RDP 9202: Some Tests of Competition in the Australian Housing Loan Market Equation (13)

\begin{array}{l} q_{4 t} = γ_{40} + β_{41} q_{1, t - 1} + β_{42} q_{2, t - 1} + β_{43} q_{3, t - 1} + β_{45} q_{5, t - 1} + β_{46} q_{6, t - 1} \\ + γ_{41} r_{4 h, t - 1} + γ_{42} r_{b i l l, t - 1} + \sum_{i = 1}^{11} δ_{4 i} D_{i t} + η_{4} D J 89_{t} + ε_{4 t} \end{array}