ACHOU Bertrand

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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In this thesis, I use different tools of dynamic analysis to answer questions related to retirement behavior and/or real estate markets. In the first chapter, entitled "Long-Term Care Insurance, Housing Demand, and Decumulation", I study the influence of real estate on LTC insurance demand by comparing a structural model to U.S. data from the Health and Retirement Study (HRS). In the second, entitled "Disability in Retirement, Home Production, and Informal Insurance Between Spouses" I study how informal insurance between spouses affects savings behavior. The model reproduces some of the stylized facts observed in the HRS data and in a related survey: the Consumption and Activities Mail Survey or CAMS. The third chapter, entitled "Sectoral Productivity, Collateral Constraints, and Housing Markets" is a joint work with Hippolyte d'Albis and Eleni Iliopulos. We study the implications of introducing a rental market in a standard model of housing markets with collateral constraints.