivardi, Roberta Zizza
in Europe and the Euro, Alberto Alesina and Francesco Giavazzi, editors
October 2008The Euro and Firm Restructuring
with Fabiano Schivardi, Roberta Zizza: w14454
We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity growth has been relatively stronger in country-sectors that once relied more on competitive devaluations to regain price competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level evidence from Italian manufacturing confirms that low-tech businesses, which arguably benefitted most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has ...

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