in markups. Quantitatively, the welfare costs of the former are potentially very large relative to the latter. For a …

variable export costs, and tariff reforms generate time-varying trade elasticities. We show that the gains from reducing … their ability to grow into successful exporters. We calibrate the model and estimate the welfare gains from reducing tariffs …, which differ substantially from the long-run changes in consumption or trade. We show that the welfare gain cannot be …

development costs. Consumer welfare is increased if an innovator creates a proprietary technology such that the market equilibrium … all generic producers out of the industry and increase output as a wealth-maximizing monopolist, consumer welfare is …

pass-through. This leads to welfare gains that can be much lower than those predicted by comparable models with different …-firm and cross-country data we (i) find quantitatively large differences in the welfare gains from trade relative to models …

disproportionate share of overall economic activity. This distribution of firm size is crucial for evaluating the welfare impact of … calibrated to the observed distribution of firm size, we show that the welfare impact of high entry costs is small. In the sample … increase in welfare of only 3.25%. In addition, when the firm size distribution follows Zipf's Law, the welfare impact of the …

presence of production linkages, can reverse the traditional positive optimal tariff argument. We then use a new tariff dataset …, and apply it to a 189-country, 15-sector version of our model, to quantify the trade, entry, and welfare effects of trade …