We analyse patterns of convergence (divergence) across euro-area countries in manufacturing since monetary union and find that not only costs, but also profitability have followed divergent paths. We further find that profitability developments only partially overlap with those of unit labour...

In this paper we provide new evidence on the relationship between market concentration in the banking industry and firm dynamics. In Italy, in the case of a banking merger or acquisition, the antitrust authorities can require the sale of bank branches if the joint market share of the banks...

We study growth dynamics of firms before and during the financial crisis. We find that firms born during the recession display lower growth overtime in capital, employment and revenue, despite being more productive at entry than those born in normal times. We show that this pattern can be...