Real Estate and Rental Markets during Covid Times - HAL-SHS - Sciences de l'Homme et de la Société Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2021

Real Estate and Rental Markets during Covid Times

Bertrand Achou
  • Fonction : Auteur
  • PersonId : 1099374
Eleni Iliopulos
  • Fonction : Auteur
  • PersonId : 864384

Résumé

In this work we introduce a general equilibrium model with landlords, indebted owner-occupiers and renters to study housing markets' dynamics. We estimate it by using standard Bayesian methods and match the US data of the last decades. This framework is particularly suited to explain current trends on housing markets. We highlight the crucial relationship between interest rates, house prices and rents, and argue that it helps understanding the main driving forces. Our analysis suggests that current developments on housing markets can play a role for a recovery from the Covid pandemic as they have an expansionary effect on aggregate output. Moreover, we account for the heterogeneous impact of crisis-induced policies depending on agents' status on the housing market. We show how, despite an increase in housing prices, the welfare of landlords has been negatively hit. This is associated to the joint decrease in returns on housing and financial assets that reduces their financial incomes.
Fichier principal
Vignette du fichier
WP_202134_.pdf (1.15 Mo) Télécharger le fichier
Origine : Fichiers produits par l'(les) auteur(s)

Dates et versions

halshs-03231807 , version 1 (21-05-2021)

Identifiants

  • HAL Id : halshs-03231807 , version 1

Citer

Bertrand Achou, Hippolyte d'Albis, Eleni Iliopulos. Real Estate and Rental Markets during Covid Times. 2021. ⟨halshs-03231807⟩
260 Consultations
317 Téléchargements

Partager

Gmail Facebook X LinkedIn More