I came across this journal http://www.hks.harvard.edu/fs/aabadie/ccsp.pdf which basically uses Synthetic Control Method (SCM) to estimate the difference between the impact on a variable when an event happens versus when it does not happen (well at least this is how i understand it). Another research paper that I found uses this method to estimate the impact of being a member of euro versus if it is not a member of euro (they use this on Greece if i'm not mistaken). But I'm a bit caught up on the explanation of the model (the equations, particularly..)
Hence I'm just wondering if anyone of you is familiar with SCM and could briefly explain it a bit in simpler words? To be specific, lets say that if I'm interested to know the impact of being a member of euro on growth rate vs. not being a member, what should I do if I want to use SCM? I notice that they are a few questions about SCM here, but they are all a bit advanced for me.
Thanks in advance.