Agricultural credit market imperfections affect the dynamics of the farming sector, farmers'' debt leverage, entry and exit. The question is to what extent these effects translate into amplified land price fluctuations. Real U.S. farmland prices tripled in the Seventies; they returned to their...

In this paper we consider a general equilibrium model where heterogeneous agents specialize either in legitimate market activities or in criminal activities and majority rule determines the share of income redistributed and the expenditures devoted to the apprehension of criminals. We calibrate...