COVID期间的房地产和租赁市场

E. Iliopulos, Bertrand Achou, Hippolyte d’Albis
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引用次数: 0

摘要

在这项工作中,我们引入了一个一般均衡模型,包括房东、负债自住业主和租房者,以研究住房市场的动态。我们使用标准贝叶斯方法进行估计,并与美国近几十年的数据进行匹配。这个框架特别适合解释当前房地产市场的趋势。我们强调了利率、房价和租金之间的关键关系,并认为这有助于理解主要驱动因素。我们的分析表明,目前房地产市场的发展可以为从Covid大流行中复苏发挥作用,因为它们对总产出具有扩张性影响。此外,我们考虑了危机引发的政策的异质影响,这取决于代理人在房地产市场上的地位。我们展示了尽管房价上涨,房东的福利如何受到负面打击。这与住房和金融资产回报率的共同下降有关,这减少了他们的金融收入。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Real Estate and Rental Markets During COVID Times
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.
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