This paper explores the welfare effects of openness in a setting with firm heterogeneity and country asymmetry and presents results in terms of the well-known formula from Arkolakis et al. (Am Econ Rev 102(1):94–130, 2012). By allowing agents to save and the economy to grow, new channels for the welfare effects of openness appear, since firm selection affects the value of accumulated savings and the average efficiency of the economy, and therefore its future growth rate. Country asymmetry yields differentiated, and in some cases opposite, results between countries. In line with the empirical literature, net welfare effects in each region depend on countries’ specific conditions and losses may occur. A numerical exercise fits the model to the UK and EU economies to show the magnitude and direction that each effect can take if trade barriers increase between them. It is shown that welfare losses for UK consumers can be greatly underestimated if asymmetries and dynamics are removed from the analysis.

中文翻译：

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具有公司异质性的贸易的长期影响

本文探讨了在企业异质性和国家不对称性的环境下开放的福利效应，并根据Arkolakis等人的著名公式给出了结果。（Am Econ Rev 102（1）：94-130，2012）。通过允许代理人储蓄和经济增长，出现了开放性福利效应的新渠道，因为公司的选择会影响累积储蓄的价值和经济的平均效率，进而影响未来的增长率。国家之间的不对称收益率有所不同，在某些情况下则相反。根据经验文献，每个地区的净福利效应取决于国家的具体条件，可能会造成损失。数值模拟使模型适合英国和欧盟经济体，以显示如果它们之间的贸易壁垒增加，每种效应所能产生的幅度和方向。结果表明，如果从分析中消除不对称性和动态性，英国消费者的福利损失可能会大大低估。