RDP 9202: Some Tests of Competition in the Australian Housing Loan Market Equation (14)

\begin{array}{l} q_{5 t} = γ_{50} + β_{51} q_{1, t - 1} + β_{52} q_{2, t - 1} + β_{53} q_{3, t - 1} + β_{54} q_{4, t - 1} + β_{56} q_{6, t - 1} \\ + γ_{51} r_{1 h, t - 1} + γ_{52} r_{b i l l, t - 1} + \sum_{i = 1}^{11} δ_{5 i} D_{i t} + η_{5} D J 89_{t} + ε_{5 t} \end{array}