The Estimated Effects of the Euro on Trade: Why Are They Below Historical Effects of Monetary Unions Among Smaller Countries?

Jeffrey A. Frankel

NBER Working Paper No. 14542
Issued in December 2008

---- Acknowledgments ----

The author wishes to thank Francesco Giavazzi and Sylvana Tenreyo for comments, Clara Zverina for research assistance, and Ernesto Stein (who was originally going to be a co-author of this paper).

This paper was written for the NBER conference on Europe and the Euro, October 17-18, 2008 organized by Alberto Alesina & Francesco Giavazzi.

The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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