We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases...

Preface -- Expectations, subjective time preference and the formation of business cycles / Fu Lai Tony Yu, Department of Economics and Finance, Hong Kong Shue Yan University, Hong Kong, China -- Real estate cycles and housing policies in Hong Kong / Edward C. H. Tang, Department of Economics and...