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itself) to a sizable and statistically significant increase in trade between the member countries of EMU. In this paper, we … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … strong evidence of a gradual increase in trade intensity between European countries. Once we control for this trend in trade …
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labor, which results in lower productivity, investment, and value added. Without a rise in zombie credit, inflation in …
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