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Landon-Lane, John S.

Overview
Works: 12 works in 14 publications in 1 language and 46 library holdings
Genres: History 
Publication Timeline
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Publications about John S Landon-Lane
Publications by John S Landon-Lane
Most widely held works by John S Landon-Lane
Does expansionary monetary policy cause asset price booms some historical and empirical evidence by Michael D Bordo( file )
1 edition published in 2013 in English and held by 10 libraries worldwide
In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from 1920 to 2011 we estimate the impact that loose monetary policy, low inflation, and bank credit has on house, stock and commodity prices. We review the historical narratives on asset price booms and use a deterministic procedure to identify asset price booms for the countries in our sample. We show that "loose" monetary policy -- that is having an interest rate below the target rate or having a growth rate of money above the target growth rate -- does positively impact asset prices and this correspondence is heightened during periods when asset prices grew quickly and then subsequently suffered a significant correction. This result was robust across multiple asset prices and different specifications and was present even when we controlled for other alternative explanations such as low inflation or "easy" credit
What explains house price booms? history and empirical evidence by Michael D Bordo( file )
1 edition published in 2013 in English and held by 10 libraries worldwide
In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with house price booms. Using a panel of 11 OECD countries from 1920 to 2011 we estimate a panel VAR in order to identify shocks that can be interpreted as loose monetary policy shocks, low inflation shocks, bank credit shocks and house price shocks. We show that loose monetary policy played an important role in housing booms along with the other shocks. We show that during boom periods there is a heightened impact of all three "policy" shocks with the bank credit shock playing an important role. However, when we look at individual house price boom episodes the cause of the price boom is not so clear. The evidence suggests that the house price boom that occurred in the US during the 1990s and 2000s was not due to easy bank credit. Loose monetary policy (as well as low inflation) played some role but the residual which may be picking up other factors such as financial innovation and the shadow banking system is the most important shock. This result is robust to many alternative specifications
Accumunation and productivity growth in industrializing economies by John S Landon-Lane( Book )
2 editions published in 2003 in English and held by 9 libraries worldwide
Historically, episodes of rapid growth are accompanied by significant structural change. In this paper we therefore aim to quantify the extent to which factor accumulation induces structural change and productivity growth in industrializing economies. To fix ideas we present an extension of Barro, Mankiw and Sala-i-Martin's (1995) growth model that incorporates two sectors, traditional and modern, and an endogenous wage gap, due to efficiency wages. The model thus draws on ideas of Lewis (1954) and the dual economy literature. We quantify the model using a panel of 78 countries over the post war era. The results show that these labour reallocation effects can increase the effective return to physical capital by around 30% in many countries. We conclude that the productivity gains through labour re-allocation are potentially a significant contributing factor to transitional growth episodes in industrializing countries, and provide some examples
WWII and long run convergence in the OECD by John S Landon-Lane( Book )
2 editions published in 2003 in English and held by 7 libraries worldwide
A Bayesian exploration of growth and convergence by John S Landon-Lane( Book )
1 edition published in 1999 in English and held by 5 libraries worldwide
Housing markets and migration in New Zealand, 1962-2006 by Andrew M. G Coleman( Computer File )
1 edition published in 2007 in English and held by 3 libraries worldwide
Does the Glass Ceiling Exist? A Cross-National Perspective on Gender Income Mobility by Ira N Gang( Book )
1 edition published in 2003 in English and held by 1 library worldwide
The informal sector during crisis and transition by Ralitza Dimova( Book )
1 edition published in 2005 in English and held by 1 library worldwide
Barriers to accumulation and productivity differences in a two sector growth model by John S Landon-Lane( Archival Material )
1 edition published in 2005 in English and held by 0 libraries worldwide
Barriers to investment are often regarded as an important determinant of the variation in international income levels. Nevertheless, in the standard neoclassical growth model, these barriers have only have small effects on per capita incomes. We consider the effects of barriers to accumulation in a two-sector neoclassical model that also exhibits barriers to labor mobility. Numerical simulation show that barriers to accumulation have a magnified effect in this model. The results imply that if labor markets are not efficient, then barriers to accumulation may be an important determinant of a country's income level. Moreover, we show that the removal of these barriers can produce several decades of rapid growth, reminiscent of economic growth miracles
A Likelihood-Based Evaluation of the Segmented Markets Friction in Equilibrium Monetary Models by John S Landon-Lane( Archival Material )
1 edition published in 2004 in English and held by 0 libraries worldwide
This paper estimates and compares the full participation and the segmented markets monetary frameworks. In both models, the real sector and monetary policy determine exogenously the joint process for the aggregate endowment and the short-term nominal interest rate, while the money growth rate and the inflation rate are determined endogenously. Using linearized versions of the models, we use Bayesian methods to compare the two models over the full dimension of the data. This likelihood-based comparison overwhelmingly favors the segmented markets model over the full participation model. The estimate of the fraction of households participating in financial markets is approximately 13%. The segmented markets model generates more persistent and more realistic impulse response functions to monetary policy shocks. Our results strongly suggest that taking the presence of market segmentation into account is important in understanding the short-run dynamics of the monetary sector
A note on barriers to capital accumulation and income by John S Landon-Lane( Archival Material )
1 edition published in 2005 in English and held by 0 libraries worldwide
In this paper we clarify the impact that barriers to capital accumulation can have on a two-sector neoclassical growth model’s ability to explain the observed differences in incomes across countries. We show that the effect of barriers to technology adoption in a two sector model is necessarily identical to a one-sector model when there are no factor market imperfections and each sector has identical technologies. We also show that this result generalizes to the case when the technologies are different across the sectors
Estimation and evaluation of a segmented markets monetary model by John S Landon-Lane( Archival Material )
1 edition published in 2005 in English and held by 0 libraries worldwide
This paper develops a heterogeneous agents segmented markets model with endogenous production and a monetary authority that follows a Taylor-type interest rate rule. The model is estimated using Markov chain Monte Carlo techniques and is evaluated as a framework suitable for empirical monetary analysis. We find that the segmented markets friction significantly improves the statistical out-of-sample prediction performance of the model, and generates delayed and realistic impulse response functions to monetary policy shocks. In addition, we find that the estimates of the Taylor rule are stable across the pre-1979 and post-1982 periods in our sample, while the volatilities of the structural shocks faced in the pre-1979 period are substantially higher than in the post-1982 period
 
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English (14)
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