This article investigates the behavioral drivers of pasture creation and associated implications for deforestation in a 22,000 km2 agricultural frontier spanning the base of Mexico‘s southern Yucatán. After developing a theoretical model that highlights the role of social networks and...

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...