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This paper empirically evaluates whether adopting a common currency haschanged the level of consumption smoothing of euro area member states. Weconstruct a counterfactual dataset of macroeconomic variables through thesynthetic control method. We then use the output variance decomposition ofAsdrubali, Sorensen and Yosha (1996) on both the actual and the synthetic datato study if there has been a change in risk sharing and through which channels.We find that the euro adoption has reduced risk sharing and consumptionsmoothing. We further show that this reduction is mainly driven by theperiphery countries of the euro area who have experienced a decrease in risksharing through private credit.

Risk Sharing and the Adoption of the Euro