See also Herrendorf, B., Rogerson, R. and Valentinyi, A. (2013), “ Two Perspectives on Preferences and Structural Transformation” , American Economic Review, Vol. 103, No 7, pp. 2752–2789; Herrendorf, B., Rogerson, R. and Valentinyi, A. (2014), “ Growth and Structural Transformation”, in Aghion, P. and Durlauf, S. N. (eds. ), Handbook of Economic Growth, Vol. 2, pp. 855–941, Amsterdam: North-Holland.
BIS central bankers’ speeches  7  Endonotes [1] I would like to thank Roland Beck, Arnaud Mehl and Martin Schmitz for their contributions to this speech. I remain solely responsible for the opinions contained herein.