Labor productivity differences between developing and developed countries are much larger in agriculture than in non-agriculture. We show that cross-country differences in agricultural composition explain a substantial part of labor productivity differences. To this end, we group agricultural...

The aim of this paper is to study the role of the distribution of income by age group on the existence of speculative bubbles. A crucial question is whether this distribution may promote a bubble associated to a larger level of capital, i.e. a productive bubble. We address these issues in a...