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Advanced economies are undergoing a structural transformation from manufacturing to services. We document that … structural change comes with a process of services deepening: over time, both services and manufacturing become more intensive in … service inputs. We argue that structural transformation and services deepening affect the transmission of monetary policy by …
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This paper investigates the expenditure patterns of South African households using detailed cross-sectional expenditure and price data. Linear expenditure system (LES) parameter estimates are used to calculate income and price elasticities for a number of product categories at different points...
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