RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
Equation (5)
(
π
O
R
P
Y
)
s
t
=
δ
O
I
N
T
R
A
T
E
s
t
+
η
O
C
O
N
T
R
O
L
S
s
t
+
θ
s
O
+
λ
t
O
+
ν
s
t
O
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