I illustrate that the welfare improvement property of the Melitz model is due to the shape of the aggregate labor …. In this case, increases in aggregate productivity result in a reduction in welfare. For example, this may occur when …

We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of … in productivity is not innocuous: it leads to a doubling of the welfare cost of inflation. …

We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of … in productivity is not innocuous: it leads to a doubling of the welfare cost of inflation. …

I illustrate that the welfare improvement property of the Melitz model is due to the shape of the aggregate labor …. In this case, increases in aggregate productivity result in a reduction in welfare. For example, this may occur when …