We study a multi-sector model of growth with differences in TFP growth rates across sectors and derive sufficient conditions for the coexistence of structural change, characterized by sectoral labor reallocation, and constant aggregate growth path. The conditions are weak restrictions on the utility and production functions commonly applied by macroeconomists. We present evidence from US twodigit industries that is consistent with our predictions about structural change and successfully calibrate the historical shift from agriculture to manufacturing and services. We show quantitatively that reasonable deviations from our conditions do not have a big impact on the properties of the model. JEL Classification: O41, O14

We study a multi-sector model of growth with differences in TFP growth rates across sectors and derive sufficient conditions for the coexistence of structural change, characterized by sectoral labor reallocation, and constant aggregate growth path. The conditions are weak restrictions on the utility and production functions commonly applied by macroeconomists. We present evidence from US twodigit industries that is consistent with our predictions about structural change and successfully calibrate the historical shift from agriculture to manufacturing and services. We show quantitatively that reasonable deviations from our conditions do not have a big impact on the properties of the model. JEL Classification: O41, O14

O ne of the most remarkable changes in labor markets since World War II is the rise in female participation in the workforce. In the United States, the employment rate of prime-age women has more than doubled from about 35 percent in 1945 to 77 percent at the end of the century, and similar trends are detected in the majority of OECD countries. These developments have generated a vast literature on the causes, characteristics, and consequences of the rise in women's involvement in the labor market. Existing work has indicated a number of supply-side explanations for these trends, including human capital investment, medical advances, technological progress in the household, and the availability of child care; and a recent line of research emphasizes the role of social norms regarding women's work in shaping the observed decline in gender inequalities.

Every year housing markets in the United Kingdom and the United States experience systematic above-trend increases in both prices and transactions during the second and third quarters (the "hot season") and below-trend falls during the fourth and …rst quarters (the "cold season"). House price seasonality poses a challenge to existing models of the housing market. To explain seasonal patterns, this paper develops a matching model that emphasizes the role of match-speci…c quality between the buyer and the house and the presence of thickmarket e¤ects in housing markets. It shows that a small, deterministic driver of seasonality can be ampli…ed and revealed as deterministic seasonality in transactions and prices, quantitatively mimicking the seasonal ‡uctuations in transactions and prices observed in the United Kingdom and the United States.