Real Estate and Rental Markets During COVID Times
| Autor: | Hippolyte d'Albis, Bertrand Achou, Eleni Iliopulos |
|---|---|
| Přispěvatelé: | HEC Montréal (HEC Montréal), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Paris Jourdan Sciences Economiques (PJSE), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE)-Université Paris-Saclay, Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL) |
| Rok vydání: | 2021 |
| Předmět: |
General equilibrium theory
media_common.quotation_subject JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices Business Fluctuations and Cycles Real estate Monetary economics Renting 0502 economics and business Economics JEL: I - Health Education and Welfare/I.I3 - Welfare Well-Being and Poverty JEL: G - Financial Economics/G.G1 - General Financial Markets 050207 economics Rental Markets media_common 050208 finance business.industry 05 social sciences Economic rent 1. No poverty [SHS.ECO]Humanities and Social Sciences/Economics and Finance Collateral Constraints Interest rate Work (electrical) JEL: C - Mathematical and Quantitative Methods/C.C1 - Econometric and Statistical Methods and Methodology: General 8. Economic growth Housing Financial Frictions HANK Models business Welfare |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.3849199 |
| Popis: | 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. |
| Databáze: | OpenAIRE |
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