Missing Gains from Trade?
在满足恒定替代弹性引力方程的贸易模型中，传统方法计算的贸易福利收益通常较小。本文通过引入贸易引致的国内生产率变化这一渠道，利用序贯生产模型证明贸易福利收益可以变得任意大。
In a class of trade models which satisfy a constant elasticity gravity equation, the welfare gains from trade can be computed using the open economy domestic trade share and a constant trade elasticity. The measured welfare gains from trade from this quantitative approach are typically relatively modest. In this paper, we suggest a channel for welfare gains that this quantitative approach typically abstracts from: trade-induced changes in domestic productivity. Using a model of sequential production, in which trade induces a reorganization of production that raises domestic productivity, we show that the welfare gains from trade can become arbitrarily large.