Benchmark models of structural transformation focus on the reallocation of employment across sectors while assuming that overall employment stays constant. We show that this assumption does not match facts for developing economies. We study a panel of 48 mostly developing economies over the...

We argue that secular change in both the production and composition of investment goods has weakened investment's role in the transmission of monetary policy to labor earnings and consumption. We show analytically that fluctuations in the production of investment goods amplify the response of...

In a worldwide context marked by increasing attention to financial literacy as a factor of financial inclusion, Morocco take part of this dynamic, seeking to improve the financial skills of its population. This article does not measure financial literacy directly but aims to explore the...

Global value chains (GVCs) are intricate international networks in which the production and distribution of goods and services across multiple economies and industries is coordinated. Their complexity introduces strategic dependencies when economies or industries rely heavily on a limited number...