Business Cycle during Structural Change: Arthur Lewis' Theory from a Neoclassical Perspective.

We thank Huihuang Zhu and Pariroo Rattan for excellent research assistance. We also thank seminar participants at the 2016 Annual Meeting of the Program of Growth and Institutions at Tsinghua University, 2017 Midwest Macro Conference, 2017 European Economics Association Annual Meeting, 2019 Annual Conference on Macroeconomics Across Time and Space at the Federal Reserve of Philadelphia, 2019 Cowles Macroeconomics Conference at Yale University, 2019 ABFER Annual Conference (sessions on Asian Economic Transformation) at Singapore, Arizona State University, Brown University, Central University of Finance and Economics, Copenhagen Business School, Danmarks Nationalbank, East China Normal University, Federal Reserve Bank of Minneapolis, Fudan University, Interamerican Development Bank, Paris School of Economics, Peking University, Shanghai Jiao Tong University, Shanghai University of Finance and Economics, University of California at Berkeley, University of California at San Diego, University of Oslo, University of Pennsylvania, and Yale University. We are especially indebted to Chaoran Chen and Andrew Glover who acted as discussants of the paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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• August 13, 2019