@article{MTMT:31450741,
	title = {Diversification through trade},
	url = {https://m2.mtmt.hu/api/publication/31450741},
	author = {Caselli, F and Koren, Miklós and Lisicky, M and Tenreyro, S},
	doi = {10.1093/qje/qjz028},
	journal-iso = {Q J ECON},
	journal = {QUARTERLY JOURNAL OF ECONOMICS},
	volume = {135},
	unique-id = {31450741},
	issn = {0033-5533},
	abstract = {A widely held view is that openness to international trade leads to higher income volatility, as trade increases specialization and hence exposure to sector-specific shocks. Contrary to this common wisdom, we argue that when country-wide shocks are important, openness to international trade can lower income volatility by reducing exposure to domestic shocks and allowing countries to diversify the sources of demand and supply across countries. Using a quantitative model of trade, we assess the importance of the two mechanisms (sectoral specialization and cross-country diversification) and show that in recent decades international trade has reduced economic volatility for most countries.},
	year = {2020},
	eissn = {1531-4650},
	pages = {449-502}
}

@inbook{MTMT:2711710,
	title = {Growth and structural transformation},
	url = {https://m2.mtmt.hu/api/publication/2711710},
	author = {Herrendorf, B and Rogerson, R and Valentinyi, Ákos},
	booktitle = {Handbook of economic growth},
	doi = {10.1016/B978-0-444-53540-5.00006-9},
	unique-id = {2711710},
	abstract = {Abstract Structural transformation refers to the reallocation of economic activity across the broad sectors agriculture, manufacturing, and services. This review article synthesizes and evaluates recent advances in the research on structural transformation. We begin by presenting the stylized facts of structural transformation across time and space. We then develop a multi-sector extension of the one-sector growth model that encompasses the main existing theories of structural transformation. We argue that this multi-sector model serves as a natural benchmark to study structural transformation and that it is able to account for many salient features of structural transformation. We also argue that this multi-sector model delivers new and sharper insights for understanding economic development, regional income convergence, aggregate productivity trends, hours worked, business cycles, wage inequality, and greenhouse gas emissions. We conclude by suggesting several directions for future research on structural transformation.},
	keywords = {Structural transformation; Stylized facts; Multi-sector growth model; Approximate balanced growth},
	year = {2014},
	pages = {855-941},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}