The heterogeneous response of real estate prices during the Covid-19 pandemic
利用德国市级数据，通过因果机器学习估计疫情冲击对住宅和商业房地产价格及租金的异质性影响，发现感染率增加暂时降低零售租金，短时工作增加暂时降低办公租金，而疫情推高了商业地产价格尤其是高端部分。
Abstract We estimate the transmission of the pandemic shock in 2020 to the residential and commercial real estate market by causal machine learning, using granular data for Germany. We exploit differences in the incidence of Covid infections and short-time work at the municipal level for the identification of epidemiological and economic effects of the pandemic. We find that (i) a larger incidence of Covid infections temporarily reduced rents for retail real estate; (ii) a larger incidence of short-time work temporarily reduced rents of office real estate; (iii) the pandemic increased prices, particularly in the top price segment of commercial real estate.