Agriculture is the largest and the most important industries in many developing countries. A typical pattern observed in these countries is high inequalities of land ownership, that is, a small number of people own large portion of arable lands and large number of farmers have a small piece of...

This paper develops a two-sector model that illuminates the role played by agricultural modernization in the transition from stagnation to growth. When agriculture relies on traditional technology, industrial development reduces the relative price of industrial products, but has a limited effect...

We present cross-country evidence that a country's macroeconomic volatility, measured either by the standard deviation of output growth or the occurrence of trend-growth breaks, is significantly affected by the country's historical variables. In particular, countries with longer histories of...